XML 28 R18.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Borrowings
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Borrowings BORROWINGS
Long-term debt at June 30, 2024 and December 31, 2023 was as follows (dollars in thousands):
June 30, 2024December 31, 2023
AmountRateAmountRate
Term loan$11,164 4.25 %$12,154 4.25 %
FHLB long-term advances150,986 4.66 %100,969 4.87 %
$162,150 4.63 %$113,123 4.80 %

The term loan with a correspondent financial institution bears a fixed interest rate of 4.25%, amortizes quarterly, and has a final balloon payment due on June 15, 2025.

Contractual maturities of long-term debt at June 30, 2024 and December 31, 2023 were as follows ( in thousands):
June 30,
2024		December 31,
2023
Maturing within one year $17,150 4,988 
Maturing after one year through two years — 13,135 
Maturing after two years through three years 35,000 25,000 
Maturing after three years through four years 45,000 25,000 
Maturing after four years through five years 45,000 25,000 
Thereafter20,000 20,000 
Total$162,150 113,123 
Short-term borrowings at June 30, 2024 and December 31, 2023 were as follows (dollars in thousands):
June 30, 2024December 31, 2023
AmountRateAmountRate
Lines of credit$— — %$21,395 6.00 %
FHLB short-term advances— — %76,000 5.53 %
$— — %$97,395 5.63 %

At June 30, 2024, LCNB had a short-term revolving line of credit arrangement with a financial institution for a maximum amount of $10 million at an interest rate equal to the Wall Street Journal Prime Rate minus 25 basis points. This agreement expires on June 15, 2025.

At June 30, 2024, LCNB had overnight line of credit borrowing arrangements with three correspondent financial institutions. Under the terms of the first arrangement, LCNB can borrow up to $30 million at an interest rate equal to the lending institution’s federal funds rate plus a spread of 50 basis points. Under the terms of the second arrangement, LCNB can borrow up to $50 million at an interest rate equal to the FOMC targeted federal funds rate plus a spread of 25 basis points. Under the terms of the third arrangement, LCNB can borrow up to $25 million at the interest rate in effect at the time of borrowing.

All long-term and short-term advances from the FHLB of Cincinnati are secured by a blanket pledge of LCNB's 1-4 family first lien mortgage loans in the amount of approximately $455 million and $417 million at June 30, 2024 and December 31, 2023, respectively. Remaining borrowing capacity with the FHLB, including both long-term and short-term borrowings, at June 30, 2024 was approximately $170.3 million.