NasdaqCM:LCNB

Stock Analysis Report

Executive Summary

LCNB Corp. operates as the financial holding company for LCNB National Bank that provides commercial and personal banking services in Ohio.

Snowflake

Fundamentals

Excellent balance sheet established dividend payer.

Risks

  • LCNB is covered by less than 3 analysts.

Similar Companies

Share Price & News

How has LCNB's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

1.3%

NasdaqCM:LCNB

0.3%

US Banks

0.9%

US Market


1 Year Return

-8.4%

NasdaqCM:LCNB

-13.6%

US Banks

0.3%

US Market

LCNB outperformed the Banks industry which returned -14.2% over the past year.

LCNB underperformed the Market in United States of America which returned -0.5% over the past year.


Share holder returns

LCNBIndustryMarket
7 Day1.3%0.3%0.9%
30 Day-3.3%-5.1%-1.9%
90 Day0%-3.5%1.6%
1 Year-4.7%-8.4%-11.2%-13.6%2.6%0.3%
3 Year9.6%-1.3%43.6%33.7%41.0%31.8%
5 Year35.4%12.6%53.7%37.0%55.2%38.0%

Price Volatility Vs. Market

How volatile is LCNB's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is LCNB undervalued based on future cash flows and its price relative to the stock market?

6%

Discount to future cash flow value


Intrinsic Value Based on Future Cash Flows

LCNB's share price is below the future cash flow value, but not at a moderate discount (< 20%).

LCNB's share price is below the future cash flow value, but not at a substantial discount (< 40%).


Price Based on Earnings

LCNB is good value based on earnings compared to the US Banks industry average.

LCNB is good value based on earnings compared to the United States of America market.


Price Based on Expected Growth

LCNB is poor value based on expected growth next year.


Price Based on Value of Assets

LCNB is good value based on assets compared to the US Banks industry average.


Next Steps

Future Growth

How is LCNB expected to perform in the next 1 to 3 years based on estimates from 1 analyst?

6.6%

Forecasted annual earnings growth


Earnings and Revenue Growth Estimates


Future Annual Growth Analysis

LCNB's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.

LCNB's earnings are expected to grow by 6.6% yearly, however this is not considered high growth (20% yearly).

LCNB's revenues are expected to decrease over the next 1-3 years, this is below the United States of America market average.

LCNB's earnings growth is positive but not above the United States of America market average.

LCNB's earnings growth is expected to exceed the low risk savings rate of 2.7%.


Earnings per Share Growth Estimates


Future Return on Equity

Unable to establish if LCNB will efficiently use shareholders’ funds in the future without estimates of Return on Equity.


Next Steps

Past Performance

How has LCNB performed over the past 5 years?

10.1%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

LCNB's year on year earnings growth rate has been positive over the past 5 years.

LCNB's 1-year earnings growth exceeds its 5-year average (53.9% vs 10.1%)

LCNB's earnings growth has exceeded the US Banks industry average in the past year (53.9% vs 33.2%).


Return on Equity

LCNB has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).


Return on Assets

LCNB used its assets more efficiently than the US Banks industry average last year based on Return on Assets.


Return on Capital Employed

Unable to establish if LCNB improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.


Next Steps

Financial Health

How is LCNB's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Information is not available.

Information is not available.


Financial Institutions Analysis

LCNB has an acceptable proportion of non-loan assets held.

LCNB has a low allowance for bad loans.

LCNB's liabilities are made up of primarily low risk sources of funding.

LCNB's level of assets compared to its equity is low (i.e. an appropriate level of borrowing to fund lending).

Loans at LCNB are broadly funded by customer deposits.

LCNB has an acceptable level of bad loans (less than 2%).


Next Steps

Dividend

What is LCNB's current dividend yield, its reliability and sustainability?

3.96%

Current Dividend Yield


Dividend Yield and Payments Analysis

LCNB's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.49%).

LCNB's dividend is above the markets top 25% of dividend payers in United States of America (3.84%).

Dividends per share have been stable in the past 10 years.

Dividends per share have increased over the past 10 years.


Current Payout to Shareholders

Dividends paid are well covered by earnings (2.1x coverage).


Future Payout to Shareholders

Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.


Next Steps

Management

What is the CEO of LCNB's salary, the management and board of directors tenure and is there insider trading?

11.6yrs

Average management tenure


CEO

Eric Meilstrup (51yo)

0.2yrs

Tenure

US$243,421

Compensation

Mr. Eric J. Meilstrup has been President of LCNB Corp. and LCNB National Bank since October 1, 2018 and has been Chief Executive Officer of both LCNB Corp. and LCNB National Bank since June 30, 2019. He se ...


CEO Compensation Analysis

Eric's remuneration is lower than average for companies of similar size in United States of America.

Eric's compensation has been consistent with company performance over the past year, both up more than 20%.


Management Age and Tenure

11.6yrs

Average Tenure

52yo

Average Age

The average tenure for the LCNB management team is over 5 years, this suggests they are a seasoned and experienced team.


Board Age and Tenure

1.0yrs

Average Tenure

63yo

Average Age

The average tenure for the LCNB board of directors is less than 3 years, this suggests a new board.


Insider Trading

LCNB individual insiders have sold more shares than they have bought in the past 3 months.


Recent Insider Transactions

BuyUS$3,35715 Aug 19
Lawrence Mulligan
EntityIndividual
Role
Chief Operating Officer
Executive VP & COO
Shares200
Max PriceUS$16.79
BuyUS$8,56609 Aug 19
Craig Johnson
EntityIndividual
Role
Member of the Board of Directors
Director
Shares500
Max PriceUS$17.13
SellUS$25,26902 Aug 19
John Smiley
EntityIndividual
Role
Senior Key Executive
Executive VP & Columbus Market President
Shares1,384
Max PriceUS$18.26
SellUS$119,45302 Aug 19
William Huddle
EntityIndividual
Role
Member of the Board of Directors
Director
Shares6,546
Max PriceUS$18.26
SellUS$37,90030 Jul 19
John Smiley
EntityIndividual
Role
Senior Key Executive
Executive VP & Columbus Market President
Shares2,087
Max PriceUS$18.16
SellUS$68,80024 May 19
William Huddle
EntityIndividual
Role
Member of the Board of Directors
Director
Shares4,000
Max PriceUS$17.20
SellUS$85,60016 May 19
John Smiley
EntityIndividual
Role
Senior Key Executive
Executive VP & Columbus Market President
Shares5,000
Max PriceUS$17.12
SellUS$59,75010 May 19
William Huddle
EntityIndividual
Role
Member of the Board of Directors
Director
Shares3,495
Max PriceUS$17.10
SellUS$170,00007 May 19
John Smiley
EntityIndividual
Role
Senior Key Executive
Executive VP & Columbus Market President
Shares10,000
Max PriceUS$17.00
SellUS$125,80004 Mar 19
John Smiley
EntityIndividual
Role
Senior Key Executive
Executive VP & Columbus Market President
Shares7,400
Max PriceUS$17.00
SellUS$44,25228 Feb 19
John Smiley
EntityIndividual
Role
Senior Key Executive
Executive VP & Columbus Market President
Shares2,600
Max PriceUS$17.02
SellUS$102,96027 Feb 19
William Huddle
EntityIndividual
Role
Member of the Board of Directors
Director
Shares6,000
Max PriceUS$17.16
SellUS$2,19320 Feb 19
William Huddle
EntityIndividual
Role
Member of the Board of Directors
Director
Shares129
Max PriceUS$17.00
BuyUS$8,47504 Feb 19
Michael Miller
EntityIndividual
Shares500
Max PriceUS$16.95

Ownership Breakdown


Management Team

  • Eric Meilstrup (51yo)

    President

    • Tenure: 0.2yrs
    • Compensation: US$243.42k
  • Bernard Wright (70yo)

    Senior Executive Vice President

    • Tenure: 11.6yrs
    • Compensation: US$154.51k
  • Tim Sheridan

    Chief Credit Officer and Senior Executive Vice President

    • Tenure: 11.6yrs
  • Connie Sears

    Vice President of Human Resources and Vice President of Human Resources - LCNB National Bank

    • Tenure: 11.6yrs
  • Matt Layer (56yo)

    Executive VP & Chief Lending Officer

    • Tenure: 11.6yrs
    • Compensation: US$251.30k
  • Rob Haines (46yo)

    Executive VP & CFO

    • Tenure: 11.6yrs
    • Compensation: US$236.96k
  • Anne Krehbiel (63yo)

    Secretary & Director

    • Tenure: 9.3yrs
    • Compensation: US$31.86k
  • John Smiley (52yo)

    Executive VP & Columbus Market President

    • Tenure: 1.3yrs
    • Compensation: US$131.15k
  • Brad Ruppert (43yo)

    Executive VP & Chief Investment Officer

    • Tenure: 2.6yrs
  • Lawrence Mulligan

    Executive VP & COO

    • Tenure: 0.3yrs

Board Members

  • William Kaufman (75yo)

    Director

    • Tenure: 37.6yrs
    • Compensation: US$24.75k
  • Eric Meilstrup (51yo)

    President

    • Tenure: 0.2yrs
    • Compensation: US$243.42k
  • Rhett Huddle (63yo)

    Director

    • Tenure: 1.3yrs
    • Compensation: US$22.64k
  • Spencer Cropper (46yo)

    Chairman

    • Tenure: 0.5yrs
    • Compensation: US$30.38k
  • Mary Bradford (63yo)

    Director

    • Tenure: 0.6yrs
  • Anne Krehbiel (63yo)

    Secretary & Director

    • Tenure: 9.3yrs
    • Compensation: US$31.86k
  • Michael Johrendt (66yo)

    Director

    • Tenure: 0.8yrs
    • Compensation: US$5.63k
  • John Kochensparger (74yo)

    Director

    • Tenure: 6.6yrs
    • Compensation: US$30.88k
  • Valerie Krueckeberg (49yo)

    Director

    • Tenure: 3.3yrs
    • Compensation: US$28.89k
  • Craig Johnson

    Director

    • Tenure: 0.2yrs

Company Information

LCNB Corp.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: LCNB Corp.
  • Ticker: LCNB
  • Exchange: NasdaqCM
  • Founded: 1877
  • Industry: Regional Banks
  • Sector: Banks
  • Market Cap: US$222.682m
  • Shares outstanding: 12.96m
  • Website: https://www.lcnb.com

Number of Employees


Location

  • LCNB Corp.
  • 2 North Broadway
  • Lebanon
  • Ohio
  • 45036
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
LCNBNasdaqCM (Nasdaq Capital Market)YesCommon SharesUSUSDNov 1995

Biography

LCNB Corp. operates as the financial holding company for LCNB National Bank that provides commercial and personal banking services in Ohio. The company’s deposit products include checking, NOW, savings, Ch ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/08/19 23:36
End of Day Share Price2019/08/19 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.