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Leases | 6 Months Ended
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Jun. 30, 2023
Leases [Abstract] |
Leases | Leases: The Company has leases for branch office locations, vehicles and certain office equipment such as printers, copiers and faxes. These leases are categorized as either operating or financing. A majority of the leases are categorized as financing leases while a non material portion are categorized as operating. The leases have remaining lease terms of up to 18.1 years, some of which include options to extend the lease for up to 15 years and some of which include options to terminate the lease in December of 2023. The right of use asset and lease liability were $9.1 million and $9.5 million as of June 30, 2023, respectively, and $8.4 million and $8.8 million at December 31, 2022, respectively. The right of use asset is included in premises and equipment, net and the lease liability is included in other liabilities on the balance sheet. Lease payments made for the three and six month periods ended June 30, 2023, were $541 thousand and $922 thousand, while lease payments made for the three and six month periods ended June 30, 2022 were $217 thousand and $454 thousand, respectively. Interest expense and amortization expense on finance leases for the three month period ended June 30, 2023, was $69 thousand and $270 thousand, and $139 thousand and $540 thousand for the six month period ended June 30, 2023 respectively. Interest expense and amortization expense on finance leases for the three month period ended June 30, 2022, was $37 thousand and $166 thousand, and $76 thousand and $332 thousand for the six month period ended June 30, 2022, respectively. The weighted average remaining lease term for all financing leases was 11.9 years and 7.8 years for all operating leases as of June 30, 2023. The weighted-average discount rate for financing leases was 3.11% and 2.41% for operating leases as of June 30, 2023. On January 1, 2023, the Company performed a valuation of Emlenton's leases to determine an initial right of use asset (ROU asset) and lease liability in connection with the Merger. The Company recorded an initial ROU asset and lease liability of $1.3 million for these leases. Maturities of lease liabilities are as follows as of June 30, 2023:
2023 (6 months) |  | $ | 686 |
2024 |  |  | 1,176 |
2025 |  |  | 1,092 |
2026 |  |  | 975 |
2027 |  |  | 898 |
Thereafter |  |  | 6,575 |
Total Payments |  |  | 11,402 |
Less: Imputed Interest |  |  | (1,879 | )
Total |  | $ | 9,523 |

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