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Note 8 - Borrowings | 9 Months Ended
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Sep. 30, 2024
Notes to Financial Statements |
Debt Disclosure [Text Block] | NOTE 8 – BORROWINGS Long-term debt at September 30, 2024 and December 31, 2023 was as follows (dollars in thousands):
|  | September 30, 2024 |  |  | December 31, 2023 |
|  | Amount |  |  | Rate |  |  | Amount |  |  | Rate |
Term loan |  | $ | 10,662 |  |  |  | 4.25 | % |  | $ | 12,154 |  |  |  | 4.25 | %
FHLB long-term advances |  |  | 145,000 |  |  |  | 4.62 | % |  |  | 100,969 |  |  |  | 4.87 | %
|  | $ | 155,662 |  |  |  | 4.60 | % |  | $ | 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 September 30, 2024 and December 31, 2023 were as follows (in thousands):
|  | September 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Maturing within one year |  | $ | 10,662 |  |  |  | 4,988 |
Maturing after one year through two years |  |  | 25,000 |  |  |  | 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 |  |  | 30,000 |  |  |  | 25,000 |
Thereafter |  |  | 10,000 |  |  |  | 20,000 |
Total |  | $ | 155,662 |  |  |  | 113,123 |
Short-term borrowings at September 30, 2024 and December 31, 2023 were as follows (dollars in thousands):
|  | September 30, 2024 |  |  | December 31, 2023 |
|  | Amount |  |  | Rate |  |  | Amount |  |  | Rate |
Lines of credit |  | $ | — |  |  |  | — | % |  | $ | 21,395 |  |  |  | 6.00 | %
FHLB short-term advances |  |  | — |  |  |  | — | % |  |  | 76,000 |  |  |  | 5.53 | %
|  | $ | — |  |  |  | — | % |  | $ | 97,395 |  |  |  | 5.63 | %
At September 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 September 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 $452 million and $417 million at September 30, 2024 and December 31, 2023, respectively. Remaining borrowing capacity with the FHLB, including both long-term and short-term borrowings, at September 30, 2024 was approximately $120.9 million.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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