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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

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 June 30, 2024 and December 31, 2023 (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)
June 30, 2024
Recurring fair value measurements:
			Equity securities with a readily determinable fair value:
			Equity securities						$	90					90						—						—
			Mutual funds measured at net asset value						1,240						1,240						—						—
			Debt securities, available-for-sale:
			U.S. Treasury notes						68,690						68,690						—						—
			U.S. Agency notes						81,014						—						81,014						—
			Corporate bonds						6,643						—						6,643						—
			U.S. Agency mortgage-backed securities						67,709						—						67,709						—
			Municipal securities:
			Non-taxable						4,346						—						4,346						—
			Taxable						32,955						—						32,955						—
			Total recurring fair value measurements						$	262,687					70,020						192,667						—
Nonrecurring fair value measurements:
			Individually evaluated collateral dependent loans						$	1,674					—						—						1,674
			Total nonrecurring fair value measurements						$	1,674					—						—						1,674
December 31, 2023
Recurring fair value measurements:
			Equity securities with a readily determinable fair value:
			Equity securities						$	96					96						—						—
			Mutual funds measured at net asset value						1,240						1,240						—						—
			Debt securities, available-for-sale:
			U.S. Treasury notes						68,202						68,202						—						—
			U.S. Agency notes						80,901						—						80,901						—
			Corporate bonds						6,534						—						6,534						—
			U.S. Agency mortgage-backed securities						72,790						—						72,790						—
			Municipal securities:
			Non-taxable						7,171						—						7,171						—
			Taxable						41,003						—						41,003						—
			Total recurring fair value measurements						$	277,937					69,538						208,399						—
Nonrecurring fair value measurements:
			Individually evaluated collateral dependent loans						$	—					—						—						—
			Total nonrecurring fair value measurements						$	—					—						—						—

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 June 30, 2024 and December 31, 2023 (dollars in thousands):

Range

Fair Value

Valuation Technique

Unobservable Inputs

High

Low

Weighted Average

June 30, 2024

Individually evaluated collateral dependent loans

$

1,674

Estimated sales price

Adjustments for comparable properties, discounts to reflect current market conditions

Not applicable

December 31, 2023

Individually evaluated collateral dependent loans

$

—

Estimated sales price

Adjustments for comparable properties, discounts to reflect current market conditions

Not applicable

Carrying Amounts and Estimated Fair Values of Financial Instruments

Carrying amounts and estimated fair values of financial instruments as of June 30, 2024 and December 31, 2023 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)
June 30, 2024
FINANCIAL ASSETS:
Cash and cash equivalents						$	34,872					34,872						34,872						—						—
Debt securities, held-to-maturity, net						18,844						17,346						—						—						17,346
Loans, net						1,725,477						1,533,374						—						—						1,533,374
Loans held-for-sale						44,002						44,002						—						44,002						—
Accrued interest receivable						9,473						9,473						—						9,473						—
FINANCIAL LIABILITIES:
Deposits						1,943,060						1,958,752						1,406,290						552,462						—
Short-term borrowings						—						—						—						—						—
Long-term debt						162,150						161,189						—						161,189						—
Accrued interest payable						2,093						2,093						—						2,093						—
December 31, 2023
FINANCIAL ASSETS:
Cash and cash equivalents						$	39,723					39,723						39,723						—						—
Debt securities, held-to-maturity, net						16,858						15,679						—						—						15,679
Loans, net						1,712,946						1,534,406						—						—						1,534,406
Accrued interest receivable						8,405						8,405						—						8,405						—
FINANCIAL LIABILITIES:
Deposits						1,824,389						1,824,105						1,485,418						338,687						—
Short-term borrowings						97,395						97,395						—						97,395						—
Long-term debt						113,123						112,986						—						112,986						—
Accrued interest payable						1,697						1,697						—						1,697						—

X

- Definition

Tabular disclosure of financial instrument measured at fair value on recurring or nonrecurring basis. Includes, but is not limited to, instrument classified in shareholders' equity.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

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X

- 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://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

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