Borrowings

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Borrowings

Borrowings

Long-term debt at June 30, 2022 and December 31, 2021 was as follows (dollars in thousands):

	June 30, 2022				December 31, 2021
	Amount		Rate		Amount		Rate
Term loan	$	15,000	4.25	%	$	—	—	%
FHLB long-term advances	10,000		3.00	%	10,000		3.00	%
	$	25,000	3.75	%	$	10,000	3.00	%

At June 30, 2022, LCNB Corp. had a three-year term loan with a financial institution at a fixed interest rate of 4.25% and a final payment date of June 15, 2025.

All 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 $296 million and $303 million at June 30, 2022 and December 31, 2021, respectively.  Total remaining borrowing capacity at June 30, 2022 was approximately $220.4 million.

Short-term borrowings at June 30, 2022 and December 31, 2021 were as follows (dollars in thousands):

	June 30, 2022				December 31, 2021
	Amount		Rate		Amount		Rate
Revolving line of credit	$	5,000	4.50	%	$	—	—	%

At June 30, 2022, LCNB Corp. had a short-term revolving line of credit arrangement with a financial institution for a maximum amount of $5 million at an interest rate equal to the Wall Street Journal Prime Rate minus 25 basis points. The full amount of the line of credit was outstanding at that date. This agreement expires on June 15, 2023.

At June 30, 2022, LCNB had short-term line of credit borrowing arrangements with two financial institutions. The first arrangement is a short-term line of credit for a maximum amount of $25 million at the interest rate in effect at the time of the borrowing. The second arrangement is a short-term line of credit for a maximum amount of $30 million, at an interest rate equal to the lending institution’s federal funds rate plus 50 basis points. The full amounts of the lines of credit were available at June 30, 2022 because funds were not outstanding on either arrangement.

Under the terms of a REPO Based Advance program with the FHLB of Cincinnati, LCNB can borrow up to $87.1 million in short-term advances as of June 30, 2022, subject to total remaining borrowing capacity limitations. LCNB can select terms ranging from one day to one year. The interest rate is the published rate in effect at the time of the advance. This agreement expires on February 8, 2023.

Under the terms of a Cash Management Advance program with the FHLB of Cincinnati, LCNB can borrow up to $87.1 million in short-term advances as of June 30, 2022, subject to total remaining borrowing capacity limitations. LCNB can select a variable rate of interest for up to ninety days or a fixed rate of interest for a maximum of thirty days. The interest rate is the published rate in effect at the time of the advance. This agreement expires on February 8, 2023.