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Investment Securities
 3 Months Ended
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Investment Securities INVESTMENT SECURITIES
 
The amortized cost and estimated fair value of debt securities at March 31, 2024 and December 31, 2023 are summarized as follows (in thousands):
 Amortized CostUnrealized GainsUnrealized LossesFair Value
March 31, 2024
Debt Securities, Available-for-Sale:
U.S. Treasury notes$74,308 — 6,502 67,806 
U.S. Agency notes88,929 — 8,339 80,590 
Corporate bonds7,450 — 824 6,626 
U.S. Agency mortgage-backed securities79,727 6 9,940 69,793 
Municipal securities:
Non-taxable4,638 — 235 4,403 
Taxable37,354 — 3,786 33,568 
 $292,406 6 29,626 262,786 
Debt Securities, Held-to-Maturity:
Municipal securities:
Non-taxable$13,468 2 853 12,617 
Taxable3,283 — 389 2,894 
$16,751 2 1,242 15,511 
December 31, 2023
Debt Securities, Available-for-Sale:
U.S. Treasury notes$74,404 — 6,202 68,202 
U.S. Agency notes88,978 — 8,077 80,901 
Corporate Bonds7,450 — 916 6,534 
U.S. Agency mortgage-backed securities81,634 2 8,846 72,790 
Municipal securities:
Non-taxable7,416 — 245 7,171 
Taxable44,923 1 3,921 41,003 
 $304,805 $3 28,207 276,601 
Debt Securities, Held-to-Maturity:
Municipal securities:
Non-taxable$13,580 4 872 12,712 
Taxable3,283 — 316 2,967 
$16,863 4 1,188 15,679 

The Company estimated the expected credit losses at March 31, 2024 and December 31, 2023 to be immaterial based on the composition of the securities portfolio.
Information concerning debt securities with gross unrealized losses at March 31, 2024 and December 31, 2023, aggregated by length of time that individual securities have been in a continuous loss position, is as follows (in thousands):
 Less than Twelve MonthsTwelve Months or Greater
 Fair ValueUnrealized LossesFair ValueUnrealized Losses
March 31, 2024
Available-for-Sale:
U.S. Treasury notes$1,489 7 66,317 6,495 
U.S. Agency notes— — 80,590 8,339 
Corporate bonds729 21 5,897 803 
U.S. Agency mortgage-backed securities— — 69,301 9,940 
Municipal securities:
Non-taxable— — 4,403 235 
Taxable— — 33,447 3,786 
 $2,218 28 259,955 29,598 
Held-to-Maturity:
Municipal securities:
  Non-taxable$— — 11,900 853 
  Taxable— — 2,894 389 
$— — 14,794 1,242 
December 31, 2023
Available-for-Sale:
U.S. Treasury notes$— — 68,202 6,202 
U.S. Agency notes— — 80,901 8,077 
Corporate Bonds734 16 5,800 900 
U.S. Agency mortgage-backed securities— — 72,287 8,846 
Municipal securities:
Non-taxable1,540 10 5,631 235 
Taxable— — 40,392 3,921 
 $2,274 26 273,213 28,181 
Held-to-Maturity:
Municipal securities:
  Non-taxable$6,012 476 5,975 396 
  Taxable— — 2,966 316 
$6,012 476 8,941 712 

At March 31, 2024, LCNB’s securities portfolio consisted of 168 securities, 161 of which were in an unrealized loss position. At December 31, 2023, LCNB's securities portfolio consisted of 207 securities, 176 of which were in an unrealized loss position. After considering the issuers of the securities, LCNB management determined that that the unrealized losses were due to changing interest rate environments. As LCNB had no intent at March 31, 2024 to sell its debt securities before recovery of their cost basis and as it was more likely than not that it will not be required to sell its debt securities before recovery of the cost basis, no unrealized losses were deemed to represent credit losses.
Debt securities with a market value of $172.4 million and $124.4 million at March 31, 2024 and December 31, 2023, respectively, were pledged to secure public deposits and for other purposes required or as permitted by law.

Excluding holdings in U.S. Treasury securities and U.S. Government Agencies, there were no investments in securities of any issuer that exceeded 10% of LCNB's consolidated shareholders' equity at March 31, 2024.

Contractual maturities of debt securities at March 31, 2024 were as follows (in thousands).  Actual maturities may differ from contractual maturities when issuers have the right to call or prepay obligations.
 Available-for-SaleHeld-to-Maturity
Amortized CostFair ValueAmortized CostFair Value
Due within one year$15,909 15,531 1,469 1,449 
Due from one to five years163,735 148,059 1,319 1,281 
Due from five to ten years33,035 29,403 2,849 2,699 
Due after ten years— — 11,114 10,082 
 212,679 192,993 16,751 15,511 
U.S. Agency mortgage-backed securities79,727 69,793 — — 
 $292,406 262,786 16,751 15,511 

Certain information concerning the sale of debt securities available-for-sale for the three months ended March 31, 2024 and 2023 was as follows (in thousands):
 Three Months Ended 
March 31,
 20242023
Proceeds from sales$9,615 — 
Gross realized gains— — 
Gross realized losses214 — 

Realized gains or losses from the sale of securities are computed using the specific identification method.

Equity securities with a readily determinable fair value are carried at fair value, with changes in fair value recognized in other operating income in the consolidated condensed statements of income. Equity securities without a readily determinable fair value are measured at cost minus impairment, if any, plus or minus any changes resulting from observable price changes in orderly transactions, as defined, for identical or similar investments of the same issuer. LCNB was not aware of any impairment or observable price change adjustments that needed to be made at March 31, 2024 on its investments in equity securities without a readily determinable fair value.

The amortized cost and estimated fair value of equity securities with a readily determinable fair value at March 31, 2024 and December 31, 2023 are summarized as follows (in thousands):
March 31, 2024December 31, 2023
 Amortized
Cost		Fair
 Value		Amortized
Cost		Fair
 Value
Mutual Funds$1,423 1,236 1,415 1,240 
Equity Securities10 98 10 96 
Total equity securities with a readily determinable fair value$1,433 1,334 1,425 1,336 
Certain information concerning changes in the fair value of equity securities with a readily determinable fair value for the three and three months ended March 31, 2024 and 2023 were as follows (in thousands):
Three Months Ended
March 31,
20242023
Net losses recognized during the period on equity securities$(10)(31)
Less net losses recognized during the period on equity securities sold during the period— (61)
Net unrealized gains (losses) recognized during the reporting period on equity securities still held at period end$(10)30