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Investment Securities | 3 Months Ended
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Mar. 31, 2017
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | Investment Securities The amortized cost and estimated fair value of investment securities at March 31, 2017 and December 31, 2016 are summarized as follows (in thousands):
| Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
March 31, 2017 |  |  |  |  |  |  |
Available-for-Sale: |  |  |  |  |  |  |
U.S. Treasury notes | $ | 33,236 |  |  | $ | 102 |  |  | $ | 33 |  |  | $ | 33,305 |
U.S. Agency notes | 91,911 |  |  | 137 |  |  | 1,723 |  |  | 90,325 |
U.S. Agency mortgage-backed securities | 69,162 |  |  | 79 |  |  | 1,273 |  |  | 67,968 |
Municipal securities: |  |  |  |  |  |  |  |  |  |  |
Non-taxable | 113,180 |  |  | 640 |  |  | 1,334 |  |  | 112,486 |
Taxable | 19,189 |  |  | 224 |  |  | 62 |  |  | 19,351 |
Mutual funds | 2,536 |  |  | — |  |  | 45 |  |  | 2,491 |
Trust preferred securities | 49 |  |  | — |  |  | — |  |  | 49 |
Equity securities | 632 |  |  | 75 |  |  | 6 |  |  | 701 |
| $ | 329,895 |  |  | $ | 1,257 |  |  | $ | 4,476 |  |  | $ | 326,676 |
Held-to-Maturity: |  |  |  |  |  |  |
Municipal securities: |  |  |  |  |  |  |
Non-taxable | $ | 33,279 |  |  | $ | 103 |  |  | $ | 368 |  |  | $ | 33,014 |
Taxable | 5,176 |  |  | — |  |  | 178 |  |  | 4,998 |
| $ | 38,455 |  |  | $ | 103 |  |  | $ | 546 |  |  | $ | 38,012 |
December 31, 2016 |  |  |  |  |  |  |
Available-for-Sale: |  |  |  |  |  |  |
U.S. Treasury notes | $ | 28,180 |  |  | $ | 41 |  |  | $ | 76 |  |  | $ | 28,145 |
U.S. Agency notes | 87,098 |  |  | 150 |  |  | 1,848 |  |  | 85,400 |
U.S. Agency mortgage-backed securities | 72,402 |  |  | 89 |  |  | 1,444 |  |  | 71,047 |
Municipal securities: |  |  |  |  |  |  |  |  |  |  |
Non-taxable | 114,064 |  |  | 574 |  |  | 1,623 |  |  | 113,015 |
Taxable | 19,710 |  |  | 220 |  |  | 85 |  |  | 19,845 |
Mutual funds | 2,527 |  |  | — |  |  | 45 |  |  | 2,482 |
Trust preferred securities | 49 |  |  | — |  |  | 1 |  |  | 48 |
Equity securities | 632 |  |  | 55 |  |  | 10 |  |  | 677 |
| $ | 324,662 |  |  | $ | 1,129 |  |  | $ | 5,132 |  |  | $ | 320,659 |
Held-to-Maturity: |  |  |  |  |  |  |
Municipal securities: |  |  |  |  |  |  |
Non-taxable | $ | 31,015 |  |  | $ | 56 |  |  | $ | 352 |  |  | $ | 30,719 |
Taxable | 9,988 |  |  | — |  |  | 217 |  |  | 9,771 |
| $ | 41,003 |  |  | $ | 56 |  |  | $ | 569 |  |  | $ | 40,490 |
Information concerning investment securities with gross unrealized losses at March 31, 2017 and December 31, 2016, aggregated by length of time that individual securities have been in a continuous loss position, is as follows (dollars in thousands):
| Less than Twelve Months |  | Twelve Months or Greater
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
March 31, 2017 |  |  |  |  |  |  |
Available-for-Sale: |  |  |  |  |  |  |
U.S. Treasury notes | $ | 11,090 |  |  | $ | 33 |  |  | $ | — |  |  | $ | — |
U.S. Agency notes | 77,741 |  |  | 1,723 |  |  | — |  |  | — |
U.S. Agency mortgage-backed securities | 62,000 |  |  | 1,145 |  |  | 3,393 |  |  | 128 |
Municipal securities: |  |  |  |  |  |  |  |  |
Non-taxable | 58,461 |  |  | 1,334 |  |  | 301 |  |  | — |
Taxable | 8,957 |  |  | 59 |  |  | 450 |  |  | 3 |
Mutual funds | 1,211 |  |  | 37 |  |  | 280 |  |  | 8 |
Trust preferred securities | 49 |  |  | — |  |  | — |  |  | — |
Equity securities | 42 |  |  | 6 |  |  | — |  |  | — |
| $ | 219,551 |  |  | $ | 4,337 |  |  | $ | 4,424 |  |  | $ | 139 |
Held-to-Maturity: |  |  |  |  |  |  |
Municipal securities: |  |  |  |  |  |  |
Non-taxable | $ | 19,061 |  |  | 289 |  |  | 2,586 |  |  | 79 |
Taxable | 3,122 |  |  | 178 |  |  | — |  |  | — |
| $ | 22,183 |  |  | $ | 467 |  |  | $ | 2,586 |  |  | $ | 79 |
December 31, 2016 |  |  |  |  |  |  |
Available-for-Sale: |  |  |  |  |  |  |
U.S. Treasury notes | $ | 16,076 |  |  | $ | 76 |  |  | $ | — |  |  | $ | — |
U.S. Agency notes | 69,784 |  |  | 1,848 |  |  | — |  |  | — |
U.S. Agency mortgage-backed securities | 64,564 |  |  | 1,310 |  |  | 3,518 |  |  | 134 |
Municipal securities: |  |  |  |  |  |  |  |  |  |
Non-taxable | 72,867 |  |  | 1,621 |  |  | 451 |  |  | 2 |
Taxable | 9,721 |  |  | 82 |  |  | 450 |  |  | 3 |
Mutual funds | 1,205 |  |  | 37 |  |  | 277 |  |  | 8 |
Trust preferred securities | 49 |  |  | 1 |  |  | — |  |  | — |
Equity securities | 201 |  |  | 10 |  |  | — |  |  | — |
| $ | 234,467 |  |  | $ | 4,985 |  |  | $ | 4,696 |  |  | $ | 147 |
Held-to-Maturity: |  |  |  |  |  |  |
Municipal securities: |  |  |  |  |  |  |
Non-taxable | $ | 20,429 |  |  | $ | 251 |  |  | $ | 2,564 |  |  | $ | 101 |
Taxable | 8,030 |  |  | 217 |  |  | — |  |  | — |
| $ | 28,459 |  |  | $ | 468 |  |  | $ | 2,564 |  |  | $ | 101 |
Management has determined that the unrealized losses at March 31, 2017 are primarily due to fluctuations in market interest rates and do not reflect credit quality deterioration of the securities. Because LCNB does not have the intent to sell the investments and it is more likely than not that LCNB will not be required to sell the investments before recovery of their amortized cost bases, which may be at maturity, LCNB does not consider these investments to be other-than-temporarily impaired. Contractual maturities of investment securities at March 31, 2017 were as follows (in thousands). Actual maturities may differ from contractual maturities when issuers have the right to call or prepay obligations.
| Available-for-Sale |  | Held-to-Maturity
| Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Due within one year | $ | 11,856 |  |  | $ | 11,925 |  |  | $ | 6,035 |  |  | $ | 6,043 |
Due from one to five years | 117,046 |  |  | 117,557 |  |  | 4,108 |  |  | 4,070 |
Due from five to ten years | 121,065 |  |  | 118,832 |  |  | 10,365 |  |  | 10,142 |
Due after ten years | 7,549 |  |  | 7,153 |  |  | 17,947 |  |  | 17,757 |
| 257,516 |  |  | 255,467 |  |  | 38,455 |  |  | 38,012 |
U.S. Agency mortgage-backed securities | 69,162 |  |  | 67,968 |  |  | — |  |  | — |
Mutual funds | 2,536 |  |  | 2,491 |  |  | — |  |  | — |
Trust preferred securities | 49 |  |  | 49 |  |  | — |  |  | — |
Equity securities | 632 |  |  | 701 |  |  | — |  |  | — |
| $ | 329,895 |  |  | $ | 326,676 |  |  | $ | 38,455 |  |  | $ | 38,012 |
Investment securities with a market value of $185,788,000 and $149,990,000 at March 31, 2017 and December 31, 2016, respectively, were pledged to secure public deposits and for other purposes required or as permitted by law. Certain information concerning the sale of investment securities available-for-sale for the three months ended March 31, 2017 and 2016 was as follows (in thousands):
|  | Three Months Ended March 31,
|  | 2017 |  | 2016
Proceeds from sales |  | $ | — |  |  | $ | 20,429 |
Gross realized gains |  | — |  |  | 371 |
Gross realized losses |  | — |  |  | — |
Realized gains or losses from the sale of securities are computed using the specific identification method.

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