Start here if you're new
what it is
LCNB is a small Ohio bank that takes deposits, makes loans, and runs a trust and wealth business.
how it gets paid
Last year Lcnb made $103M in revenue. interest income was the main engine at $102.7M, or 100% of sales.
why growth slowed
Revenue fell 2.2% last year. $1.23 in quarterly EPS matters most because it is roughly 75% of the full-year $1.64 EPS estimate by itself.
what just happened
LCNB's latest quarter was about one number: $1.23 in EPS, up 151% vs. prior year.
At a glance
B balance sheet — gets the job done, barely
45/100 earnings predictability — expect surprises
10.7x trailing p/e — the market's not buying it — or you found a deal
5.4% dividend yield — cash in your pocket every quarter
$1.64 fy2025 eps est
xvary composite: 53/100 — below average
What they do
LCNB is a small Ohio bank that takes deposits, makes loans, and runs a trust and wealth business.
This is a relationship bank. You do not move your checking account, business loan, farm loan, and trust account on a whim. LCNB has $2.2 billion in assets and 346 employees, which gives it enough local scale to stay sticky in the markets it serves.
How they make money
$103M
annual revenue · their business grew -2.2% last year
interest income
$102.7M
2.2%
trust and investment services
$0.1M
+0.0%
deposit and treasury fees
$0.1M
+0.0%
other banking services
$0.1M
+0.0%
The products that matter
spread lending business
Net interest income
$102.7M · 99.7% of revenue
this is the business. $102.7M of revenue came from earning more on loans and securities than LCNB paid on deposits and funding.
99.7% of revenue
fee and service income
Non-interest income
$0.3M · 0.3% of revenue
this part is tiny at $0.3M. In human-speak: there is almost no revenue diversification if loan spreads get squeezed.
thin buffer
core banking subsidiary
LCNB National Bank
$15.1M parent dividend in 2025
the bank paid $15.1M up to the parent in 2025, down from $22.0M in 2024. That cash flow helps fund your shareholder dividend.
cash source
Key numbers
5.4%
dividend yield
You are getting paid to wait. On a $17.49 stock, that yield is the main reason many investors show up.
10.7x
trailing p/e
P/E → price-to-earnings ratio → so what: you are paying about 11 years of trailing profits for the stock.
$2.2B
total assets
Assets are the raw material for a bank. More assets mean more room to generate loan and deposit income.
$155M
long-term debt
Debt equals 40% of capital, which is manageable but not tiny for a bank this size.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 75 / 100
- long-term debt $155M (40% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for LCNB right now.
source: institutional data · return history unavailable
What just happened
beat estimates
LCNB's latest quarter was about one number: $1.23 in EPS, up 151% vs. prior year.
Revenue was $78M, up 195% vs. prior year, according to the January 29, 2026 earnings release. Quiet part out loud: for a $231M bank, that is a huge reported jump, which tells you bank revenue definitions can get weird fast.
$78M
quarterly revenue
$1.23
eps
+195%
revenue vs. last year
the number that mattered
$1.23 in quarterly EPS matters most because it is roughly 75% of the full-year $1.64 EPS estimate by itself.
source: company earnings report, 2026
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What could go wrong
the top risk is the parent dividend depending on a smaller cash upstream from LCNB National Bank.
high
Parent dividend coverage
The bank subsidiary paid $15.1M up to the parent in 2025, down from $22.0M in 2024. That is a 31% drop in the cash stream helping fund the common dividend.
If that slide continues, the 5.4% yield stops looking generous and starts looking exposed.
med
Revenue concentration in net interest income
$102.7M of $103M revenue came from net interest income, while non-interest income was only $0.3M. There is almost no fee-income cushion here.
A squeeze in loan spreads or deposit costs would hit almost the entire revenue base at once.
med
Merger execution and regulatory approval
The pending merger agreement first announced in November 2023 still needs the right approvals and the right economics. Small-bank deals do not get a free pass.
If the deal stalls or closes on worse terms, the expected growth benefit shrinks.
low
Single-region exposure
LCNB operates at $2.2B of assets with its business tied closely to Ohio. You do not get geographic diversification here.
A local credit or deposit shock would matter more than it would at a larger regional bank.
The stock looks cheap at 10.0x earnings and generous at a 5.4% yield, but both depend on a business where 99.7% of revenue is net interest income and the bank-level dividend to the parent just fell 31%.
source: institutional data · regulatory filings · risk analysis
Pay attention to
cash flow
Bank dividend to parent
$15.1M in 2025 versus $22.0M in 2024. That is the number behind the dividend story.
risk
Merger resolution
The Eagle Financial deal announced in November 2023 still needs a clean outcome. Until then, strategy comes with an asterisk.
calendar
Q1 2026 earnings report
28 Apr 2026 is the next hard datapoint on margins, profit, and whether 2025 strength carried into the new year.
mix shift
Any sign of real fee income
Non-interest income was just $0.3M. If that number stays near zero, LCNB stays almost entirely tied to loan spreads.
Analyst rankings
earnings predictability
45 / 100
in human-speak, quarterly results are less steady than you want from a bank you mainly own for the dividend.
risk rank
3
that places it around the middle of the pack on overall risk — not fragile, not a safe-haven either.
price stability
75 / 100
the stock has been steadier than many small caps. That fits an income name better than a speculation vehicle.
source: institutional data
Institutional activity
institutional ownership data for LCNB is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$17
current price
n/a
target midpoint · n/a from current
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