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Leases | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
Leases | NOTE 9 – LEASES The Company has operating leases for branch office locations, vehicles and certain office equipment such as printers and copiers. The leases have remaining lease terms of up to 17.6 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 June of 2024. The lease on office equipment, which includes leased printers and copiers, expired in December, 2023. A new lease agreement for office equipment was entered into in November of 2023, effective January 2024, with a new supplier. The initial right of use asset and lease liability recorded for this new lease was $557 thousand. The right of use asset and lease liability were $8.8 million and $9.0 million as of December 31, 2023, respectively, and $8.4 million and $8.8 million as of 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 expense for the year ended December 31, 2023 and 2022 was $1.2 million and $985 thousand, respectively. The weighted-average remaining lease term for all leases was 10.97 years as of December 31, 2023. The weighted-average discount rate was 2.99% for all leases as of December 31, 2023. On January 1, 2023, the Company performed a valuation of Emclaire’s leases to determine an initial right of use asset (ROU asset) and lease liability in connection with the Merger. The Company recorded and initial ROU asset and lease liability of $1.3 million for these leases. Maturities of lease liabilities are as follows as of December 31, 2023:
2024 |  | $ | 1,175 |
2025 |  |  | 1,092 |
2026 |  |  | 975 |
2027 |  |  | 898 |
2028 |  |  | 917 |
Thereafter |  |  | 5,659 |
Total Payments |  |  | 10,716 |
Less: Imputed Interest |  |  | (1,738 | )
Total |  | $ | 8,978 |

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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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