
		March 31, 2022		December 31, 2021		March 31, 2023		December 31, 2022
		(Unaudited)				(Unaudited)
ASSETS:	ASSETS:				ASSETS:
Cash and due from banks	Cash and due from banks	$	18,062	16,810	Cash and due from banks	$	18,071	20,244
Interest-bearing demand deposits	Interest-bearing demand deposits	1,879		1,326	Interest-bearing demand deposits	13,805		2,457
Total cash and cash equivalents	Total cash and cash equivalents	19,941		18,136	Total cash and cash equivalents	31,876		22,701

Investment securities:	Investment securities:				Investment securities:
Equity securities with a readily determinable fair value, at fair value	Equity securities with a readily determinable fair value, at fair value	2,424		2,546	Equity securities with a readily determinable fair value, at fair value	1,286		2,273
Equity securities without a readily determinable fair value, at cost	Equity securities without a readily determinable fair value, at cost	2,099		2,099	Equity securities without a readily determinable fair value, at cost	2,099		2,099
Debt securities, available-for-sale, at fair value	Debt securities, available-for-sale, at fair value	293,464		308,177	Debt securities, available-for-sale, at fair value	293,427		289,850
Debt securities, held-to-maturity, at cost		22,873		22,972
Debt securities, held-to-maturity, at cost, net					Debt securities, held-to-maturity, at cost, net	19,763		19,878
Federal Reserve Bank stock, at cost	Federal Reserve Bank stock, at cost	4,652		4,652	Federal Reserve Bank stock, at cost	4,652		4,652
Federal Home Loan Bank stock, at cost	Federal Home Loan Bank stock, at cost	5,203		5,203	Federal Home Loan Bank stock, at cost	6,967		4,415
Loans, net	Loans, net	1,373,991		1,363,939	Loans, net	1,386,972		1,395,632
Premises and equipment, net	Premises and equipment, net	34,940		35,385	Premises and equipment, net	33,186		33,042

Operating lease right-of-use assets	Operating lease right-of-use assets	6,191		6,357	Operating lease right-of-use assets	6,093		6,248
Goodwill	Goodwill	59,221		59,221	Goodwill	59,221		59,221
Core deposit and other intangibles, net	Core deposit and other intangibles, net	2,328		2,473	Core deposit and other intangibles, net	1,665		1,827
Bank owned life insurance		43,488		43,224
Bank-owned life insurance					Bank-owned life insurance	44,569		44,298
Interest receivable	Interest receivable	8,364		7,999	Interest receivable	8,005		7,482
Other assets, net	Other assets, net	20,451		21,246	Other assets, net	24,750		25,503
TOTAL ASSETS	TOTAL ASSETS	$	1,899,630	1,903,629	TOTAL ASSETS	$	1,924,531	1,919,121

LIABILITIES:	LIABILITIES:				LIABILITIES:
Deposits:	Deposits:				Deposits:
Noninterest-bearing	Noninterest-bearing	$	517,621	501,531	Noninterest-bearing	$	473,345	505,824
Interest-bearing	Interest-bearing	1,118,985		1,127,288	Interest-bearing	1,130,536		1,099,146
Total deposits	Total deposits	1,636,606		1,628,819	Total deposits	1,603,881		1,604,970
Short-term borrowings	Short-term borrowings	24,746		—	Short-term borrowings	76,500		71,455
Long-term debt	Long-term debt	10,000		10,000	Long-term debt	18,598		19,072
Operating lease liabilities	Operating lease liabilities	6,337		6,473	Operating lease liabilities	6,246		6,370
Accrued interest and other liabilities	Accrued interest and other liabilities	15,066		19,733	Accrued interest and other liabilities	15,234		16,579
TOTAL LIABILITIES	TOTAL LIABILITIES	1,692,755		1,665,025	TOTAL LIABILITIES	1,720,459		1,718,446

COMMITMENTS AND CONTINGENT LIABILITIES	COMMITMENTS AND CONTINGENT LIABILITIES	—		—	COMMITMENTS AND CONTINGENT LIABILITIES	—		—

SHAREHOLDERS' EQUITY:	SHAREHOLDERS' EQUITY:				SHAREHOLDERS' EQUITY:
Preferred shares – no par value, authorized 1,000,000 shares, none outstanding	Preferred shares – no par value, authorized 1,000,000 shares, none outstanding	—		—	Preferred shares – no par value, authorized 1,000,000 shares, none outstanding	—		—
Common shares – no par value; authorized 19,000,000 shares; issued 14,252,027 and 14,213,792 shares at March 31, 2022 and December 31, 2021, respectively; outstanding 11,401,503 and 12,414,956 shares at March 31, 2022 and December 31, 2021, respectively		143,432		143,130
Common shares – no par value; authorized 19,000,000 shares; issued 14,320,561 and 14,270,550 shares at March 31, 2023 and December 31, 2022, respectively; outstanding 11,202,063 and 11,259,080 shares at March 31, 2023 and December 31, 2022, respectively					Common shares – no par value; authorized 19,000,000 shares; issued 14,320,561 and 14,270,550 shares at March 31, 2023 and December 31, 2022, respectively; outstanding 11,202,063 and 11,259,080 shares at March 31, 2023 and December 31, 2022, respectively	144,488		144,069
Retained earnings	Retained earnings	128,555		126,312	Retained earnings	139,115		139,249
Treasury shares at cost, 2,850,524 and 1,798,836 shares at March 31, 2022 and December 31, 2021, respectively		(50,115)		(29,029)
Treasury shares at cost, 3,118,498 and 3,011,470 shares at March 31, 2023 and December 31, 2022, respectively					Treasury shares at cost, 3,118,498 and 3,011,470 shares at March 31, 2023 and December 31, 2022, respectively	(54,527)		(52,689)
Accumulated other comprehensive loss, net of taxes	Accumulated other comprehensive loss, net of taxes	(14,997)		(1,809)	Accumulated other comprehensive loss, net of taxes	(25,004)		(29,954)
TOTAL SHAREHOLDERS' EQUITY	TOTAL SHAREHOLDERS' EQUITY	206,875		238,604	TOTAL SHAREHOLDERS' EQUITY	204,072		200,675
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	1,899,630	1,903,629	TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	1,924,531	1,919,121


		Three Months Ended March 31,				Three Months Ended March 31,
		2022		2021		2023		2022
CASH FLOWS FROM OPERATING ACTIVITIES:	CASH FLOWS FROM OPERATING ACTIVITIES:				CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	Net income	$	4,523	5,240	Net income	$	4,157	4,523
Adjustments to reconcile net income to net cash flows from operating activities:	Adjustments to reconcile net income to net cash flows from operating activities:				Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation, amortization, and accretion	Depreciation, amortization, and accretion	772		308	Depreciation, amortization, and accretion	720		772
Provision (credit) for loan losses		49		(52)
Deferred income tax provision		93		74
Increase in cash surrender value of bank owned life insurance		(265)		(267)
Provision for (recovery of) credit losses					Provision for (recovery of) credit losses	(57)		49
(Benefit from) provision for deferred income taxes					(Benefit from) provision for deferred income taxes	(648)		93
Increase in cash surrender value of bank-owned life insurance					Increase in cash surrender value of bank-owned life insurance	(271)		(265)

(Gain) loss from equity securities		126		(112)
Loss on equity securities					Loss on equity securities	31		126

Realized gain from sales of premises and equipment	Realized gain from sales of premises and equipment	(12)		(5)	Realized gain from sales of premises and equipment	—		(12)

Origination of mortgage loans for sale	Origination of mortgage loans for sale	(5,159)		(1,354)	Origination of mortgage loans for sale	(335)		(5,159)
Realized gains from sales of loans	Realized gains from sales of loans	(124)		(43)	Realized gains from sales of loans	(6)		(124)
Proceeds from sales of mortgage loans	Proceeds from sales of mortgage loans	5,223		1,381	Proceeds from sales of mortgage loans	338		5,223
Compensation expense related to restricted stock	Compensation expense related to restricted stock	197		93	Compensation expense related to restricted stock	316		197
Changes in:	Changes in:				Changes in:
Accrued interest receivable	Accrued interest receivable	(365)		(328)	Accrued interest receivable	(523)		(365)
Other assets	Other assets	3,025		1,565	Other assets	597		3,025
Other liabilities	Other liabilities	(3,480)		(2,461)	Other liabilities	(1,827)		(3,480)
TOTAL ADJUSTMENTS	TOTAL ADJUSTMENTS	80		(1,201)	TOTAL ADJUSTMENTS	(1,665)		80
NET CASH FLOWS PROVIDED BY OPERATING ACTIVITIES	NET CASH FLOWS PROVIDED BY OPERATING ACTIVITIES	4,603		4,039	NET CASH FLOWS PROVIDED BY OPERATING ACTIVITIES	2,492		4,603

CASH FLOWS FROM INVESTING ACTIVITIES:	CASH FLOWS FROM INVESTING ACTIVITIES:				CASH FLOWS FROM INVESTING ACTIVITIES:

Proceeds from sales of equity securities					Proceeds from sales of equity securities	963		—

Proceeds from maturities and calls of debt securities:	Proceeds from maturities and calls of debt securities:				Proceeds from maturities and calls of debt securities:
Available-for-sale	Available-for-sale	9,801		7,833	Available-for-sale	2,769		9,801
Held-to-maturity	Held-to-maturity	99		115	Held-to-maturity	108		99
Purchases of equity securities	Purchases of equity securities	(4)		(5)	Purchases of equity securities	(7)		(4)
Purchases of debt securities:
Available-for-sale		(12,092)		(40,759)
Held-to-maturity		—		—

Purchases of debt securities, available-for-sale					Purchases of debt securities, available-for-sale	(300)		(12,092)

Net increase in loans		(9,827)		(34,733)
Purchase of Federal Home Loan Bank stock					Purchase of Federal Home Loan Bank stock	(3,306)		—
Proceeds from redemption of Federal Home Loan Bank stock					Proceeds from redemption of Federal Home Loan Bank stock	754		—
Net (increase) decrease in loans					Net (increase) decrease in loans	6,912		(9,827)

Purchases of premises and equipment	Purchases of premises and equipment	(59)		(302)	Purchases of premises and equipment	(588)		(59)
Proceeds from sale of premises and equipment	Proceeds from sale of premises and equipment	12		5	Proceeds from sale of premises and equipment	—		12

NET CASH FLOWS USED IN INVESTING ACTIVITIES		(12,070)		(67,846)
NET CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES					NET CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES	7,305		(12,070)

CASH FLOWS FROM FINANCING ACTIVITIES:	CASH FLOWS FROM FINANCING ACTIVITIES:				CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase in deposits		7,787		81,693
Net increase (decrease) in deposits					Net increase (decrease) in deposits	(1,089)		7,787
Net increase in short-term borrowings	Net increase in short-term borrowings	24,746		—	Net increase in short-term borrowings	5,045		24,746

Principal payments on long-term debt	Principal payments on long-term debt	—		(5,000)	Principal payments on long-term debt	(474)		—
Proceeds from issuance of common stock	Proceeds from issuance of common stock	105		8	Proceeds from issuance of common stock	103		105
Repurchase of common stock	Repurchase of common stock	(21,086)		(1,140)	Repurchase of common stock	(1,838)		(21,086)
Proceeds from exercise of stock options		—		4

Cash dividends paid on common stock	Cash dividends paid on common stock	(2,280)		(2,344)	Cash dividends paid on common stock	(2,369)		(2,280)
NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES		9,272		73,221
NET CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES					NET CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES	(622)		9,272
NET CHANGE IN CASH AND CASH EQUIVALENTS	NET CHANGE IN CASH AND CASH EQUIVALENTS	1,805		9,414	NET CHANGE IN CASH AND CASH EQUIVALENTS	9,175		1,805
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	18,136		31,730	CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	22,701		18,136
CASH AND CASH EQUIVALENTS AT END OF PERIOD	CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	19,941	41,144	CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	31,876	19,941

SUPPLEMENTAL CASH FLOW INFORMATION:	SUPPLEMENTAL CASH FLOW INFORMATION:				SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid	Interest paid	$	836	1,265	Interest paid	$	3,433	836
Income taxes paid, net of refunds	Income taxes paid, net of refunds	(468)		—	Income taxes paid, net of refunds	—		(468)

SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING ACTIVITIES:

Right-of-use assets obtained in exchange for lease obligations		—		801

Commercial
& Industrial Commercial, Secured by
Real Estate Residential
Real Estate Consumer Agricultural Other Total
March 31, 2022
Allowance for loan losses:
Individually evaluated for impairment $ 5 12 9 — — — 26
Collectively evaluated for impairment 1,292 3,482 630 73 18 9 5,504
Acquired credit impaired loans — — — — — 0 —
Balance, end of period $ 1,297 3,494 639 73 18 9 5,530
Loans:
Individually evaluated for impairment $ 145 2,617 535 — — — 3,297
Collectively evaluated for impairment 105,585 900,396 326,901 32,541 7,990 45 1,373,458
Acquired credit impaired loans 79 1,549 1,138 — — — 2,766
Balance, end of period $ 105,809 904,562 328,574 32,541 7,990 45 1,379,521
December 31, 2021
Allowance for loan losses:
Individually evaluated for impairment $ 5 11 9 — — — 25
Collectively evaluated for impairment 1,090 3,596 656 105 30 4 5,481
Acquired credit impaired loans — — — — — — —
Balance, end of period $ 1,095 3,607 665 105 30 4 5,506
Loans:
Individually evaluated for impairment $ 155 2,945 559 — — — 3,659
Collectively evaluated for impairment 101,355 883,122 333,384 34,291 10,649 122 1,362,923
Acquired credit impaired loans 88 1,612 1,163 — — — 2,863
Balance, end of period $ 101,598 887,679 335,106 34,291 10,649 122 1,369,445


	Commercial & Industrial			Commercial, Secured by Real Estate		Residential Real Estate		Consumer		Agricultural		Other		Total







Three Months Ended March 31, 2023
Balance, beginning of year, prior to adoption of ASC 326	$	1,300		3,609		624		86		22		5		5,646
Impact of adopting ASC 326	(512)			1,440		836		446		(9)		(5)		2,196
Provision for (recovery of) credit losses	259			(122)		(109)		(3)		(6)		13		32
Losses charged off	—			—		—		(5)		—		(31)		(36)
Recoveries	—			—		—		2		—		18		20
Balance, end of period	$	1,047		4,927		1,351		526		7		—		7,858

Ratio of net charge-offs to average loans	—		%	—	%	—	%	0.01	%	—	%	18.18	%	—	%








Three Months Ended March 31, 2022
Balance, beginning of year	$	1,095		3,607		665		105		30		4		5,506
Provision for (recovery of) credit losses	202			(113)		(22)		(27)		(12)		21		49
Losses charged off	—			—		(5)		(5)		—		(27)		(37)
Recoveries	—			—		1		—		—		11		12
Balance, end of period	$	1,297		3,494		639		73		18		9		5,530

Ratio of net charge-offs to average loans	—		%	—	%	—	%	0.01	%	—	%	19.16	%	—	%

~~The following presents information related to the average recorded investment and interest income recognized on impaired loans, including acquired credit impaired loans, for the three months ended~~


	Term Loans by Origination Year
	2022		2021	2020	2019	2018	Prior	Revolving Loans Amortized Cost Basis	Revolving Loans Converted to Term	Total
December 31, 2022
Commercial & industrial
Pass	$	30,132	36,341	20,936	3,632	2,499	5,630	15,403	—	114,573
OAEM	—		—	—	2,142	—	—	1,602	—	3,744
Substandard	1,540		—	106	—	—	51	313	—	2,010
Doubtful	—		—	—	—	—	—	—	—	—
Total	31,672		36,341	21,042	5,774	2,499	5,681	17,318	—	120,327
Gross charge-offs	—		—	—	—	—	—	—	—	—
Commercial, secured by real estate
Pass	135,503		142,446	96,272	100,363	75,387	229,175	129,274	4,955	913,375
OAEM	7,931		—	—	—	7,413	—	—	—	15,344
Substandard	—		—	—	—	—	7,536	—	—	7,536
Doubtful	—		—	—	—	—	—	—	—	—
Total	143,434		142,446	96,272	100,363	82,800	236,711	129,274	4,955	936,255
Gross charge-offs	—		—	—	—	—	—	—	—	—
Residential real estate
Pass	27,892		86,952	54,144	17,804	13,298	78,969	24,359	1,095	304,513
OAEM	—		—	—	—	—	—	—	—	—
Substandard	—		—	—	37	—	1,572	—	6	1,615
Doubtful	—		—	—	—	—	—	—	—	—
Total	27,892		86,952	54,144	17,841	13,298	80,541	24,359	1,101	306,128
Gross charge-offs	—		—	—	—	—	5	—	—	5
Consumer
Pass	8,786		7,561	8,108	3,145	413	316	82	—	28,411
OAEM	—		—	—	—	—	—	—	—	—
Substandard	3		—	—	—	—	—	—	—	3
Doubtful	—		—	—	—	—	—	—	—	—
Total	8,789		7,561	8,108	3,145	413	316	82	—	28,414
Gross charge-offs	—		—	—	5	—	—	—	—	5
Agricultural
Pass	533		243	865	63	116	29	8,224	—	10,073
OAEM	—		—	—	—	—	—	—	—	—
Substandard	—		—	—	—	—	—	—	—	—
Doubtful	—		—	—	—	—	—	—	—	—
Total	533		243	865	63	116	29	8,224	—	10,073
Gross charge-offs	—		—	—	—	—	—	—	—	—
Other
Pass	—		—	—	—	—	—	81	—	81
OAEM	—		—	—	—	—	—	—	—	—
Substandard	—		—	—	—	—	—	—	—	—
Doubtful	—		—	—	—	—	—	—	—	—
Total	—		—	—	—	—	—	81	—	81
Gross charge-offs	—		—	—	—	—	—	27	—	27
Total loans	$	212,320	273,543	180,431	127,186	99,126	323,278	179,338	6,056	1,401,278

Fair Value Measurements at the End of
the Reporting Period Using
Fair Value Measurements Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs
(Level 2) Significant Unobservable Inputs
(Level 3)
March 31, 2022
Recurring fair value measurements:
Equity securities with a readily determinable fair value:
     Equity securities $ 1,107 1,107 — —
     Mutual funds 47 47 — —
     Mutual funds measured at net asset value 1,270 1,270 — —
Debt securities, available-for-sale:
     U.S. Treasury notes 74,733 74,733 — —
     U.S. Agency notes 82,746 — 82,746 —
     Corporate bonds 5,927 — 5,927 —
     U.S. Agency mortgage-backed securities 86,800 — 86,800 —
     Municipal securities:
          Non-taxable 8,273 — 8,273 —
          Taxable 34,985 — 34,985 —
Total recurring fair value measurements $ 295,888 77,157 218,731 —
Nonrecurring fair value measurements:
Impaired loans $ 991 — — 991
     Total nonrecurring fair value measurements $ 991 — — 991
December 31, 2021
Recurring fair value measurements:
Equity securities with a readily determinable fair value:
     Equity securities $ 1,167 1,167 — —
     Mutual funds 51 51 — —
     Mutual funds measured at net asset value 1,328 1,328 — —
Debt securities, available-for-sale:
     U.S. Treasury notes 74,744 74,744 — —
     U.S. Agency notes 87,246 — 87,246 —
     Corporate bonds 5,152 — 5,152 —
     U.S. Agency mortgage-backed securities 96,676 — 96,676 —
     Municipal securities:
          Non-taxable 9,066 — 9,066 —
          Taxable 35,293 — 35,293 —
Total recurring fair value measurements $ 310,723 77,290 233,433 —
Nonrecurring fair value measurements:
Impaired loans $ 1,011 — — 1,011
     Total nonrecurring fair value measurements $ 1,011 — — 1,011


				Fair Value Measurements at the End of the Reporting Period Using
		Fair Value Measurements		Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
March 31, 2023
Recurring fair value measurements:
	Equity securities with a readily determinable fair value:
	Equity securities	$	67	67	—	—

	Mutual funds measured at net asset value	1,219		1,219	—	—

	Debt securities, available-for-sale:
	U.S. Treasury notes	77,897		77,897	—	—
	U.S. Agency notes	79,836		—	79,836	—
	Corporate bonds	6,627		—	6,627	—
	U.S. Agency mortgage-backed securities	78,390		—	78,390	—
	Municipal securities:
	Non-taxable	8,588		—	8,588	—
	Taxable	42,089		—	42,089	—
	Total recurring fair value measurements	$	294,713	79,183	215,530	—

Nonrecurring fair value measurements:
	Individually evaluated loans	$	1,018	—	—	1,018

	Total nonrecurring fair value measurements	$	1,018	—	—	1,018

December 31, 2022
Recurring fair value measurements:
	Equity securities with a readily determinable fair value:
	Equity securities	$	1,039	1,039	—	—
	Mutual funds	41		41	—	—
	Mutual funds measured at net asset value	1,193		1,193	—	—

	Debt securities, available-for-sale:
	U.S. Treasury notes	76,447		76,447	—	—
	U.S. Agency notes	77,976		—	77,976	—
	Corporate bonds	6,685		—	6,685	—
	U.S. Agency mortgage-backed securities	79,440		—	79,440	—
	Municipal securities:
	Non-taxable	8,524		—	8,524	—
	Taxable	40,778		—	40,778	—
	Total recurring fair value measurements	$	292,123	78,720	213,403	—

Nonrecurring fair value measurements:
	Individually evaluated loans	$	923	—	—	923

	Total nonrecurring fair value measurements	$	923	—	—	923

Carrying amounts and estimated fair values of financial instruments as of March 31, ~~2022~~2023 and December 31, ~~2021~~2022 were as follows (in thousands):


					Fair Value Measurements at the End of the Reporting Period Using							Fair Value Measurements at the End of the Reporting Period Using
		Carrying Amount		Fair Value	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)		Carrying Amount		Fair Value	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
March 31, 2022
March 31, 2023								March 31, 2023
FINANCIAL ASSETS:	FINANCIAL ASSETS:							FINANCIAL ASSETS:
Cash and cash equivalents	Cash and cash equivalents	$	19,941	19,941	19,941	—	—	Cash and cash equivalents	$	31,876	31,876	31,876	—	—

Debt securities, held-to-maturity		22,873		22,409	—	—	22,409
Federal Reserve Bank stock		4,652		4,652	4,652	—	—
Federal Home Loan Bank stock		5,203		5,203	5,203	—	—
Debt securities, held-to-maturity, net								Debt securities, held-to-maturity, net	19,763		18,442	—	—	18,442

Loans, net	Loans, net	1,373,991		1,299,509	—	—	1,299,509	Loans, net	1,386,972		1,229,404	—	—	1,229,404
Accrued interest receivable	Accrued interest receivable	8,364		8,364	—	8,364	—	Accrued interest receivable	8,005		8,005	—	8,005	—

FINANCIAL LIABILITIES:	FINANCIAL LIABILITIES:							FINANCIAL LIABILITIES:
Deposits	Deposits	1,636,606		1,637,621	1,451,644	185,977	—	Deposits	1,603,881		1,603,113	1,398,992	204,121	—
Short-term borrowings	Short-term borrowings	24,746		24,746	24,746	—	—	Short-term borrowings	76,500		76,500	76,500	—	—
Long-term debt	Long-term debt	10,000		10,243	—	10,243	—	Long-term debt	18,598		18,558	—	18,558	—
Accrued interest payable	Accrued interest payable	339		339	—	339	—	Accrued interest payable	854		854	—	854	—

December 31, 2021
December 31, 2022								December 31, 2022
FINANCIAL ASSETS:	FINANCIAL ASSETS:							FINANCIAL ASSETS:
Cash and cash equivalents	Cash and cash equivalents	$	18,136	18,136	18,136	—	—	Cash and cash equivalents	$	22,701	22,701	22,701	—	—

Debt securities, held-to-maturity		22,972		23,087	—	—	23,087
Federal Reserve Bank stock		4,652		4,652	4,652	—	—
Federal Home Loan Bank stock		5,203		5,203	5,203	—	—
Debt securities, held-to-maturity, net								Debt securities, held-to-maturity, net	19,878		18,885	—	—	18,885

Loans, net	Loans, net	1,363,939		1,333,840	—	—	1,333,840	Loans, net	1,395,632		1,219,112	—	—	1,219,112
Accrued interest receivable	Accrued interest receivable	7,999		7,999	—	7,999	—	Accrued interest receivable	7,482		7,482	—	7,482	—

FINANCIAL LIABILITIES:	FINANCIAL LIABILITIES:							FINANCIAL LIABILITIES:
Deposits	Deposits	1,628,819		1,630,158	1,435,487	194,671	—	Deposits	1,604,970		1,604,380	1,448,470	155,910	—

Short-term borrowings								Short-term borrowings	71,455		71,455	71,455	—	—
Long-term debt	Long-term debt	10,000		10,292	—	10,292	—	Long-term debt	19,072		18,573	—	18,573	—
Accrued interest payable	Accrued interest payable	277		277	—	277	—	Accrued interest payable	311		311	—	311	—

~~Table of Contents~~origination.

LCNB ~~CORP. AND SUBSIDIARIES~~adopted CECL effective January 1, 2023 using the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet credit exposures. Results for reporting periods beginning after January 1, 2023 are presented under CECL while prior period amounts continue to be reported in accordance with the incurred loss accounting standards. The transition adjustment of the CECL adoption included a decrease in the allowance of $0.4 million, and a $0.3 million increase to the retained earnings account to reflect the cumulative effect of adopting CECL on the Consolidated Balance Sheet, with the $0.1 million tax impact portion being recorded as part of the deferred tax asset in other assets in the Consolidated Balance Sheet.

~~Item 2. Management's Discussion~~See Note 1- Basis of Presentation in this Quarterly Report on Form 10-Q for further detailed descriptions of LCNB's estimation process and ~~Analysis of Financial Condition~~methodology related to the allowance. See also Note 3 – Loans in this Quarterly Report on Form 10-Q for further information regarding LCNB's loan portfolio and ~~Results of Operations (continued)~~allowance.

Accounting for Intangibles. LCNB’s intangible assets ~~at March 31, 2022~~ are composed primarily of goodwill and core deposit intangibles related to acquisitions of other financial institutions. It also includes mortgage servicing rights recorded from sales of mortgage loans to the Federal Home Loan Mortgage Corporation and mortgage servicing rights acquired through the acquisition of Eaton National ~~Bank & Trust Co.~~ and ~~Columbus First Bancorp, Inc.~~ CFB.

Goodwill is not subject to amortization, but is reviewed annually for impairment. A review for impairment ~~or sooner~~may be conducted more frequently than annually if circumstances indicate a possible impairment. Impairment indicators that may be considered include the condition of the economy and banking industry; estimated future cash flows; government intervention and regulatory updates; the impact of recent events to financial performance and cost factors of the reporting unit; performance of LCNB’s stock; and other relevant events. These and other factors could lead to a conclusion that goodwill is impaired, which would require LCNB to write off the difference between the estimated fair value of the Company and the carrying value.

Core deposit intangibles acquired from business combinations are ~~being~~initially measured at their estimated fair values and are then amortized on a ~~straight line~~straight-line basis over their ~~respective~~ estimated ~~weighted average~~useful lives. Management evaluates whether events or circumstances have occurred that indicate the remaining useful life or carrying value of the amortizing intangible should be revised.

Mortgage servicing rights are capitalized by allocating the total cost of loans between mortgage servicing rights and the loans based on their estimated fair values. Capitalized mortgage servicing rights are amortized to loan servicing income in proportion to and over the period of estimated servicing income, subject to periodic review for impairment.

Table of Contents

LCNB CORP. AND SUBSIDIARIES

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (continued)

Fair Value Accounting for Debt Securities. Debt securities classified as available-for-sale are carried at estimated fair value. Unrealized gains and losses, net of taxes, are reported as accumulated other comprehensive income or loss in shareholders' equity. Fair value is estimated using market quotations for U.S. Treasury investments. Fair value for the majority of the remaining available-for-sale securities is estimated using the discounted cash flow method for each security with discount rates based on rates observed in the market.

Results of Operations

Net income for the three months ended March 31, ~~2022~~2023 was ~~$4,523,000~~$4.2 million (total basic and diluted earnings per share of ~~$0.38). This compares~~$0.37), compared to net income of ~~$5,240,000~~$4.5 million (total basic and diluted earnings per share of ~~$0.41)~~$0.38) for the same ~~three month~~three-month period in ~~2021.~~2022.

Net interest income for the three months ended March 31, ~~2022~~2023 was ~~$14,223,000,~~$13.9 million, compared to ~~$14,372,000~~$14.2 million for the same period in ~~2021.~~2022. The decrease in net interest income was primarily due to ~~a decrease~~higher interest expense associated with the rapid year-over-year increase in the ~~average rate earned on~~Effective Federal Funds Rate. LCNB's tax equivalent net interest margin for the ~~loan portfolio, partially offset by an increase in average loan and taxable debt security balances. A decrease in fees recognized from PPP loans contributed~~first quarter of 2023 was 3.28%, compared to 3.35% for the ~~decrease in average loan rates.~~same period last year.

~~An increase in the provision for loan losses negatively affected earnings during the 2022 period.~~ LCNB recorded a recovery of credit losses of $57,000 for the three-month period ended March 31, 2023. This compared to a provision for credit losses of $49,000 for the ~~three months ended March 31, 2022, compared to a credit of $52,000 for the~~ same ~~three month~~three-month period in ~~2021.~~2022.

Non-interest income for the three months ended March 31, 2023 and 2022 was ~~$3,550,000. This compares to $3,465,000~~$3.6 million for ~~the same period in 2021. The increase was primarily due to increases in fiduciary~~both periods. Fiduciary income and service charges and fees on deposit accounts ~~and~~increased during 2023, partially offset by decreased gains from sales of loans. ~~These increases were partially offset by a decrease in other operating income, primarily due to a decrease in market values for LCNB's equity investments portfolio.~~

Non-interest expense for the three months ended March 31, ~~2022~~2023 was ~~$12,250,000,~~$12.5 million, compared to ~~$11,492,000~~$12.2 million for the same ~~three month~~three-month period in ~~2021. The increase was~~2022. Other non-interest expense increased primarily due to ~~a an increase in~~increased salaries and employee ~~benefits.~~benefits, occupancy expenses, and FDIC insurance premiums. These higher costs were partially offset by decreases in equipment expenses, state financial institutions tax expense, and marketing expenses.

3739

Table of Contents

LCNB CORP. AND SUBSIDIARIES

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (continued)

Net Interest Income

Three Months Ended March 31, ~~2022~~2023 vs. March 31, ~~2021~~2022

LCNB's primary source of earnings is net interest income, which is the difference between earnings from loans and other investments and interest paid on deposits and other liabilities. The following table presents, for the three months ended March 31, ~~2022~~2023 and March 31, ~~2021,~~2022, average balances for interest-earning assets and interest-bearing liabilities, the income or expense related to each item, and the resulting average yields earned or rates paid.


		Three Months Ended March 31,													Three Months Ended March 31,
		2022						2021							2023						2022
		Average Outstanding Balance			Interest Earned/ Paid	Average Yield/ Rate		Average Outstanding Balance			Interest Earned/ Paid	Average Yield/ Rate			Average Outstanding Balance			Interest Earned/ Paid	Average Yield/ Rate		Average Outstanding Balance			Interest Earned/ Paid	Average Yield/ Rate
						(Dollars in thousands)													(Dollars in thousands)
Loans (1)	Loans (1)	$	1,376,926		13,786	4.06	%	$	1,313,803		14,535	4.49	%	Loans (1)	$	1,389,385		16,143	4.71	%	$	1,376,926		13,786	4.06	%
Interest-bearing demand deposits	Interest-bearing demand deposits	9,743			9	0.37	%	15,632			13	0.34	%	Interest-bearing demand deposits	12,500			157	5.09	%	9,743			9	0.37	%

Federal Reserve Bank stock	Federal Reserve Bank stock	4,652			—	—	%	4,652			—	—	%	Federal Reserve Bank stock	4,652			—	—	%	4,652			—	—	%
Federal Home Loan Bank stock	Federal Home Loan Bank stock	5,203			26	2.03	%	5,203			26	2.03	%	Federal Home Loan Bank stock	6,796			62	3.70	%	5,203			26	2.03	%
Investment securities:	Investment securities:													Investment securities:
Equity securities	Equity securities	4,611			17	1.50	%	4,500			19	1.71	%	Equity securities	4,337			37	3.46	%	4,611			17	1.50	%
Debt securities, taxable	Debt securities, taxable	298,152			1,095	1.49	%	211,618			718	1.38	%	Debt securities, taxable	286,369			1,343	1.90	%	298,152			1,095	1.49	%
Debt securities, non-taxable (2)	Debt securities, non-taxable (2)	28,048			239	3.46	%	34,174			284	3.37	%	Debt securities, non-taxable (2)	24,969			223	3.62	%	28,048			239	3.46	%
Total earnings assets	Total earnings assets	1,727,335			15,172	3.56	%	1,589,582			15,595	3.98	%	Total earnings assets	1,729,008			17,965	4.21	%	1,727,335			15,172	3.56	%
Non-earning assets	Non-earning assets	195,394						191,287						Non-earning assets	200,256						195,394
Allowance for loan losses		(5,503)						(5,715)
Allowance for credit losses														Allowance for credit losses	(7,522)						(5,503)
Total assets	Total assets	$	1,917,226					$	1,775,154					Total assets	$	1,921,742					$	1,917,226

NOW and money fund deposits		$	511,250		147	0.12	%	$	419,832		132	0.13	%
NOW and money market deposits														NOW and money market deposits	$	505,382		1,245	1.00	%	$	511,250		147	0.12	%
Savings deposits	Savings deposits	444,243			147	0.13	%	375,194			148	0.16	%	Savings deposits	415,873			139	0.14	%	444,243			147	0.13	%
IRA and time certificates	IRA and time certificates	189,305			445	0.95	%	234,134			748	1.30	%	IRA and time certificates	185,297			1,072	2.35	%	189,305			445	0.95	%
Short-term borrowings	Short-term borrowings	12,503			86	2.79	%	342			1	1.19	%	Short-term borrowings	94,591			1,304	5.59	%	12,503			86	2.79	%
Long-term debt	Long-term debt	10,000			74	3.00	%	19,689			134	2.76	%	Long-term debt	18,983			216	4.61	%	10,000			74	3.00	%
Total interest-bearing liabilities	Total interest-bearing liabilities	1,167,301			899	0.31	%	1,049,191			1,163	0.45	%	Total interest-bearing liabilities	1,220,126			3,976	1.32	%	1,167,301			899	0.31	%
Demand deposits	Demand deposits	501,829						458,996						Demand deposits	477,305						501,829
Other liabilities	Other liabilities	22,371						25,450						Other liabilities	21,892						22,371
Capital		225,725						241,517
Total liabilities and capital		$	1,917,226					$	1,775,154
Equity														Equity	202,419						225,725
Total liabilities and equity														Total liabilities and equity	$	1,921,742					$	1,917,226
Net interest rate spread (3)	Net interest rate spread (3)					3.25	%					3.53	%	Net interest rate spread (3)					2.89	%					3.25	%
Net interest income and net interest margin on a taxable-equivalent basis (4)	Net interest income and net interest margin on a taxable-equivalent basis (4)				14,273	3.35	%				14,432	3.68	%	Net interest income and net interest margin on a taxable-equivalent basis (4)				13,989	3.28	%				14,273	3.35	%
Ratio of interest-earning assets to interest-bearing liabilities	Ratio of interest-earning assets to interest-bearing liabilities	147.98		%				151.51		%				Ratio of interest-earning assets to interest-bearing liabilities	141.71		%				147.98		%


Ohio						31-1626393
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification Number)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, No Par Value	LCNB	NASDAQ


PART I – FINANCIAL INFORMATION			3

Item 1. Financial Statements			3

CONSOLIDATED CONDENSED BALANCE SHEETS			3

CONSOLIDATED CONDENSED STATEMENTS OF INCOME			4

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE ~~INCOM~~EINCOME (LOSS)			5

CONSOLIDATED CONDENSED STATEMENTS OF SHAREHOLDERS' EQUITY			6

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS			7

NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS			8

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations			3537

Item 3. Quantitative and Qualitative Disclosures about Market Risks			4547

Item 4. Controls and Procedures			4648

PART II. OTHER INFORMATION			4749

Item 1. Legal Proceedings			4749

Item 1A. Risk Factors			4749

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			4749

Item 3. Defaults Upon Senior Securities			4850

Item 4. Mine Safety Disclosures			4850

Item 5. Other Information			4850

Item 6. Exhibits			5051

SIGNATURES			4952


ACL						Allowance for Credit Losses
AFS						Available-for-Sale
ASC						Accounting Standards Codification
ASU						Accounting Standards Update
Bank						LCNB National Bank

CARES Act						Coronavirus Aid, Relief, and Economic Security Act
CECL						Current expected credit losses
CEO						Chief Executive Officer
CFO						Chief Financial Officer

Company						LCNB Corp. and its consolidated subsidiaries as a whole

DCF						Discounted Cash Flow

Dodd-Frank Act						Dodd-Frank Wall Street Reform and Consumer Protection Act
Economic Aid Act						Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act
FASB						Financial Accounting Standards Board
FDIC						Federal Deposit Insurance Corporation
FFIEC						Financial Institutions Examination Council
FHLB						Federal Home Loan Bank
FOMC						Federal Open Market Committee of the Federal Reserve System
GAAP						Generally Accepted Accounting Principles
HTM						Held-to-Maturity
ICS						Insured Cash Sweep
IRA						Individual Retirement Account
LCNB						LCNB Corp. and its consolidated subsidiaries as a whole
LDA						Loss Driver Analysis
LGD						Loss Given Default
LIBOR						London Interbank Offered Rate
LIHTC						Low Income Housing Tax Credit
NOW						Negotiable Order of Withdrawal
OCC						Office of the Comptroller of the Currency
PD						Probability of Default
PPP						Paycheck Protection Program

SBA						Small Business Administration
SEC						Securities and Exchange Commission

TDRs						Troubled Debt Restructurings
WARM						Weighted Average Remaining Maturity


	Three Months Ended March 31,
		2022		2021
INTEREST INCOME:
Interest and fees on loans		$	13,786	14,535
Dividends on equity securities:
With a readily determinable fair value		12		13
Without a readily determinable fair value		5		6
Interest on debt securities:
Taxable		1,095		718
Non-taxable		189		224
Other investments		35		39
TOTAL INTEREST INCOME		15,122		15,535

INTEREST EXPENSE:
Interest on deposits		739		1,028
Interest on short-term borrowings		86		1
Interest on long-term debt		74		134
TOTAL INTEREST EXPENSE		899		1,163
NET INTEREST INCOME		14,223		14,372
PROVISION (CREDIT) FOR LOAN LOSSES		49		(52)
NET INTEREST INCOME AFTER PROVISION (CREDIT) FOR LOAN LOSSES		14,174		14,424

NON-INTEREST INCOME:
Fiduciary income		1,695		1,529
Service charges and fees on deposit accounts		1,406		1,366

Bank owned life insurance income		265		267
Gains from sales of loans		124		43
Other operating income		60		260
TOTAL NON-INTEREST INCOME		3,550		3,465

NON-INTEREST EXPENSE:
Salaries and employee benefits		7,215		6,433
Equipment expenses		408		368
Occupancy expense, net		775		794
State financial institutions tax		436		444
Marketing		262		268
Amortization of intangibles		140		257
FDIC insurance premiums, net		126		113
Contracted services		610		540



Other non-interest expense		2,278		2,275
TOTAL NON-INTEREST EXPENSE		12,250		11,492
INCOME BEFORE INCOME TAXES		5,474		6,397
PROVISION FOR INCOME TAXES		951		1,157
NET INCOME		$	4,523	5,240

Dividends declared per common share		$	0.20	0.19
Earnings per common share:
Basic		$	0.38	0.41
Diluted		0.38		0.41
Weighted average common shares outstanding:
Basic		11,818,614		12,794,824
Diluted		11,818,614		12,794,852


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


										Common Shares Outstanding	Common Stock		Retained Earnings	Treasury Shares	Accumulated Other Comprehensive Income (Loss)	Total Shareholders' Equity

Three Months Ended March 31, 2023									Three Months Ended March 31, 2023
Balance at January 1, 2023									Balance at January 1, 2023	11,259,080	$	144,069	139,249	(52,689)	(29,954)	200,675
Cumulative change in accounting principle - ASC 326									Cumulative change in accounting principle - ASC 326				(1,922)			(1,922)
Balance at January 1, 2023, adjusted									Balance at January 1, 2023, adjusted	11,259,080	144,069		137,327	(52,689)	(29,954)	198,753
Net income									Net income				4,157			4,157
Other comprehensive income, net of taxes									Other comprehensive income, net of taxes						4,950	4,950
Dividend Reinvestment and Stock Purchase Plan									Dividend Reinvestment and Stock Purchase Plan	5,861	103					103

Repurchase of common stock									Repurchase of common stock	(107,028)				(1,838)		(1,838)
Shares issued for restricted stock awards									Shares issued for restricted stock awards	44,150
Compensation expense relating to restricted stock									Compensation expense relating to restricted stock		316					316
Common stock dividends, $0.21 per share									Common stock dividends, $0.21 per share				(2,369)			(2,369)
Balance at March 31, 2023									Balance at March 31, 2023	11,202,063	$	144,488	139,115	(54,527)	(25,004)	204,072
		Common Shares Outstanding	Common Stock		Retained Earnings	Treasury Shares	Accumulated Other Comprehensive Income (Loss)	Total Shareholders' Equity

Three Months Ended March 31, 2022	Three Months Ended March 31, 2022								Three Months Ended March 31, 2022
Balance at December 31, 2021		12,414,956	$	143,130	126,312	(29,029)	(1,809)	238,604
Net income					4,523			4,523
Other comprehensive loss, net of taxes							(13,188)	(13,188)
Dividend Reinvestment and Stock Purchase Plan		5,681	105					105

Repurchase of common stock		(1,051,688)				(21,086)		(21,086)

Compensation expense relating to restricted stock		32,554	197					197
Common stock dividends, $0.20 per share					(2,280)			(2,280)
Balance at March 31, 2022		11,401,503	$	143,432	128,555	(50,115)	(14,997)	206,875

Three Months Ended March 31, 2021
Balance at December 31, 2020		12,858,325	$	142,443	115,058	(20,719)	4,043	240,825
Balance at January 1, 2022									Balance at January 1, 2022	12,414,956	$	143,130	126,312	(29,029)	(1,809)	238,604
Net income	Net income				5,240			5,240	Net income				4,523			4,523
Other comprehensive loss, net of taxes	Other comprehensive loss, net of taxes						(3,440)	(3,440)	Other comprehensive loss, net of taxes						(13,188)	(13,188)
Dividend Reinvestment and Stock Purchase Plan	Dividend Reinvestment and Stock Purchase Plan	5,472	99					99	Dividend Reinvestment and Stock Purchase Plan	5,681	105					105
Repurchase of common stock	Repurchase of common stock	(70,321)				(1,140)		(1,140)	Repurchase of common stock	(1,051,688)				(21,086)		(21,086)

Exercise of stock options		311	4					4

Shares issued for restricted stock awards, net of forfeitures									Shares issued for restricted stock awards, net of forfeitures	32,554
Compensation expense relating to restricted stock	Compensation expense relating to restricted stock	26,321	93					93	Compensation expense relating to restricted stock		197					197
Common stock dividends, $0.19 per share					(2,435)			(2,435)
Balance at March 31, 2021		12,820,108	$	142,639	117,863	(21,859)	603	239,246
Common stock dividends, $0.20 per share									Common stock dividends, $0.20 per share				(2,280)			(2,280)
Balance at March 31, 2022									Balance at March 31, 2022	11,401,503	$	143,432	128,555	(50,115)	(14,997)	206,875


	As Reported Pre-ASC 326		Impact of ASC 326 Adoption	As Reported Under ASC 326

Assets:
Loans, gross of allowance	$	1,401,278	341	1,401,619
ACL on loans	(5,646)		(2,196)	(7,842)
ACL on debt securities, held to maturity	—		(7)	(7)
Deferred tax assets, net	6,639		511	7,150

Liabilities:
ACL on off-balance sheet credit exposures	—		571	571

Shareholders' Equity:
Retained earnings	139,249		(1,922)	137,327


Portfolio Segment	Pool	Methodology	Loss Driver(s)
Agricultural	Ag Production and Other Farm	Remaining Life	N/A
Commercial & industrial	Commercial & Industrial	Discounted Cash Flow	Weighted Combined MSA Unemployment and Coincident Economic Activity (CEA) Index for Ohio
Commercial, secured by real estate	Commercial Real Estate (CRE) Non-Owner Occupied	Discounted Cash Flow	Weighted Combined MSA Unemployment
Commercial, secured by real estate	Commercial Real Estate (CRE) Owner Occupied	Discounted Cash Flow	Weighted Combined MSA Unemployment and Moody's Commercial Real Estate Price Indexes (CREPI) - US Commercial
Commercial, secured by real estate	Farm Real Estate	Remaining Life	N/A
Residential real estate	Home Equity Line	Discounted Cash Flow	Weighted Combined MSA Unemployment
Consumer	Installment - Direct and ODP (Consumer)	Discounted Cash Flow	Weighted Combined MSA Unemployment
Consumer	Letter of Credit	Discounted Cash Flow/Manual	N/A
Commercial, secured by real estate	Multifamily	Discounted Cash Flow	Weighted Combined MSA Unemployment
Commercial, secured by real estate	Other Construction, Land Development, and Other Land	Discounted Cash Flow	Weighted Combined MSA Unemployment and Weighted Combined MSA Home Price Index
Consumer	Overdrafts	Manual	N/A
Other	Other Loans	Remaining Life	N/A
Residential real estate	Real Estate Mortgage	Discounted Cash Flow	Weighted Combined MSA Unemployment
Residential real estate	Residential 1-4 Family Construction	Discounted Cash Flow	Weighted Combined MSA Unemployment and Weighted Combined MSA Home Price Index
Residential real estate	Second Mortgage (Residential)	Discounted Cash Flow	Weighted Combined MSA Unemployment


	Amortized Cost		Unrealized Gains		Unrealized Losses	Fair Value
March 31, 2023
Debt Securities, Available-for-Sale:
U.S. Treasury notes	$	84,865	—		6,968	77,897
U.S. Agency notes	89,093		—		9,257	79,836
Corporate bonds	7,450		—		823	6,627
U.S. Agency mortgage-backed securities	88,229		8		9,847	78,390
Municipal securities:
Non-taxable	8,872		—		284	8,588
Taxable	46,533		2		4,446	42,089
	$	325,042	10		31,625	293,427

Debt Securities, Held-to-Maturity:
Municipal securities:
Non-taxable	$	16,339	10		984	15,365
Taxable	3,431		—		354	3,077
	$	19,770	10		1,338	18,442


December 31, 2022
Debt Securities, Available-for-Sale:
U.S. Treasury notes	$	84,927	—		8,480	76,447
U.S. Agency notes	89,160		—		11,184	77,976
Corporate Bonds	7,450		13		778	6,685
U.S. Agency mortgage-backed securities	90,746		5		11,311	79,440
Municipal securities:						—
Non-taxable	8,892		—		368	8,524
Taxable	46,556		1		5,779	40,778
	$	327,731	$	19	37,900	289,850

Debt Securities, Held-to-Maturity:
Municipal securities:
Non-taxable	$	16,447	10		594	15,863
Taxable	3,431		—		409	3,022
	$	19,878	10		1,003	18,885


		Less than Twelve Months			Twelve Months or Greater			Less than Twelve Months			Twelve Months or Greater
		Fair Value		Unrealized Losses	Fair Value	Unrealized Losses		Fair Value		Unrealized Losses	Fair Value	Unrealized Losses
March 31, 2022
March 31, 2023							March 31, 2023
Available-for-Sale:	Available-for-Sale:						Available-for-Sale:
U.S. Treasury notes	U.S. Treasury notes	$	73,736	4,746	—	—	U.S. Treasury notes	$	6,577	26	71,321	6,942
U.S. Agency notes	U.S. Agency notes	35,960		2,316	46,786	4,220	U.S. Agency notes	—		—	79,835	9,257
Corporate bonds	Corporate bonds	4,536		264	647	53	Corporate bonds	1,871		79	4,756	744
U.S. Agency mortgage-backed securities	U.S. Agency mortgage-backed securities	58,478		2,739	20,942	2,068	U.S. Agency mortgage-backed securities	5,891		104	71,902	9,743
Municipal securities:	Municipal securities:						Municipal securities:
Non-taxable	Non-taxable	6,088		228	—	—	Non-taxable	1,579		6	5,959	278
Taxable	Taxable	21,200		1,387	7,667	867	Taxable	5,529		169	36,378	4,277
		$	199,998	11,680	76,042	7,208		$	21,447	384	270,151	31,241

Held-to-Maturity:	Held-to-Maturity:						Held-to-Maturity:
Municipal securities:	Municipal securities:						Municipal securities:
Non-taxable	Non-taxable	$	7,434	309	—	—	Non-taxable	$	6,759	508	6,932	476
Taxable	Taxable	3,371		198	—	—	Taxable	—		—	3,077	354
		$	10,805	507	—	—		$	6,759	508	10,009	830

December 31, 2021
December 31, 2022							December 31, 2022
Available-for-Sale:	Available-for-Sale:						Available-for-Sale:
U.S. Treasury notes	U.S. Treasury notes	$	66,891	756	—	—	U.S. Treasury notes	$	16,521	931	59,927	7,549
U.S. Agency notes	U.S. Agency notes	58,648		1,257	20,289	835	U.S. Agency notes	7,729		543	70,247	10,641
Corporate Bonds	Corporate Bonds	3,898		102	484	16	Corporate Bonds	2,667		283	3,255	495
U.S. Agency mortgage-backed securities	U.S. Agency mortgage-backed securities	49,813		692	—	—	U.S. Agency mortgage-backed securities	41,543		3,597	37,282	7,714
Municipal securities:	Municipal securities:						Municipal securities:
Non-taxable	Non-taxable	1,020		18	—	—	Non-taxable	6,831		248	893	120
Taxable	Taxable	18,434		322	3,535	124	Taxable	22,162		1,951	18,435	3,828
		$	198,704	3,147	24,308	975		$	97,453	7,553	190,039	30,347

Held-to-Maturity:	Held-to-Maturity:						Held-to-Maturity:
Municipal securities:	Municipal securities:						Municipal securities:
Non-taxable	Non-taxable	$	46	—	—	—	Non-taxable	$	9,567	593	31	1
Taxable	Taxable	271		4	—	—	Taxable	2,811		370	212	39
		$	317	4	—	—		$	12,378	963	243	40


	March 31, 2022		December 31, 2021
Non-accrual loans:

Commercial, secured by real estate	$	1,173	1,182
Residential real estate	282		299


Total non-accrual loans	1,455		1,481
Past-due 90 days or more and still accruing	—		56
Total non-accrual and past-due 90 days or more and still accruing	1,455		1,537
Accruing troubled debt restructured loans	2,280		2,622
Total	$	3,735	4,159


	March 31, 2023				December 31, 2022
	Non-accrual Loans with no Allowance for Credit Losses		Total Non-accrual Loans	Interest Income Recognized	Non-accrual Loans with no Allowance for Credit Losses		Total Non-accrual Loans	Interest Income Recognized
Commercial & industrial	$	6	24	—	$	—	—	3
Commercial, secured by real estate:
Owner occupied	228		228	1	231		231	15
Non-owner occupied	—		—	—	—		—	—
Farms	88		88	—	88		88	12
Multi-family	—		—	—	—		—	—
Construction loans secured by 1-4 family dwellings	—		—	—	—		—	—
Construction loans secured by other real estate	—		—	—	—		—	—
Residential real estate:
Secured by senior liens on 1-4 family dwellings	361		361	2	72		72	4
Secured by junior liens on 1-4 family dwellings	—		—	—	—		—	—
Home equity line-of-credit loans	—		—	—	—		—	—
Consumer	—		—	—	—		—	—
Agricultural	—		—	—	—		—	—
Total	$	683	701	3	$	391	391	34


	March 31, 2023			December 31, 2022
	Carrying Value		Related Allowance	Carrying Value	Related Allowance
Commercial & industrial	$	24	15	—	—
Commercial, secured by real estate
Owner occupied	228		—	230	—
Non-owner occupied	700		—	—	—
Farms	88		—	88	—
Multi-family	—		—	—	—
Construction loans secured by 1-4 family dwellings	—		—	—	—
Construction loans secured by other real estate	—		—	—
Residential real estate
Secured by senior liens on 1-4 family dwellings	361		—	40	—
Secured by junior liens on 1-4 family dwellings	—		—	—	—
Home equity line-of-credit loans	—		—	—	—
Consumer	—		—	—	—
Agricultural	—		—	—	—
Other loans, including deposit overdrafts	—		—	—	—
Total	$	1,401	15	358	—


	Available-for-Sale			Held-to-Maturity
	Amortized Cost		Fair Value	Amortized Cost	Fair Value
Due within one year	$	522	524	1,867	1,867
Due from one to five years	90,192		85,832	4,960	4,818
Due from five to ten years	129,163		119,631	2,894	2,785
Due after ten years	729		677	13,152	12,939
	220,606		206,664	22,873	22,409
U.S. Agency mortgage-backed securities	91,497		86,800	—	—
	$	312,103	293,464	22,873	22,409


	Available-for-Sale			Held-to-Maturity
	Amortized Cost		Fair Value	Amortized Cost	Fair Value
Due within one year	$	15,219	15,060	755	754
Due from one to five years	145,761		132,899	3,628	3,501
Due from five to ten years	75,103		66,423	2,440	2,290
Due after ten years	730		655	12,947	11,897
	236,813		215,037	19,770	18,442
U.S. Agency mortgage-backed securities	88,229		78,390	—	—
	$	325,042	293,427	19,770	18,442


	30-59 Days Past Due		60-89 Days Past Due	Greater Than 90 Days Past Due	Total Past Due	Current	Total Loans Receivable	Total Loans Greater Than 90 Days and Accruing
March 31, 2022
Commercial & industrial	$	—	—	—	—	105,809	105,809	—
Commercial, secured by real estate	105		—	784	889	903,673	904,562	—
Residential real estate	542		—	58	600	327,974	328,574	—
Consumer	—		—	—	—	32,541	32,541	—
Agricultural	—		—	—	—	7,990	7,990	—
Other	45		—	—	45	—	45	—
Total	$	692	—	842	1,534	1,377,987	1,379,521	—

December 31, 2021
Commercial & industrial	$	—	—	—	—	101,598	101,598	—
Commercial, secured by real estate	181		—	784	965	886,714	887,679	—
Residential real estate	1,130		1	109	1,240	333,866	335,106	51
Consumer	22		5	5	32	34,259	34,291	5
Agricultural	—		—	—	—	10,649	10,649	—
Other	122		—	—	122	—	122	—
Total	$	1,455	6	898	2,359	1,367,086	1,369,445	56


	2022					2021
	Number of Loans	Pre-Modification Recorded Balance		Post-Modification Recorded Balance		Number of Loans	Pre-Modification Recorded Balance		Post-Modification Recorded Balance







Three Months Ended March 31,
Commercial & industrial	—	$	—	$	—	—	$	—	$	—
Commercial, secured by real estate	—	—		—		—	—		—
Residential real estate	—	—		—		1	21		21
Consumer	—	—		—		—	—		—
Total	—	$	—	$	—	1	$	21	$	21


	2022		2021
Impaired loans without a valuation allowance	$	—	21
Impaired loans with a valuation allowance	—		—


	March 31, 2022		December 31, 2021
Acquired from First Capital Bancshares, Inc.
Commercial & industrial	$	1	1
Commercial, secured by real estate	—		—
Residential real estate	388		398
Other loans, including deposit overdrafts	—		—
Loans, gross	389		399
Less allowance for loan losses	—		—
Loans, net	$	389	399

Acquired from Eaton National Bank & Trust Co.
Commercial & industrial	$	—	—
Commercial, secured by real estate	284		310
Residential real estate	452		463
Other loans, including deposit overdrafts	—		—
Loans, gross	736		773
Less allowance for loan losses	—		—
Loans, net	$	736	773

Acquired from BNB Bancorp, Inc.
Commercial & industrial	$	—	—
Commercial, secured by real estate	665		688
Residential real estate	50		51
Other loans, including deposit overdrafts	—		—
Loans, gross	715		739
Less allowance for loan losses	—		—
Loans, net	$	715	739

Acquired from Columbus First Bancorp, Inc.
Commercial & industrial	$	78	87
Commercial, secured by real estate	600		614
Residential real estate	248		251
Other loans, including deposit overdrafts	—		—
Loans, gross	926		952
Less allowance for loan losses	—		—
Loans, net	$	926	952

Total
Commercial & industrial	$	79	88
Commercial, secured by real estate	1,549		1,612
Residential real estate	1,138		1,163
Other loans, including deposit overdrafts	—		—
Loans, gross	2,766		2,863
Less allowance for loan losses	—		—
Loans, net	$	2,766	2,863


	March 31, 2022		December 31, 2021
Outstanding balance	$	3,624	3,769
Carrying amount	2,766		2,863


		March 31, 2022		December 31, 2021		March 31, 2023		December 31, 2022
Affordable housing tax credit investment	Affordable housing tax credit investment	$	14,950	14,950	Affordable housing tax credit investment	$	16,950	16,950
Less amortization	Less amortization	2,423		2,126	Less amortization	3,625		3,268
Net affordable housing tax credit investment	Net affordable housing tax credit investment	$	12,527	12,824	Net affordable housing tax credit investment	$	13,325	13,682

Unfunded commitment	Unfunded commitment	$	7,180	8,655	Unfunded commitment	$	6,852	7,185


April 1, 2023 - March 31, 2024	$	75,994
April 1, 2024 - March 31, 2025	108,895
April 1, 2025 - March 31, 2026	7,447
April 1, 2026 - March 31, 2027	7,931
April 1, 2027 - March 31, 2028	3,327
Thereafter	1,295
	$	204,889


	March 31, 2023				December 31, 2022
	Amount		Rate		Amount		Rate
Revolving line of credit	$	1,500	7.75	%	$	3,000	7.25	%
Other lines of credit	—		—	%	18,455		5.00	%
FHLB short-term advances	75,000		5.00	%	50,000		4.40	%
	76,500		5.05	%	$	71,455	4.67	%


Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	~~130~~186
Right-of-use assets obtained in exchange for new operating lease liabilities	$	—
Weighted average remaining lease term in years for operating leases	~~33.1~~32.3
Weighted average discount rate for operating leases	~~3.41~~3.47		%


		Three Months Ended March 31,				Three Months Ended March 31,
			Unrealized Gains and Losses on Available-for-Sale Debt Securities		Changes in Pension Plan Assets and Benefit Obligations		Total		Unrealized Gains and Losses on Available-for-Sale Debt Securities		Changes in Pension Plan Assets and Benefit Obligations	Total
2023								2023
Balance at beginning of period								Balance at beginning of period	$	(29,927)	(27)	(29,954)
Other comprehensive income, net of taxes								Other comprehensive income, net of taxes	4,950		—	4,950

Balance at end of period								Balance at end of period	$	(24,977)	(27)	(25,004)

2022	2022							2022
Balance at beginning of period	Balance at beginning of period		$	(1,536)	(273)		(1,809)	Balance at beginning of period	$	(1,536)	(273)	(1,809)
Before reclassifications			(13,189)		1		(13,188)
Reclassifications			—		—		—
Other comprehensive (loss) income, net of taxes								Other comprehensive (loss) income, net of taxes	(13,189)		1	(13,188)

Balance at end of period	Balance at end of period		$	(14,725)	(272)		(14,997)	Balance at end of period	$	(14,725)	(272)	(14,997)

2021
Balance at beginning of period			$	4,349	(306)		4,043
Before reclassifications			(3,441)		1		(3,440)
Reclassifications			—		—		—
Balance at end of period			$	908	(305)		603


	2023			2022
	Shares	Weighted Average Grant Date Fair Value		Shares	Weighted Average Grant Date Fair Value
Outstanding, January 1,	58,314	$	17.99	44,512	$	17.08
Granted	44,150	17.84		32,554	19.25
Vested	(21,624)	17.86		(17,229)	17.98
Forfeited	—	—		—	—
Outstanding, March 31,	80,840	$	17.94	59,837	$	18.00


					Range
	Fair Value		Valuation Technique	Unobservable Inputs	High		Low		Weighted Average
March 31, 2022
Impaired loans	$	—	Estimated sales price	Adjustments for comparable properties, discounts to reflect current market conditions	Not applicable
Impaired loans	$	991	Discounted cash flows	Discount rate	8.125	%	4.625	%	6.07	%


December 31, 2021
Impaired loans	$	—	Estimated sales price	Adjustments for comparable properties, discounts to reflect current market conditions	Not applicable
	1,011		Discounted cash flows	Discount rate	8.25	%	4.00	%	6.07	%


		Three Months Ended March 31, 2022 vs. 2021					Three Months Ended March 31, 2023 vs. 2022
		Increase (decrease) attributable to:					Increase (decrease) attributable to:
		Volume		Rate	Total		Volume		Rate	Total
		(In thousands)					(In thousands)
Interest-earning Assets:	Interest-earning Assets:					Interest-earning Assets:
Loans	Loans	$	676	(1,425)	(749)	Loans	$	126	2,231	2,357

Interest-bearing demand deposits	Interest-bearing demand deposits	(5)		1	(4)	Interest-bearing demand deposits	3		145	148

Federal Reserve Bank stock	Federal Reserve Bank stock	—		—	—	Federal Reserve Bank stock	—		—	—
Federal Home Loan Bank stock	Federal Home Loan Bank stock	—		—	—	Federal Home Loan Bank stock	10		26	36
Investment securities:	Investment securities:					Investment securities:
Equity securities	Equity securities	—		(2)	(2)	Equity securities	(1)		21	20
Debt securities, taxable	Debt securities, taxable	314		63	377	Debt securities, taxable	(45)		293	248
Debt securities, non-taxable	Debt securities, non-taxable	(52)		7	(45)	Debt securities, non-taxable	(27)		11	(16)
Total interest income	Total interest income	933		(1,356)	(423)	Total interest income	66		2,727	2,793

Interest-bearing Liabilities:	Interest-bearing Liabilities:					Interest-bearing Liabilities:
NOW and money fund deposits		27		(12)	15
NOW and money market deposits						NOW and money market deposits	(2)		1,100	1,098
Savings deposits	Savings deposits	25		(26)	(1)	Savings deposits	(9)		1	(8)
IRA and time certificates	IRA and time certificates	(127)		(176)	(303)	IRA and time certificates	(10)		637	627
Short-term borrowings	Short-term borrowings	82		3	85	Short-term borrowings	1,056		162	1,218
Long-term debt	Long-term debt	(71)		11	(60)	Long-term debt	89		53	142
Total interest expense	Total interest expense	(64)		(200)	(264)	Total interest expense	1,124		1,953	3,077
Net interest income	Net interest income	$	997	(1,156)	(159)	Net interest income	$	(1,058)	774	(284)


		March 31, 2022		December 31, 2021	Difference $	Difference %			March 31, 2023		December 31, 2022	Difference $	Difference %
ASSETS:	ASSETS:							ASSETS:
Total cash and cash equivalents	Total cash and cash equivalents	$	19,941	18,136	1,805	9.95	%	Total cash and cash equivalents	$	31,876	22,701	9,175	40.42	%

Investment securities:	Investment securities:							Investment securities:
Equity securities with a readily determinable fair value, at fair value	Equity securities with a readily determinable fair value, at fair value	2,424		2,546	(122)	(4.79)	%	Equity securities with a readily determinable fair value, at fair value	1,286		2,273	(987)	(43.42)	%
Equity securities without a readily determinable fair value, at cost	Equity securities without a readily determinable fair value, at cost	2,099		2,099	—	—	%	Equity securities without a readily determinable fair value, at cost	2,099		2,099	—	—	%
Debt securities, available-for-sale, at fair value	Debt securities, available-for-sale, at fair value	293,464		308,177	(14,713)	(4.77)	%	Debt securities, available-for-sale, at fair value	293,427		289,850	3,577	1.23	%
Debt securities, held-to-maturity, at cost		22,873		22,972	(99)	(0.43)	%
Debt securities, held-to-maturity, net, at cost								Debt securities, held-to-maturity, net, at cost	19,763		19,878	(115)	(0.58)	%
Federal Reserve Bank stock, at cost	Federal Reserve Bank stock, at cost	4,652		4,652	—	—	%	Federal Reserve Bank stock, at cost	4,652		4,652	—	—	%
Federal Home Loan Bank stock, at cost	Federal Home Loan Bank stock, at cost	5,203		5,203	—	—	%	Federal Home Loan Bank stock, at cost	6,967		4,415	2,552	57.80	%
Loans, net	Loans, net	1,373,991		1,363,939	10,052	0.74	%	Loans, net	1,386,972		1,395,632	(8,660)	(0.62)	%
Premises and equipment, net	Premises and equipment, net	34,940		35,385	(445)	(1.26)	%	Premises and equipment, net	33,186		33,042	144	0.44	%
Operating lease right-of-use assets	Operating lease right-of-use assets	6,191		6,357	(166)	(2.61)	%	Operating lease right-of-use assets	6,093		6,248	(155)	(2.48)	%
Goodwill	Goodwill	59,221		59,221	—	—	%	Goodwill	59,221		59,221	—	—	%
Core deposit and other intangibles	Core deposit and other intangibles	2,328		2,473	(145)	(5.86)	%	Core deposit and other intangibles	1,665		1,827	(162)	(8.87)	%
Bank owned life insurance		43,488		43,224	264	0.61	%
Bank-owned life insurance								Bank-owned life insurance	44,569		44,298	271	0.61	%
Interest receivable	Interest receivable	8,364		7,999	365	4.56	%	Interest receivable	8,005		7,482	523	6.99	%
Other assets	Other assets	20,451		21,246	(795)	(3.74)	%	Other assets	24,750		25,503	(753)	(2.95)	%
Total assets	Total assets	$	1,899,630	1,903,629	(3,999)	(0.21)	%	Total assets	$	1,924,531	1,919,121	5,410	0.28	%

LIABILITIES:	LIABILITIES:							LIABILITIES:
Deposits:	Deposits:							Deposits:
Non-interest-bearing	Non-interest-bearing	$	517,621	501,531	16,090	3.21	%	Non-interest-bearing	$	473,345	505,824	(32,479)	(6.42)	%
Interest-bearing	Interest-bearing	1,118,985		1,127,288	(8,303)	(0.74)	%	Interest-bearing	1,130,536		1,099,146	31,390	2.86	%
Total deposits	Total deposits	1,636,606		1,628,819	7,787	0.48	%	Total deposits	1,603,881		1,604,970	(1,089)	(0.07)	%
Short-term borrowings	Short-term borrowings	24,746		—	24,746	N/A		Short-term borrowings	76,500		71,455	5,045	7.06	%
Long-term debt	Long-term debt	10,000		10,000	—	—	%	Long-term debt	18,598		19,072	(474)	(2.49)	%
Operating lease liabilities	Operating lease liabilities	6,337		6,473	(136)	(2.10)	%	Operating lease liabilities	6,246		6,370	(124)	(1.95)	%
Accrued interest and other liabilities	Accrued interest and other liabilities	15,066		19,733	(4,667)	(23.65)	%	Accrued interest and other liabilities	15,234		16,579	(1,345)	(8.11)	%
Total liabilities	Total liabilities	1,692,755		1,665,025	27,730	1.67	%	Total liabilities	1,720,459		1,718,446	2,013	0.12	%

SHAREHOLDERS' EQUITY:	SHAREHOLDERS' EQUITY:							SHAREHOLDERS' EQUITY:
Common shares	Common shares	143,432		143,130	302	0.21	%	Common shares	144,488		144,069	419	0.29	%
Retained earnings	Retained earnings	128,555		126,312	2,243	1.78	%	Retained earnings	139,115		139,249	(134)	(0.10)	%
Treasury shares at cost		(50,115)		(29,029)	(21,086)	72.64	%
Treasury shares, at cost								Treasury shares, at cost	(54,527)		(52,689)	(1,838)	3.49	%
Accumulated other comprehensive loss, net of taxes	Accumulated other comprehensive loss, net of taxes	(14,997)		(1,809)	(13,188)	729.02	%	Accumulated other comprehensive loss, net of taxes	(25,004)		(29,954)	4,950	(16.53)	%
Total shareholders' equity	Total shareholders' equity	206,875		238,604	(31,729)	(13.30)	%	Total shareholders' equity	204,072		200,675	3,397	1.69	%
Total liabilities and shareholders' equity	Total liabilities and shareholders' equity	$	1,899,630	1,903,629	(3,999)	(0.21)	%	Total liabilities and shareholders' equity	$	1,924,531	1,919,121	5,410	0.28	%


	Minimum Requirement		Minimum Requirement with Capital Conservation Buffer		To Be Considered Well-Capitalized
Ratio of Common Equity Tier 1 Capital to risk-weighted assets	4.5	%	7.0	%	6.5	%
Ratio of Tier 1 Capital to risk-weighted assets	6.0	%	8.5	%	8.0	%
Ratio of Total Capital (Tier 1 Capital plus Tier 2 Capital) to risk-weighted assets	8.0	%	10.5	%	10.0	%
Leverage Ratio (Tier 1 Capital to adjusted quarterly average total assets)	4.0	%	N/A		5.0	%


Item 3.			Quantitative and Qualitative Disclosures about Market Risk


Rate Shock Scenario in Basis Points	Rate Shock Scenario in Basis Points	Amount		$ Change in NII	% Change in NII		Rate Shock Scenario in Basis Points	Amount	$ Change in NII	% Change in NII		Limits
		(Dollars in thousands)						(Dollars in thousands)
Up 400		$	65,115	3,499	5.68	%
Up 300	Up 300	63,837		2,221	3.60	%	Up 300	65,089	(1,570)	(2.36)	%	20	%
Up 200	Up 200	62,574		958	1.55	%	Up 200	65,584	(1,075)	(1.61)	%	15	%
Up 100	Up 100	61,328		(288)	(0.47)	%	Up 100	65,908	(751)	(1.13)	%	10	%
Base	Base	61,616		—	—	%	Base	66,659	—	—	%	—	%
Down 100	Down 100	59,510		(2,106)	(3.42)	%	Down 100	66,535	(124)	(0.19)	%	10	%
Down 200							Down 200	66,845	186	0.28	%	15	%
Down 300							Down 300	67,210	551	0.83	%	20	%


Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds


Period		Total Number of Shares Purchased	Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs
January 1 - 31, 2023		14,960	$	17.92	14,960	—
February 1 - 28, 2023		—	$	—	—	500,000
March 1 - 31, 2023	``	92,068	$	16.85	92,068	407,932


			~~LCNB Corp.~~

~~May 11, 2022~~			~~/s/ Eric J. Meilstrup~~
			~~Eric J. Meilstrup~~
			~~Chief Executive Officer and President~~

~~May 11, 2022~~			~~/s/ Robert C. Haines, II~~
			~~Robert C. Haines, II~~
			~~Executive Vice President and Chief Financial Officer~~