The bank maintains a conservative capital structure with an equity-to-assets ratio of 0.12, though total assets have remained flat at $2.2 billion since 2025Q3 despite inorganic growth efforts.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Cash & Short Term Investments | 707.96M | 250.62M | 134.86M | 316.32M | 312.55M | 326.31M | 241.2M | 198.76M | 259.46M | 300.6M | 339.52M | 392.96M | 301.21M | 272.93M | 271.98M | 273.54M | 11M | 12.63M | 11.28M | 17.5M | 14.86M | 13.41M | 10.71M | 11.78M | 25.6M | 14.29M | 18.26M | 24.19M |
| Cash & Due from Banks | 23.14M | 18.35M | 35.99M | 39.72M | 22.7M | 18.14M | 31.73M | 20.77M | 21.04M | 25.39M | 18.86M | 14.99M | 15.85M | 14.69M | 13.47M | 19.54M | 11M | 12.63M | 11.28M | 17.5M | 14.86M | 13.41M | 10.71M | 11.78M | 25.6M | 14.29M | 18.26M | 24.19M |
| Short Term Investments | 0 | 232.27M | 98.86M | 276.6M | 289.85M | 308.18M | 209.47M | 178M | 238.42M | 275.21M | 320.66M | 377.98M | 285.37M | 258.24M | 258.51M | 254.01M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Investments | 1.97B | 232.27M | 2B | 2.01B | 1.71B | 1.7B | 1.53B | 1.45B | 1.47B | 1.16B | 1.18B | 1.17B | 1B | 845.33M | 724.28M | 723.07M | 700.37M | 672.03M | 587.59M | 531.84M | 499.46M | 491.16M | 447.88M | 466.62M | 459.01M | 423.77M | 410.94M | 390.52M |
| Investments Growth % | -97.28% | -88.36% | -0.81% | 17.64% | 0.59% | 10.92% | 5.73% | -1.2% | 26.82% | -1.8% | 0.81% | 16.39% | 18.76% | 16.71% | 0.17% | 3.24% | 4.22% | 14.37% | 10.48% | 6.48% | 1.69% | 9.66% | -4.02% | 1.66% | 8.31% | 3.12% | 5.23% | - |
| Long-Term Investments | 5.54B | 0 | 1.9B | 1.73B | 1.42B | 1.39B | 1.32B | 1.27B | 1.23B | 881.49M | 857.23M | 790.44M | 718.56M | 587.09M | 465.77M | 469.06M | 700.37M | 672.03M | 587.59M | 531.84M | 499.46M | 491.16M | 447.88M | 466.62M | 459.01M | 423.77M | 410.94M | 390.52M |
| Accounts Receivables | 8.31M | 7.97M | 8.7M | 8.4M | 7.48M | 8M | 8.34M | 3.93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.05M | 3.14M | 3.36M |
| Goodwill & Intangibles | 99.2M | 99.58M | 101.41M | 89M | 61.05M | 61.69M | 62.67M | 63.23M | 64.26M | 33.98M | 34.77M | 35.58M | 32.42M | 16.98M | 6.45M | 6.45M | 6.56M | 5.92M | 5.92M | 6.91M | 1.43M | 0 | 0 | 0 | 0 | 3.05M | 3.14M | 4.71M |
| Goodwill | 90.31M | 90.31M | 90.31M | 79.51M | 59.22M | 59.22M | 59.22M | 59.22M | 59.22M | 30.18M | 30.18M | 30.18M | 27.64M | 14.19M | 5.92M | 5.92M | 5.92M | 5.92M | 5.92M | 5.74M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 8.89M | 9.27M | 11.1M | 9.49M | 1.83M | 2.47M | 3.45M | 4.01M | 5.04M | 3.8M | 4.58M | 5.4M | 4.78M | 2.79M | 532K | 532K | 645K | 0 | 0 | 1.17M | 1.43M | 0 | 0 | 0 | 0 | 3.05M | 3.14M | 4.71M |
| PP&E (Net) | 45.35M | 45.67M | 46.83M | 42.3M | 39.29M | 41.74M | 41.65M | 40.23M | 32.63M | 34.93M | 30.24M | 22.1M | 20.73M | 19.9M | 16.56M | 17.35M | 16.02M | 15.72M | 15.58M | 14.21M | 12.09M | 12.57M | 12.23M | 12.01M | 11.69M | 11.63M | 10.5M | 8.23M |
| Other Assets | 88.42M | 6.88M | 119.4M | 100.75M | 79.14M | 74.33M | 69.03M | 61.82M | 52.1M | 44.64M | 45.03M | 39.45M | 35.15M | 35.44M | 27.88M | 25.17M | 26.18M | 28.12M | 29.37M | 33.61M | 20.37M | 20.78M | 49.25M | 30.36M | 7.33M | 23.97M | 3.94M | 8.03M |
| Total Current Assets | 31.45M | 258.59M | 143.56M | 324.73M | 320.03M | 334.31M | 249.54M | 202.69M | 259.46M | 300.6M | 339.52M | 392.96M | 301.21M | 272.93M | 271.98M | 273.54M | 11M | 12.63M | 11.28M | 17.5M | 14.86M | 13.41M | 10.71M | 11.78M | 25.6M | 17.34M | 21.4M | 27.7M |
| Total Non-Current Assets | 2.21B | 152.13M | 2.16B | 1.97B | 1.6B | 1.57B | 1.5B | 1.44B | 1.38B | 995.04M | 967.27M | 887.57M | 806.86M | 659.41M | 516.66M | 518.03M | 749.13M | 721.78M | 638.45M | 586.56M | 533.35M | 526.09M | 511.54M | 511.82M | 481.15M | 463.1M | 429.6M | 411.54M |
| Total Assets | 2.24B | 2.24B | 2.31B | 2.29B | 1.92B | 1.9B | 1.75B | 1.64B | 1.64B | 1.3B | 1.31B | 1.28B | 1.11B | 932.34M | 788.64M | 791.57M | 760.13M | 734.41M | 649.73M | 604.06M | 548.22M | 539.5M | 522.25M | 523.61M | 506.75M | 480.44M | 451M | 438.98M |
| Asset Growth % | -12.75% | -2.89% | 0.69% | 19.41% | 0.81% | 9.04% | 6.5% | 0.15% | 26.34% | -0.85% | 2.05% | 15.56% | 18.85% | 18.22% | -0.37% | 4.14% | 3.5% | 13.03% | 7.56% | 10.19% | 1.62% | 3.3% | -0.26% | 3.33% | 5.48% | 6.53% | 2.74% | - |
| Return on Assets (ROA) | 1.02% | 1.02% | 0.59% | 0.6% | 1.16% | 1.15% | 1.19% | 1.15% | 1.01% | 1% | 0.96% | 0.96% | 0.97% | 1.02% | 1.05% | 1.05% | 1.25% | 1.12% | 1.05% | 1.03% | 1.2% | 1.26% | 1.26% | 1.31% | 1.32% | 1.3% | 1.18% | 1.27% |
| Accounts Payable | 0 | 0 | 0 | 0 | 16.58M | 19.73M | 21.27M | 16.54M | 13.76M | 12.24M | 10.31M | 9.93M | 8.16M | 6.95M | 7.7M | 7.08M | 0 | 0 | 6.79M | 5.14M | 3.23M | 3.93M | 2.65M | 3.93M | 6.35M | 3.85M | 3.55M | 0 |
| Total Debt | 110.89M | 118.18M | 161.27M | 216.78M | 96.9M | 16.47M | 28.37M | 46.44M | 103.26M | 47.3M | 42.64M | 43.33M | 28M | 20.76M | 27.46M | 42.97M | 44.81M | 39.23M | 7.21M | 6.46M | 15.37M | 2.07M | 3.41M | 4.2M | 6.25M | 12.31M | 6.36M | 0 |
| Net Debt | 87.75M | 99.83M | 125.27M | 177.06M | 74.2M | -1.66M | -3.36M | 25.68M | 82.23M | 21.92M | 23.77M | 28.35M | 12.16M | 6.07M | 13.99M | 23.43M | 33.81M | 26.6M | -4.07M | -11.04M | 506K | -11.34M | -7.31M | -7.59M | -19.35M | -1.98M | -11.91M | -24.33M |
| Long-Term Debt | 77.91M | 111.31M | 155.15M | 113.12M | 19.07M | 10M | 22M | 40.99M | 47.03M | 303K | 598K | 5.95M | 11.36M | 12.1M | 13.71M | 21.37M | 23.12M | 24.96M | 5M | 5M | 0 | 2.07M | 2.14M | 4.2M | 6.25M | 12.31M | 6.36M | 0 |
| Short-Term Debt | 26.22M | 0 | 0 | 97.39M | 71.45M | 0 | 0 | 0 | 56.23M | 47.25M | 42.04M | 37.39M | 16.64M | 8.65M | 13.76M | 21.6M | 21.69M | 14.27M | 2.21M | 1.46M | 15.37M | 0 | 1.27M | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 1.85B | 1.38B | 14.8M | 15.12M | 0 | 0 | 0 | -16.54M | -13.76M | -12.24M | -10.31M | -9.93M | -8.16M | -6.95M | -7.7M | -7.08M | 0 | 0 | -6.79M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.98M |
| Total Current Liabilities | 26.22M | 466.09M | 1.88B | 1.92B | 1.69B | 1.65B | 1.48B | 1.38B | 1.38B | 1.16B | 1.17B | 1.14B | 979.18M | 808.31M | 700.63M | 699.32M | 666.31M | 643.83M | 593.4M | 542.53M | 497.22M | 485.41M | 467.82M | 466.96M | 448.57M | 418.62M | 398.33M | 391.57M |
| Total Non-Current Liabilities | 1.94B | 1.5B | 176.07M | 134.5M | 25.72M | 16.47M | 28.37M | 29.9M | 33.27M | -11.94M | -9.71M | -3.98M | 3.19M | 5.16M | 6.01M | 14.29M | 23.12M | 24.96M | -1.79M | 5M | 0 | 2.07M | 2.14M | 4.2M | 6.25M | 12.31M | 6.36M | 4.98M |
| Total Liabilities | 1.96B | 1.97B | 2.05B | 2.06B | 1.72B | 1.67B | 1.51B | 1.41B | 1.42B | 1.15B | 1.16B | 1.14B | 982.37M | 813.47M | 706.63M | 713.61M | 689.43M | 668.79M | 591.62M | 547.53M | 497.22M | 487.48M | 469.95M | 471.16M | 454.82M | 430.93M | 404.69M | 395.99M |
| Total Equity | 275.82M | 273.93M | 253.04M | 235.3M | 200.68M | 238.6M | 240.82M | 228.05M | 218.99M | 150.27M | 142.94M | 140.11M | 125.69M | 118.87M | 82.01M | 77.96M | 70.71M | 65.61M | 58.12M | 56.53M | 51M | 52.02M | 52.3M | 52.45M | 51.93M | 49.51M | 46.31M | 42.99M |
| Equity Growth % | 28.9% | 8.26% | 7.54% | 17.26% | -15.9% | -0.92% | 5.6% | 4.14% | 45.73% | 5.13% | 2.02% | 11.47% | 5.74% | 44.96% | 5.19% | 10.26% | 7.76% | 12.9% | 2.81% | 10.84% | -1.97% | -0.52% | -0.29% | 1% | 4.89% | 6.9% | 7.73% | - |
| Equity / Assets (Capital Ratio) | 12.33% | 12.22% | 10.97% | 10.27% | 10.46% | 12.53% | 13.79% | 13.91% | 13.38% | 11.6% | 10.94% | 10.94% | 11.34% | 12.75% | 10.4% | 9.85% | 9.3% | 8.93% | 8.94% | 9.36% | 9.3% | 9.64% | 10.01% | 10.02% | 10.25% | 10.3% | 10.27% | 9.79% |
| Return on Equity (ROE) | 8.48% | 8.77% | 5.53% | 5.79% | 10.07% | 8.75% | 8.56% | 8.46% | 8.04% | 8.85% | 8.82% | 8.63% | 8.07% | 8.74% | 10.34% | 10.92% | 13.75% | 12.55% | 11.52% | 11.07% | 12.65% | 12.85% | 12.59% | 12.91% | 12.89% | 12.66% | 11.74% | 12.97% |
| Book Value per Share | 19.53 | 19.45 | 18.38 | 20.61 | 17.59 | 18.95 | 18.65 | 17.43 | 18.34 | 15.01 | 14.32 | 14.28 | 13.36 | 14.89 | 12.06 | 11.55 | 10.50 | 9.79 | 8.69 | 8.88 | 7.86 | 7.87 | 7.80 | 7.67 | 7.53 | 7.00 | 6.52 | 6.05 |
| Tangible BV per Share | 12.50 | 12.38 | 11.02 | 12.81 | 12.24 | 14.05 | 13.79 | 12.60 | 12.96 | 11.61 | 10.84 | 10.65 | 9.92 | 12.76 | 11.11 | 10.59 | 9.52 | 8.91 | 7.81 | 7.79 | 7.64 | 7.87 | 7.80 | 7.67 | 7.53 | 6.57 | 6.08 | 5.39 |
| Common Stock | 188.62M | 188.21M | 186.94M | 173.64M | 144.07M | 143.13M | 142.44M | 141.79M | 141.17M | 76.98M | 76.49M | 76.91M | 67.18M | 66.78M | 27.11M | 26.75M | 0 | 0 | 0 | 0 | 10.56M | 10.56M | 10.56M | 10.56M | 10.56M | 10.56M | 10.56M | 10.56M |
| Additional Paid-in Capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 27.11M | 26.75M | 26.52M | 26.48M | 25.86M | 25.83M | 10.58M | 10.56M | 10.55M | 10.55M | 10.55M | 10.55M | 10.55M | 10.55M |
| Retained Earnings | 153.25M | 151.94M | 141.29M | 140.02M | 139.25M | 126.31M | 115.06M | 104.43M | 94.55M | 87.3M | 80.74M | 74.63M | 69.39M | 65.47M | 61.84M | 57.88M | 54.05M | 48.96M | 46.58M | 44.26M | 42.24M | 39.61M | 36.73M | 33.87M | 30.77M | 27.71M | 24.92M | 22.73M |
| Accumulated OCI | -9.97M | -10.15M | -19.19M | -22.34M | -29.95M | -1.81M | 4.04M | 673K | -4.72M | -2.34M | -2.62M | 236K | 785K | -1.72M | -22.39M | -21.73M | 1.84M | 1.92M | -2.59M | -1.82M | -1.14M | -701K | 526K | 1.82M | 2.24M | 1.2M | 281K | -1.3M |
| Treasury Stock | -56.09M | -56.07M | -56M | -56.02M | -52.69M | -29.03M | -20.72M | -18.85M | -12.01M | -11.66M | -11.66M | -11.66M | -11.66M | -11.66M | -11.66M | -11.7M | -11.7M | -11.74M | -11.74M | -11.74M | -11.24M | -8.01M | -6.08M | -4.36M | -2.19M | -516K | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Rising deposit funding costs
According to the provided quarterly balance sheet data, LCNB's total assets have remained essentially flat at $2.2 billion since 2025Q3, suggesting that the recent Cincinnati Bancorp acquisition has not yet catalyzed meaningful balance sheet expansion beyond the replacement of maturing assets within the existing portfolio.
The lack of asset growth despite inorganic expansion efforts implies that the bank is currently prioritizing balance sheet consolidation over aggressive market share capture. Investors should monitor whether this plateau reflects a deliberate risk-off posture or an inability to deploy capital effectively in the current competitive Ohio banking landscape.
Based on reported financial statements, LCNB's equity-to-assets ratio has held steady at 0.12 through 2026Q1, indicating that management is maintaining a consistent capital buffer despite the volatility in net income and the increased provisioning requirements observed in the most recent quarter.
This capital position appears adequate for a regional institution of this size, though it leaves limited room for significant share repurchases or further large-scale M&A without potentially diluting existing shareholders. The stability of this ratio suggests a defensive capital management strategy that prioritizes regulatory compliance and dividend continuity over aggressive leverage.
As reported in the quarterly balance sheet, LCNB maintains a significant portion of its assets in investment securities, with $2.0 billion held in 2026Q1, which may indicate a structural reliance on these instruments to generate yield in the absence of robust organic loan growth.
The high concentration of investment securities relative to cash and cash equivalents suggests that the bank's liquidity profile is sensitive to interest rate fluctuations and potential mark-to-market adjustments. This reliance on the securities portfolio warrants further investigation into the duration mismatch between these assets and the bank's deposit-based funding liabilities.
Based on the provided data, the bank's heavy allocation to investment securities, which comprised approximately 90% of total assets in 2026Q1, suggests a potential vulnerability to duration risk if interest rates remain elevated or experience further volatility in the near term.
While this portfolio provides a stable income stream, it may mask underlying interest rate sensitivity that is not immediately apparent in the net interest margin. Analysts should monitor whether the bank is forced to realize losses on these securities to meet liquidity needs, which could further pressure the equity base.
Quick answers to the most common questions about buying LCNB stock.
As of 2025, LCNB Corp. (LCNB) had total assets of $2.24B including $258.6M in current assets.
LCNB Corp. (LCNB) carries total debt of $118.2M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
LCNB Corp. (LCNB) has total shareholders' equity (book value) of $273.9M ($19.45 book value per share). Book value represents the net worth of the company belonging to common stock holders.
LCNB Corp. (LCNB) reported a current ratio of 0.55x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.