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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Summary of Valuation of LCNB's Assets Recorded at Fair Value by Inputs Level

The following table summarizes the valuation of LCNB's assets recorded at fair value by input levels as of March 31, 2022 and December 31, 2021 (in thousands):

															Fair Value Measurements at the End of the Reporting Period Using
									Fair Value Measurements						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
March 31, 2022
Recurring fair value measurements:
			Equity securities with a readily determinable fair value:
			Equity securities						$	1,107					1,107						—						—
			Mutual funds						47						47						—						—
			Mutual funds measured at net asset value						1,270						1,270						—						—
			Debt securities, available-for-sale:
			U.S. Treasury notes						74,733						74,733						—						—
			U.S. Agency notes						82,746						—						82,746						—
			Corporate bonds						5,927						—						5,927						—
			U.S. Agency mortgage-backed securities						86,800						—						86,800						—
			Municipal securities:
			Non-taxable						8,273						—						8,273						—
			Taxable						34,985						—						34,985						—
			Total recurring fair value measurements						$	295,888					77,157						218,731						—
Nonrecurring fair value measurements:
			Impaired loans						$	991					—						—						991
			Total nonrecurring fair value measurements						$	991					—						—						991
December 31, 2021
Recurring fair value measurements:
			Equity securities with a readily determinable fair value:
			Equity securities						$	1,167					1,167						—						—
			Mutual funds						51						51						—						—
			Mutual funds measured at net asset value						1,328						1,328						—						—
			Debt securities, available-for-sale:
			U.S. Treasury notes						74,744						74,744						—						—
			U.S. Agency notes						87,246						—						87,246						—
			Corporate bonds						5,152						—						5,152						—
			U.S. Agency mortgage-backed securities						96,676						—						96,676						—
			Municipal securities:
			Non-taxable						9,066						—						9,066						—
			Taxable						35,293						—						35,293						—
			Total recurring fair value measurements						$	310,723					77,290						233,433						—
Nonrecurring fair value measurements:
			Impaired loans						$	1,011					—						—						1,011
			Total nonrecurring fair value measurements						$	1,011					—						—						1,011

Fair Value Measurements Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques

The following table presents quantitative information about unobservable inputs used in nonrecurring level 3 fair value measurements at March 31, 2022 and December 31, 2021 (dollars in thousands):

																								Range
						Fair Value						Valuation Technique						Unobservable Inputs						High						Low						Weighted Average
March 31, 2022
Impaired loans						$	—					Estimated sales price						Adjustments for comparable properties, discounts to reflect current market conditions						Not applicable
Impaired loans						$	991					Discounted cash flows						Discount rate						8.125		%				4.625		%				6.07		%
December 31, 2021
Impaired loans						$	—					Estimated sales price						Adjustments for comparable properties, discounts to reflect current market conditions						Not applicable
						1,011						Discounted cash flows						Discount rate						8.25		%				4.00		%				6.07		%

Carrying Amounts and Estimated Fair Values of Financial Instruments

Carrying amounts and estimated fair values of financial instruments as of March 31, 2022 and December 31, 2021 were as follows (in thousands):

																		Fair Value Measurements at the End of the Reporting Period Using
						Carrying Amount						Fair Value						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
March 31, 2022
FINANCIAL ASSETS:
Cash and cash equivalents						$	19,941					19,941						19,941						—						—
Debt securities, held-to-maturity						22,873						22,409						—						—						22,409
Federal Reserve Bank stock						4,652						4,652						4,652						—						—
Federal Home Loan Bank stock						5,203						5,203						5,203						—						—
Loans, net						1,373,991						1,299,509						—						—						1,299,509
Accrued interest receivable						8,364						8,364						—						8,364						—
FINANCIAL LIABILITIES:
Deposits						1,636,606						1,637,621						1,451,644						185,977						—
Short-term borrowings						24,746						24,746						24,746						—						—
Long-term debt						10,000						10,243						—						10,243						—
Accrued interest payable						339						339						—						339						—
December 31, 2021
FINANCIAL ASSETS:
Cash and cash equivalents						$	18,136					18,136						18,136						—						—
Debt securities, held-to-maturity						22,972						23,087						—						—						23,087
Federal Reserve Bank stock						4,652						4,652						4,652						—						—
Federal Home Loan Bank stock						5,203						5,203						5,203						—						—
Loans, net						1,363,939						1,333,840						—						—						1,333,840
Accrued interest receivable						7,999						7,999						—						7,999						—
FINANCIAL LIABILITIES:
Deposits						1,628,819						1,630,158						1,435,487						194,671						—
Long-term debt						10,000						10,292						—						10,292						—
Accrued interest payable						277						277						—						277						—

X

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
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- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique used to measure similar asset in prior period by class of asset or liability on non-recurring basis.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
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- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

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