XML 25 R14.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

Leases | 3 Months Ended
--- | ---
Mar. 31, 2024
Leases [Abstract] |
Leases | Leases Lease liabilities represent the Company’s obligation to make lease payments and are presented at each reporting date as the net present value of the remaining contractual cash flows. Cash flows are discounted at the Company’s incremental borrowing rate in effect at the commencement date of the lease. Right-of-use assets represent the Company’s right to use the underlying asset for the lease term and are calculated as the sum of the lease liability and if applicable, prepaid rent, initial direct costs and any incentives received from the lessor. The Company’s long-term lease agreements are classified as operating leases. Certain leases offer the option to extend the lease term and the Company has included such extensions in its calculation of the lease liabilities to the extent the options are reasonably certain of being exercised. The lease agreements do not provide for residual value guarantees and have no restrictions or covenants that would impact dividends or require incurring additional financial obligations. The following tables present information about the Company’s leases.
(Dollars in thousands) |  | March 31, 2024 |  | December 31, 2023
Lease liabilities |  | $ | 12,552 |  |  | $ | 12,857 |
Right-of-use assets |  | $ | 12,153 |  |  | $ | 12,487 |
Weighted average remaining lease term |  | 10.72 years |  | 10.88 years
Weighted average discount rate |  | 3.24 | % |  | 3.24 | %
Remaining lease term - min |  | 0.14 years |  | 0.39 years
Remaining lease term - max |  | 17.43 years |  | 17.68 years
|  | Three Months Ended March 31, |  |
Lease cost (in thousands) |  | 2024 |  | 2023 |  |  |  |
Operating lease cost |  | $ | 492 |  |  | $ | 340 |  |  |  |  |
Total lease cost |  | $ | 492 |  |  | $ | 340 |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities |  | $ | 462 |  |  | $ | 322 |  |  |  |  |
A maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total of operating lease liabilities is as follows:
Lease payments due (in thousands) |  | As of March 31, 2024
Nine months ending December 31, 2024 |  | $ | 1,347 |
2025 |  | 1,642 |
2026 |  | 1,600 |
2027 |  | 1,472 |
2028 |  | 1,419 |
Thereafter |  | 7,261 |
Total undiscounted cash flows |  | $ | 14,741 |
Discount |  | 2,189 |
Lease liabilities |  | $ | 12,552 |
Total gross rental income was $0.3 million and $0.4 million for the three months ended March 31, 2024 and 2023, respectively. The following table presents our minimum future annual rental income on such leases as of March 31, 2024.
(In thousands) |  | As of March 31, 2024
Nine months ending December 31, 2024 |  | $ | 635 |
2025 |  | 854 |
2026 |  | 876 |
2027 |  | 562 |
2028 |  | 578 |
Thereafter |  | 2,438 |
Total |  | $ | 5,943 |

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration