**EXHIBIT 31.1**

| | 1. | I have reviewed this quarterly report on Form 10-QSB of LSB Financial Corp. (the "Registrant");                                                                                                                                                                                                                  
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| | 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statement were
made, not misleading with respect to the period covered by this report;        
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| | 3. | Based on my knowledge, the consolidated financial statements, and other financial information included in this
report, fairly present in all material respects the consolidated financial condition, results of operations and cash
flows of the Registrant as of, and for, the periods presented in this report;
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| | 4. | The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e) for the registrant and we have:                                                                                    
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| |    | a)                                                                                                                                                                                                                                                                                                               
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| |    | b)                                                                                                                                                                                                                                                                                                               
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| |    | c)                                                                                                                                                                                                                                                                                                               
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| | 5. | The Registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal
control over financial reporting, to the Registrant's auditors and the audit committee of Registrant's board of
directors (or persons performing the equivalent function):                       
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| |    | a)                                                                                                                                                                                                                                                                                                               
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| |    | b)                                                                                                                                                                                                                                                                                                               

| | /s/ Randolph F. Williams
Randolph F. Williams
President and Chief Executive Officer
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