LCNB (LCNB) AI Stock Analysis

• Market Cap: $229.37M
• Dividend Yield: 5.32%
• Average Volume (3M): 25.25K
• Price to Earnings (P/E): 10.2
• Beta (1Y): 0.60
• Revenue Growth: 5.07%
• EPS Growth: 228.39%
• Country: US
• Employees: 346
• Sector: Financial
• Sector Strength: 70
• Industry: Banks - Regional
• EPS (TTM): 0.40
• Shares Outstanding: 14,237,966
• 10 Day Avg. Volume: 35,438
• 30 Day Avg. Volume: 25,247
• PEG Ratio: 0.14
• Price to Book (P/B): 0.84
• Price to Sales (P/S): 1.86
• P/FCF Ratio: 6.90
• Enterprise Value/Market Cap: 1.41
• Enterprise Value/Revenue: 2.59
• Enterprise Value/Gross Profit: 3.58
• Enterprise Value/Ebitda: 11.25
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 1.77
• Revenue Forecast (FY): $95.80M

• Rating: 66 Neutral
• Price Target: $18.00 ▲(13.35% Upside)
• Action: Downgraded Date: 03/12/26
• Date: Action: Downgraded 03/12/26

The score is driven primarily by improved 2025 profitability and balance-sheet leverage, offset by volatile cash flows and slightly negative revenue growth. Valuation is a meaningful positive (low P/E and high yield), while technical indicators remain mildly bearish and limit the near-term setup.

Positive Factors

Profitability Recovery

LCNB’s 2025 net income rebound to $23.1M and expanded net margin (18.6%) suggest the franchise can convert revenue into durable earnings. Strong 2025 profitability builds retained earnings, supports capital and dividends, and provides a buffer to absorb future credit or rate shocks.

Improved Capital & Leverage

Material improvement in leverage and a 13.6% rise in tangible book indicate stronger balance-sheet resilience. Lower debt-to-equity increases shock absorption, preserves lending capacity, and gives management flexibility to fund growth or maintain dividends through economic cycles.

Wealth Management Growth Diversifies Revenue

Growing wealth AUM and record fiduciary income provide recurring noninterest fee revenue that is less rate-sensitive than NII. This diversification supports margin stability, reduces reliance on loan-driven NII, and gives a scalable fee business to smooth overall earnings volatility.

Negative Factors

Weak/Flat Revenue Trend

A slight top-line decline signals limited organic growth momentum; with earnings driven largely by NII, sustained revenue softness constrains long-term profit expansion. Without durable loan or fee growth, earnings gains may prove cyclical rather than structural.

Volatile Cash Flows

Large swings in operating and free cash flow reduce financial flexibility to fund lending, cover dividends, or absorb losses. Even if FCF covered net income historically, volatility increases refinancing and liquidity risk and could force tighter capital allocation in stress periods.

Asset/Deposit Contraction & Funding Mix Risk

Strategic runoff of higher-cost deposits trimmed assets and deposit funding, which can improve margins but reduces scale and core funding. Shrinking deposit base limits loan growth without replacing funding, raising pressure to use higher-cost borrowings or slow business expansion.

LCNB Business Overview & Revenue Model

Company Description

LCNB Corp. is a financial holding company based in the United States, primarily engaged in providing a range of banking and financial services through its wholly owned subsidiary, LCNB National Bank. The company operates in the banking sector, offering services such as commercial and retail banking, mortgage lending, and wealth management. LCNB serves individual and business clients, focusing on delivering personalized financial solutions and fostering community relationships across its operating regions.

How the Company Makes Money

LCNB primarily makes money through (1) net interest income and (2) noninterest income. Net interest income is generated by earning interest on interest-earning assets—mainly loans (such as commercial, consumer, and real estate-related loans) and investment securities—while paying interest on funding sources such as customer deposits (checking, savings, money market, and time deposits) and, when used, other borrowings. The company’s profitability is heavily influenced by loan growth and mix, credit performance (including loan losses), deposit mix and pricing (cost of funds), and changes in market interest rates that affect yields on loans/securities versus deposit and borrowing costs. Noninterest income is earned from fees and service charges associated with banking activities (e.g., deposit account service charges and other customer-related banking fees). If additional material revenue lines, named partnerships, or segment-level breakdowns are not publicly available in the provided context, they are null.

LCNB Financial Statement Overview

Summary

Earnings rebounded in 2025 with improved profitability and a better leverage profile (debt-to-equity improved to 0.43x), but revenue was slightly negative (-1.9%) and cash flow was notably volatile (operating cash flow fell to $34.4M from $93.2M), which tempers the quality of the improvement.

Income Statement

Profitability improved meaningfully in 2025 versus 2024, with net income rising from $13.5M to $23.1M and net margin expanding from ~10.8% to ~18.6%, alongside stronger operating profitability. However, revenue has been largely flat over the period and turned slightly negative in 2025 (-1.9% growth), and margins appear volatile versus the unusually strong 2021–2022 period (mid-to-high 20% net margins), indicating earnings sensitivity to the rate/credit cycle.

Balance Sheet

Leverage has moved in the right direction, with debt-to-equity improving from 0.92x (2023) to 0.43x (2025) and equity building to $273.9M, supporting balance-sheet resilience. Returns to shareholders also improved in 2025 (return on equity ~8.4%) versus 2023–2024 (~5.3%). Offsetting this, total assets have drifted down since 2024 and debt levels remain meaningful in absolute dollars ($118.2M), leaving less room if profitability softens.

Cash Flow

Cash generation is positive with free cash flow matching operating cash flow across years and free cash flow consistently covering net income well (roughly ~0.80–1.00x; 1.0x in 2025). The key weakness is volatility: operating cash flow fell to $34.4M in 2025 from $93.2M in 2024, and free cash flow declined sharply in 2025 (down ~43% YoY), which reduces near-term financial flexibility despite improved earnings.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	124.24M	125.42M	95.01M	80.04M	75.99M
Gross Profit	89.78M	79.24M	69.68M	75.08M	72.21M
EBITDA	28.15M	16.57M	18.25M	29.69M	28.20M
Net Income	23.12M	13.49M	12.63M	22.13M	20.97M
Balance Sheet
Total Assets	2.24B	2.31B	2.29B	1.92B	1.90B
Cash, Cash Equivalents and Short-Term Investments	250.62M	134.86M	316.32M	312.55M	326.31M
Total Debt	118.18M	161.27M	216.78M	96.90M	16.47M
Total Liabilities	1.97B	2.05B	2.06B	1.72B	1.67B
Stockholders Equity	273.93M	253.04M	235.30M	200.68M	238.60M
Cash Flow
Free Cash Flow	33.44M	89.44M	20.75M	27.83M	15.88M
Operating Cash Flow	34.40M	93.24M	23.36M	28.71M	17.82M
Investing Cash Flow	52.05M	61.39M	-60.41M	-48.38M	-175.22M
Financing Cash Flow	-100.58M	-158.61M	54.07M	24.23M	143.80M

LCNB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 15.88
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LCNB, the sentiment is Negative. The current price of 15.88 is below the 20-day moving average (MA) of 16.86, below the 50-day MA of 16.83, and above the 200-day MA of 15.42, indicating a neutral trend. The MACD of -0.23 indicates Positive momentum. The RSI at 31.23 is Neutral, neither overbought nor oversold. The STOCH value of 6.48 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for LCNB.

LCNB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CBNA	70 Outperform	$229.93M	10.63	4.99%	―	―	―
CFFI	68 Neutral	$236.86M	8.76	10.84%	2.55%	8.53%	42.73%
HWBK	68 Neutral	$231.14M	10.24	14.66%	2.39%	0.16%	258.06%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
BPRN	67 Neutral	$227.48M	12.73	6.98%	3.50%	12.92%	56.52%
LCNB	66 Neutral	$229.37M	10.22	8.97%	5.32%	5.07%	228.39%
FCCO	53 Neutral	$219.39M	11.84	17.12%	2.07%	11.59%	42.03%

LCNB Corporate Events

LCNB outlines Regulation FD investor presentation materials

LCNB Corp. has notified investors that it plans to use materials furnished as Exhibit 99.1 in upcoming meetings with investors and analysts, signaling a coordinated investor-relations effort around its current disclosures. The company emphasized that the furnished information is being provided under a non-filing provision of securities regulations, meaning it will not carry the legal liabilities associated with filed reports or be automatically incorporated into other securities law filings, a distinction that shapes how stakeholders should interpret and rely on the materials.

The most recent analyst rating on (LCNB) stock is a Buy with a $18.50 price target. To see the full list of analyst forecasts on LCNB stock, see the LCNB Stock Forecast page.

LCNB Corp Reports Record 2025 Earnings and Wealth Growth

On January 29, 2026, LCNB Corp. reported its financial results for the three and twelve months ended December 31, 2025, highlighting record annual net income of $23.1 million, a 1.02% return on average assets and a 13.6% year-over-year increase in tangible book value per share to $12.45, driven by stronger earnings and improved unrealized losses on its available-for-sale securities portfolio. The bank’s net interest income and margins expanded meaningfully year over year, while LCNB Wealth Management assets rose 12.9% to a record $1.56 billion, producing record fiduciary income of $9.5 million, even as total assets and deposits declined modestly due to strategic runoff of higher-cost funding. Asset quality metrics remained solid, with nonperforming loans falling to 0.14% of total loans and full-year net charge-offs at just 0.02% of average loans, although fourth-quarter earnings were tempered by a higher provision for credit losses tied largely to a fully reserved logistics loan. Shareholders’ equity and tangible shareholders’ equity increased significantly on the back of higher retained earnings and portfolio valuation improvements, and the company maintained a steady dividend payout of $0.88 per share for 2025 as it emphasized disciplined growth in lending, wealth management and credit quality going into 2026.

The most recent analyst rating on (LCNB) stock is a Buy with a $19.00 price target. To see the full list of analyst forecasts on LCNB stock, see the LCNB Stock Forecast page.