Exhibit 21

                         Subsidiaries of the Registrant

                         SUBSIDIARIES OF THE REGISTRANT





                                                                            Percentage           State of
                                                                                of            Incorporation
                Parent                             Subsidiary               Ownership        or Organization
                ------                             ----------               ----------       ---------------

                                                                                                    
LSB Financial Corp.                  Lafayette Savings Bank, FSB               100%              Federal

Lafayette Savings Bank, FSB          L.S.B. Service Corporation                100%              Indiana

Lafayette Savings Bank, FSB          Lafayette Insurance and                   100%              Indiana
                                     Investments, Inc.



         The financial statements of LSB Financial Corp are consolidated with
those of its subsidiaries.