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LEASES | 9 Months Ended
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Sep. 30, 2024
Leases [Abstract] |
LEASES | LEASES A lease provides the lessee the right to control the use of an identified asset for a period of time in exchange for consideration. The Company has primarily entered into operating leases for branches and office space. Most of the Company's leases contain renewal options, which the Company is reasonably certain to exercise. Including renewal options, the Company's leases range from 3 to 29 years. Operating and finance lease right-of-use assets are included in other assets, operating lease liabilities are included in other liabilities and the finance lease liability is included in other borrowings on the Company's unaudited condensed consolidated balance sheets. The Company uses its incremental borrowing rate to determine the present value of the lease payments, as the rate implicit in the Company's leases is not readily determinable. Lease agreements that contain non-lease components are generally accounted for as a single lease component, while variable costs, such as common area maintenance expenses and property taxes, are expensed as incurred. Pursuant to the Merger, the Company acquired operating lease assets and operating lease liabilities both with a fair value of $5.1 million. The Company also acquired a finance lease asset and liability with a fair value of $392 thousand. At July 1, 2024, the Company recorded negative fair value adjustments of $1.1 million and $133 thousand to operating lease assets and finance lease assets, respectively, which are amortized over the remaining lease terms. The weighted average remaining lease term for the acquired operating leases is 14.3 years. The following table summarizes the Company's operating leases at September 30, 2024 and December 31, 2023.
| September 30, 2024 |  | December 31, 2023
Operating lease ROU assets | $ | 13,668 |  |  | $ | 10,824 |
Operating lease ROU liabilities | 14,475 |  |  | 11,614 |
Weighted-average remaining lease term (in years) | 15.7 |  | 15.1
Weighted-average discount rate | 4.8 | % |  | 4.4 | %
The following table summarizes the Company's finance leases at September 30, 2024 and December 31, 2023.
| September 30, 2024 |  | December 31, 2023
Financing lease assets | $ | 377 |  |  | n/a
Weighted-average remaining lease term (in years) | 5.4 |  | 0.0
Weighted-average discount rate | 5.0 | % |  | n/a
The following table presents information related to the Company's operating leases for the three and nine months ended September 30, 2024 and 2023:
| Three Months Ended |  | Nine Months Ended
| September 30, 2024 |  | September 30, 2023 |  | September 30, 2024 |  | September 30, 2023
Cash paid for operating lease liabilities | $ | 471 |  |  | $ | 319 |  |  | $ | 1,142 |  |  | $ | 890 |
Cash paid for finance lease liabilities | 19 |  |  | — |  |  | 19 |  |  | — |
Operating lease expense | 135 |  |  | 337 |  |  | 846 |  |  | 948 |
The following table presents expected future maturities of the Company's operating lease liabilities as of September 30, 2024:
2024 | $ | 391 |
2025 | 1,586 |
2026 | 1,614 |
2027 | 1,650 |
2028 | 1,385 |
Thereafter | 14,924 |
| 21,550 |
Less: imputed interest | 7,075 |
Total lease liabilities | $ | 14,475 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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