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Leases

9 Months Ended

Sep. 30, 2023

Leases:

The Company has leases for branch office locations, vehicles, land and certain office equipment such as printers, copiers and faxes. These leases are all categorized as operating. The leases have remaining lease terms of up to 17.8 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 $9.0 million and $9.3 million as of September 30, 2023, respectively, and $8.4 million and $8.8 million at December 31, 2022, respectively. The right of use asset is included in other assets and the lease liability is included in other liabilities on the balance sheet.

Lease payments made for the three and nine month periods ended September 30, 2023, were $405 thousand and $1.2 million, while lease payments made for the three and nine month periods ended September 30, 2022 were $312 thousand and $779 thousand, respectively. The weighted average remaining lease term for all leases was 11.1 years as of September 30, 2023. The weighted-average discount rate was 2.99% for all leases as of September 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 September 30, 2023:


2023 (3 months)	$	344
2024		1,176
2025		1,092
2026		975
2027		898
Thereafter		6,574
Total Payments		11,059
Less: lease liability expense		(1,807	)
Total	$	9,252