LCNB Corp. (LCNB) 10-Year Financial Performance & Capital Metrics

LCNB • • Banking & Credit

Financial ServicesRegional BanksCommunity & Regional Retail BankingMidwest Community Banks

AboutLCNB Corp. operates as the financial holding company for LCNB National Bank that provides banking services in Ohio. Its deposit products include checking accounts, demand deposits, savings accounts, NOW and money market deposits, as well as certificates of deposit. The company's loan products comprise commercial and industrial, commercial and residential real estate, agricultural, construction, and small business administration loans; and residential mortgage loans that consists of loans for purchasing or refinancing personal residences, home equity lines of credit, and loans for commercial or consumer purposes secured by residential mortgages. It also offers consumer loans, such as automobile, recreational vehicles, boat, home improvement, and personal loans. In addition, the company provides trust administration, estate settlement, and fiduciary services; and investment management services for trusts, agency accounts, individual retirement accounts, and foundations/endowments. Further, it offers investment services and products, including financial needs analysis, mutual funds, securities trading, annuities, and life insurance; and security brokerage services. Additionally, the company provides safe deposit boxes, night depositories, cashier's checks, bank-by-mail, ATMs, cash and transaction services, debit cards, wire transfers, electronic funds transfer, utility bill collections, notary public service, cash management services, telephone banking, PC Internet banking, mobile banking, and other services for individuals and businesses. As of December 31, 2021, it operated 32 offices, including a main office in Warren County; branch offices in Warren, Butler, Clinton, Clermont, Fayette, Franklin, Hamilton, Montgomery, Preble, and Ross counties; and an operations center in Warren County, Ohio, as well as 37 ATMs. The company was founded in 1877 and is headquartered in Lebanon, Ohio.Show more

Net Interest Income $61M +7.9%
Total Revenue $125M +32.0%
Net Income $13M +6.8%
Return on Equity 5.53% -4.6%
Net Interest Margin 2.63% +7.2%
Efficiency Ratio 50.45% -11.9%
ROA 0.59% -2.2%
Equity / Assets 10.97% +6.8%
Book Value per Share 18.38 -10.8%
Tangible BV/Share 11.02 -14.0%
Debt/Equity 0.64 -30.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Efficient operations: 50.5% efficiency ratio
✓10 consecutive years of dividend growth
✓Well capitalized: 11.0% equity/assets
✓Healthy dividend yield of 5.3%
✓Trading at only 0.9x book value

✗Weaknesses

✗Shares diluted 20.6% in last year

Price & Volume

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Growth Metrics

Revenue CAGR

10Y10.08%

5Y10.26%

3Y18.18%

TTM-

Profit (Net Income) CAGR

10Y3.18%

5Y-6.53%

3Y-13.68%

TTM233.15%

EPS CAGR

10Y-0.79%

5Y-7.6%

3Y-16.4%

TTM225.98%

ROCE

10Y Avg9.45%

5Y Avg7.85%

3Y Avg6.77%

Latest4%

Peer Comparison

Midwest Community Banks

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TFSLTFS Financial Corporation	3.97B	14.13	44.16	4.37%	11.49%	4.41%	1.15%	2.57
ASBAssociated Banc-Corp	4.43B	26.70	37.08	4.42%	5.85%	3.62%	12.08%	0.69
ASBAAssociated Banc-Corp	4.11B	24.78	30.98	-6.56%	12.92%	3.77%	13.02%	0.17
BANFBancFirst Corporation	3.81B	114.30	17.75	12.28%	23.81%	13.33%	5.89%	0.05
SYBTStock Yards Bancorp, Inc.	2.03B	68.83	17.69	15.84%	22.86%	12.99%	6.56%	0.53
PRKPark National Corporation	2.63B	163.76	17.57	14.4%	23.46%	13.22%	6.44%	0.24
NICNicolet Bankshares, Inc.	1.97B	133.08	16.53	24.6%	23.88%	11.4%	5.95%	0.14
LKFNLakeland Financial Corporation	1.52B	59.47	16.38	9.38%	21.74%	13.06%	6.18%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	39.33M	40.13M	40.77M	48.06M	54.28M	56.13M	57.05M	60.96M	56.17M	60.61M
NII Growth %	0.1%	0.02%	0.02%	0.18%	0.13%	0.03%	0.02%	0.07%	-0.08%	0.08%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	42.66M	43.63M	44.46M	54.49M	65.07M	63.69M	61.1M	65.67M	79.42M	104.83M
Interest Expense	3.33M	3.5M	3.6M	6.42M	10.79M	7.56M	4.05M	4.71M	23.25M	44.22M
Loan Loss Provision	1.37M	913K	215K	923K	207K	2.01M	-269K	250K	2.08M	1.96M
Non-Interest Income+	9.43M	10.25M	9.89M	10.57M	11.89M	14.8M	14.89M	14.37M	15.59M	20.59M
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	52.08M	53.88M	54.35M	65.06M	76.96M	78.49M	75.99M	80.04M	95.01M	125.42M
Revenue Growth %	0.09%	0.03%	0.01%	0.2%	0.18%	0.02%	-0.03%	0.05%	0.19%	0.32%
Non-Interest Expense	31.69M	32.54M	33.29M	39.92M	42.94M	44.76M	46.62M	48.13M	54.42M	63.28M
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	15.7M	16.93M	17.24M	17.79M	23.02M	24.16M	25.59M	26.95M	15.26M	15.96M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.18%	0.08%	0.02%	0.03%	0.29%	0.05%	0.06%	0.05%	-0.43%	0.05%
Pretax Income+	15.7M	16.93M	17.24M	17.79M	23.02M	24.16M	25.59M	26.95M	15.26M	15.96M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	4.22M	4.44M	4.27M	2.95M	4.11M	4.08M	4.61M	4.82M	2.63M	2.47M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	11.47M	12.48M	12.97M	14.85M	18.91M	20.07M	20.97M	22.13M	12.63M	13.49M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.16%	0.09%	0.04%	0.14%	0.27%	0.06%	0.04%	0.06%	-0.43%	0.07%
Net Income (Continuing)	11.47M	12.48M	12.97M	14.85M	18.91M	20.07M	20.97M	22.13M	12.63M	13.49M
EPS (Diluted)+	1.17	1.25	1.29	1.24	1.44	1.55	1.66	1.93	1.10	0.97
EPS Growth %	0.11%	0.07%	0.03%	-0.04%	0.16%	0.08%	0.07%	0.16%	-0.43%	-0.12%
EPS (Basic)	1.18	1.26	1.30	1.24	1.44	1.55	1.66	1.93	1.10	0.97
Diluted Shares Outstanding	9.81M	9.98M	10.01M	11.94M	13.08M	12.91M	12.59M	11.41M	11.42M	13.77M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	14.99M	18.86M	25.39M	21.04M	20.77M	31.73M	18.14M	22.7M	39.72M	35.99M
Short Term Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Investments+	1.17B	1.18B	1.16B	1.47B	1.45B	1.53B	1.7B	1.71B	2.01B	2B
Investments Growth %	0.16%	0.01%	-0.02%	0.27%	-0.01%	0.06%	0.11%	0.01%	0.18%	-0.01%
Long-Term Investments	790.44M	857.23M	881.49M	1.23B	1.27B	1.32B	1.39B	1.42B	1.73B	1.9B
Accounts Receivables	0	0	0	0	1000K	1000K	1000K	1000K	1000K	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	30.18M	30.18M	30.18M	59.22M	59.22M	59.22M	59.22M	59.22M	79.51M	90.31M
Intangible Assets	5.4M	4.58M	3.8M	5.04M	4.01M	3.45M	2.47M	1.83M	9.49M	11.1M
PP&E (Net)	22.1M	30.24M	34.93M	32.63M	40.23M	41.65M	41.74M	39.29M	42.3M	46.83M
Other Assets	39.45M	45.03M	44.64M	52.1M	61.82M	69.03M	74.33M	79.14M	100.75M	119.4M
Total Current Assets	392.96M	339.52M	300.6M	259.46M	202.69M	249.54M	334.31M	320.03M	324.73M	143.56M
Total Non-Current Assets	887.57M	967.27M	995.04M	1.38B	1.44B	1.5B	1.57B	1.6B	1.97B	2.16B
Total Assets+	1.28B	1.31B	1.3B	1.64B	1.64B	1.75B	1.9B	1.92B	2.29B	2.31B
Asset Growth %	0.16%	0.02%	-0.01%	0.26%	0%	0.07%	0.09%	0.01%	0.19%	0.01%
Return on Assets (ROA)	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Accounts Payable	9.93M	10.31M	12.24M	13.76M	16.54M	21.27M	19.73M	16.58M	0	0
Total Debt+	43.33M	42.64M	47.3M	103.26M	46.44M	28.37M	16.47M	96.9M	216.78M	161.27M
Net Debt	28.35M	23.77M	21.92M	82.23M	25.68M	-3.36M	-1.66M	74.2M	177.06M	125.27M
Long-Term Debt	5.95M	598K	303K	47.03M	40.99M	22M	10M	19.07M	113.12M	155.15M
Short-Term Debt	37.39M	42.04M	47.25M	56.23M	0	0	0	71.45M	97.39M	0
Other Liabilities	-9.93M	-10.31M	-12.24M	-13.76M	-16.54M	0	0	0	15.12M	14.8M
Total Current Liabilities	1.14B	1.17B	1.16B	1.38B	1.38B	1.48B	1.65B	1.69B	1.92B	1.88B
Total Non-Current Liabilities	-3.98M	-9.71M	-11.94M	33.27M	29.9M	28.37M	16.47M	25.72M	134.5M	176.07M
Total Liabilities	1.14B	1.16B	1.15B	1.42B	1.41B	1.51B	1.67B	1.72B	2.06B	2.05B
Total Equity+	140.11M	142.94M	150.27M	218.99M	228.05M	240.82M	238.6M	200.68M	235.3M	253.04M
Equity Growth %	0.11%	0.02%	0.05%	0.46%	0.04%	0.06%	-0.01%	-0.16%	0.17%	0.08%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.09%	0.09%	0.09%	0.08%	0.08%	0.09%	0.09%	0.1%	0.06%	0.06%
Book Value per Share	14.28	14.32	15.01	18.34	17.43	18.65	18.95	17.59	20.61	18.38
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	76.91M	76.49M	76.98M	141.17M	141.79M	142.44M	143.13M	144.07M	173.64M	186.94M
Additional Paid-in Capital	0	0	0	0	0	0	0	0	0	0
Retained Earnings	74.63M	80.74M	87.3M	94.55M	104.43M	115.06M	126.31M	139.25M	140.02M	141.29M
Accumulated OCI	236K	-2.62M	-2.34M	-4.72M	673K	4.04M	-1.81M	-29.95M	-22.34M	-19.19M
Treasury Stock	-11.66M	-11.66M	-11.66M	-12.01M	-18.85M	-20.72M	-29.03M	-52.69M	-56.02M	-56M
Preferred Stock	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	13.24M	15.48M	18.14M	19.74M	21.97M	13.68M	17.82M	28.71M	23.36M	93.24M
Operating CF Growth %	-0.17%	0.17%	0.17%	0.09%	0.11%	-0.38%	0.3%	0.61%	-0.19%	2.99%
Net Income	11.47M	12.48M	12.97M	14.85M	18.91M	20.07M	20.97M	22.13M	12.54M	13.49M
Depreciation & Amortization	3M	2.56M	3.31M	4.07M	3.24M	2.23M	2.61M	2.74M	2.99M	604K
Deferred Taxes	-58K	928K	1.96M	228K	419K	134K	294K	-345K	-323K	1.95M
Other Non-Cash Items	364K	-205K	-860K	741K	-1.07M	-1.11M	-2.2M	-1.06M	-47K	77.88M
Working Capital Changes	-1.65M	-373K	675K	-252K	331K	-7.79M	-4.11M	4.72M	7.64M	-1.27M
Cash from Investing+	-65.57M	-27.52M	14.8M	-10.79M	9.06M	-80.05M	-175.22M	-48.38M	-60.41M	61.39M
Purchase of Investments	-167.27M	-149.94M	-32.64M	-4.55M	-56.21M	-105.87M	-164.25M	-44.04M	-5.03M	-24.99M
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	8.99M	0	0	12.9M	0	0	0	0	1.89M	-2.14M
Other Investing	-37.98M	-51.75M	-28.26M	-57.74M	-55.43M	-52.61M	-67.64M	-28.45M	-86.74M	47.47M
Cash from Financing+	51.47M	15.91M	-26.41M	-14.3M	-30.3M	77.34M	143.8M	24.23M	54.07M	-158.61M
Dividends Paid	-5.92M	-6.05M	-6.09M	-7.77M	-9.03M	-9.45M	-9.72M	-9.19M	-9.94M	-12.22M
Share Repurchases	0	-1.54M	0	-348K	-6.83M	-1.87M	-8.31M	-23.66M	-3.33M	0
Stock Issued	66K	52K	41K	65K	446K	401K	434K	408K	428K	538K
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	1000K	-947K	1000K	1000K	-1000K	-1000K	-1000K	1000K	1000K	-1000K
Other Financing	42.05M	24.4M	-25.03M	-29.26M	47.4M	107.26M	173.4M	-23.85M	8.89M	-78.53M
Net Change in Cash+	-858K	3.88M	6.52M	-5.35M	725K	10.96M	-13.59M	4.57M	17.02M	-3.98M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	15.85M	14.99M	18.86M	25.39M	20.04M	20.77M	31.73M	18.14M	22.7M	39.72M
Cash at End	14.99M	18.86M	25.39M	20.04M	20.77M	31.73M	18.14M	22.7M	39.72M	35.74M
Interest Paid	3.4M	3.54M	3.58M	5.91M	10.48M	7.81M	4.23M	4.68M	21.74M	42.53M
Income Taxes Paid	4.82M	4.42M	2.19M	1.95M	3.47M	3.81M	3.67M	4.13M	2.73M	0
Free Cash Flow+	12.73M	6.03M	11.52M	19.14M	18.03M	10.89M	15.88M	27.83M	20.75M	89.44M
FCF Growth %	-0.14%	-0.53%	0.91%	0.66%	-0.06%	-0.4%	0.46%	0.75%	-0.25%	3.31%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	8.63%	8.82%	8.85%	8.04%	8.46%	8.56%	8.75%	10.07%	5.79%	5.53%
Return on Assets (ROA)	0.96%	0.96%	1%	1.01%	1.15%	1.19%	1.15%	1.16%	0.6%	0.59%
Net Interest Margin	3.07%	3.07%	3.15%	2.94%	3.31%	3.21%	3%	3.18%	2.45%	2.63%
Efficiency Ratio	60.85%	60.39%	61.25%	61.36%	55.8%	57.02%	61.35%	60.14%	57.28%	50.45%
Equity / Assets	10.94%	10.94%	11.6%	13.38%	13.91%	13.79%	12.53%	10.46%	10.27%	10.97%
Book Value / Share	14.28	14.32	15.01	18.34	17.43	18.65	18.95	17.59	20.61	18.38
NII Growth	9.6%	2.03%	1.6%	17.88%	12.93%	3.4%	1.65%	6.84%	-7.85%	7.9%
Dividend Payout	51.55%	48.45%	46.93%	52.36%	47.74%	47.06%	46.34%	41.54%	78.7%	90.56%

Revenue by Segment

	2024
Fiduciary and Trust	8.45M
Fiduciary and Trust Growth	-
Deposit Account	6.76M
Deposit Account Growth	-

Frequently Asked Questions

Valuation & Price

LCNB Corp. (LCNB) has a price-to-earnings (P/E) ratio of 17.3x. This is roughly in line with market averages.

Growth & Financials

LCNB Corp. (LCNB) grew revenue by 32.0% over the past year. This is strong growth.

Yes, LCNB Corp. (LCNB) is profitable, generating $23.6M in net income for fiscal year 2024 (10.8% net margin).

Dividend & Returns

Yes, LCNB Corp. (LCNB) pays a dividend with a yield of 5.29%. This makes it attractive for income-focused investors.

LCNB Corp. (LCNB) has a return on equity (ROE) of 5.5%. This is below average, suggesting room for improvement.

Industry Metrics

LCNB Corp. (LCNB) has a net interest margin (NIM) of 2.6%. NIM has been under pressure due to interest rate environment.

LCNB Corp. (LCNB) has an efficiency ratio of 50.5%. This is excellent, indicating strong cost control.

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