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Leases | 6 Months Ended
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Jun. 30, 2024
Leases [Abstract] |
Leases | 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 17.1 years, some of which had options to extend the lease for up to 15 years, while the South Side Branch lease had the option to terminate in June of 2024. The only lease option exercised was the South Side branch lease, which was terminated in June of 2024. A new lease for the South Side branch was entered into in April of 2024. This new lease is with a new lessor, and in a new location very close to the old lease location. Rent payments on this new lease do not commence until July of 2024. The right of use assets and lease liabilities were $8.8 million and $9.1 million as of June 30, 2024, respectively, and $8.8 million and $9.0 million at December 31, 2023, respectively. The right of use assets are included in other assets while the lease liabilities are included in other liabilities on the balance sheet. Lease expense for the three and six month periods ended June 30, 2024, was $327 thousand and $658 thousand, respectively. Lease expense for the three and six month periods ended June 30, 2023, was $362 thousand and $717 thousand, respectively. The weighted-average remaining lease term for all leases was 10.36 years as of June 30, 2024. The weighted-average discount rate was 3.05% for all leases as of June 30, 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 June 30, 2024:
2024 (6 months) |  | $ | 638 |
2025 |  |  | 1,222 |
2026 |  |  | 1,106 |
2027 |  |  | 1,022 |
2028 |  |  | 1,035 |
Thereafter |  |  | 5,688 |
Total Payments |  |  | 10,711 |
Less: lease liability expense |  |  | (1,660 | )
Total |  | $ | 9,051 |

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- Definition Leases disclosure. + References No definition available. + Details
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- References No definition available. + Details
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