Janney starts LCNB Corp. at Neutral with $19 fair value estimate

As previously reported, Janney Montgomery Scott analyst Daniel Cardenas initiated coverage of LCNB Corp. with a Neutral rating and $19 fair value estimate. While LCNB has an "attractive" franchise in some of the faster growing markets in central and southwest Ohio and is "well positioned" to capture loan growth, strong oversight of the credit function could moderate growth efforts, said Cardenas, who is modeling organic loan growth in the low-to mid-single digit range for 2022-2023.