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Leases

3 Months Ended

Mar. 31, 2024

Leases:

The Company has operating leases for branch office locations, vehicles, land and certain office equipment such as printers and copiers. The leases have remaining lease terms of up to 17.3 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 right of use asset and lease liability were $9.0 million and $9.3 million as of March 31, 2024, respectively, and $8.8 million and $9.0 million at December 31, 2023, 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 three month periods ended March 31, 2024 and 2023, was $331 thousand and $355 thousand, respectively. The weighted-average remaining lease term for all leases was 10.52 years as of March 31, 2024. The weighted-average discount rate was 3.04% for all leases as of March 31, 2024.

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 March 31, 2024:


2024 (9 months)	$	963
2025		1,210
2026		1,092
2027		1,016
2028		1,035
Thereafter		5,688
Total Payments		11,004
Less: lease liability expense		(1,728	)
Total	$	9,276