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Stock Based Compensation | 6 Months Ended
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Jun. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Stock Based Compensation | STOCK BASED COMPENSATION The 2015 Ownership Incentive Plan (the "2015 Plan") was ratified by LCNB Corp.'s shareholders at the annual meeting on April 28, 2015 and allows for stock-based awards to eligible employees, as determined by the Compensation Committee of the Board of Directors. Awards may be made in the form of stock options, appreciation rights, restricted shares, and/or restricted share units. The 2015 Plan provides for the issuance of up to 450,000 shares of common stock. The 2015 Plan will terminate on April 28, 2025 and could be subject to earlier termination by the Board Compensation Committee. Stock-based awards may be in the form of treasury shares or newly issued shares. Restricted stock awards granted under the 2015 Plan during the three and six months ended June 30, 2024 and 2023 were as follows:
| 2024 |  | 2023
| Shares |  | Weighted Average Grant Date Fair Value |  | Shares |  | Weighted Average Grant Date Fair Value
Nonvested at January 1, | 79,017 |  |  | $ | 17.94 |  |  | 58,314 |  |  | $ | 17.99 |
Granted | 41,703 |  |  | 13.87 |  |  | 44,150 |  |  | 17.84 |
Vested | (36,127) |  |  | 16.39 |  |  | (23,447) |  |  | 17.89 |
Forfeited | — |  |  | — |  |  | — |  |  | — |
Nonvested at June 30, | 84,593 |  |  | $ | 16.59 |  |  | 79,017 |  |  | $ | 17.94 |
At June 30, 2024, there were 84,593 restricted stock awards outstanding with an approximate stock value of $1,177,000 based on that day's closing stock price. At June 30, 2023, there were 79,017 restricted stock awards outstanding with an approximate stock value of $1,166,000 based on that day's closing stock price. The fair value of restricted stock awards was $578,000 on the grant date of March 4, 2024 and $788,000 on the grant date of January 23, 2023. Grants to officers of LCNB vest over a period of five years while grants to members of the board of directors vest immediately. The grant date fair value is recognized ratably into expense over the vesting period. The following table presents expense recorded in salaries and employee benefits for restricted stock awards and the related tax information for the three and six months ended June 30, 2024 and 2023 (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Restricted stock expense | $ | 92 |  |  | 82 |  |  | 407 |  |  | 398 |
Tax effect | 19 |  |  | 17 |  |  | 85 |  |  | 83 |
Unrecognized compensation expense for restricted stock awards was $1,097,000 at June 30, 2024 and is expected to be recognized over a period of 4.7 years.

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