Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 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 March 31, 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)
March 31, 2024
Recurring fair value measurements:
	Equity securities with a readily determinable fair value:
	Equity securities	$	98	98	—	—
	Mutual funds measured at net asset value	1,236		1,236	—	—
	Debt securities, available-for-sale:
	U.S. Treasury notes	67,806		67,806	—	—
	U.S. Agency notes	80,590		—	80,590	—
	Corporate bonds	6,626		—	6,626	—
	U.S. Agency mortgage-backed securities	69,793		—	69,793	—
	Municipal securities:
	Non-taxable	4,403		—	4,403	—
	Taxable	33,568		—	33,568	—
	Total recurring fair value measurements	$	264,120	69,140	194,980	—
Nonrecurring fair value measurements:
	Individually evaluated loans	$	1,483	—	—	1,483
	Total nonrecurring fair value measurements	$	1,483	—	—	1,483
December 31, 2023
Recurring fair value measurements:
	Equity securities with a readily determinable fair value:
	Equity securities	$	96	96	—	—
	Mutual funds	—		—	—	—
	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 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 March 31, 2024 and December 31, 2023 (dollars in thousands):

					Range
	Fair Value		Valuation Technique	Unobservable Inputs	High	Low	Weighted Average
March 31, 2024
Individually evaluated collateral dependent loans	$	1,483	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 March 31, 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)
March 31, 2024
FINANCIAL ASSETS:
Cash and cash equivalents	$	32,951	32,951	32,951	—	—
Debt securities, held-to-maturity, net	16,746		16,923	—	—	16,923
Loans, net	1,645,797		1,460,905	—	—	1,460,905
Accrued interest receivable	9,115		9,115	—	9,115	—
FINANCIAL LIABILITIES:
Deposits	1,858,493		1,858,750	1,447,549	411,201	—
Short-term borrowings	10,000		10,000	—	10,000	—
Long-term debt	162,638		161,588	—	161,588	—
Accrued interest payable	1,972		1,972	—	1,972	—
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	—