XML 28 R20.htm IDEA: XBRL DOCUMENT

Leases

9 Months Ended

Sep. 30, 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 16.8 years, some of which had options to extend the lease for up to 15 years, while the Fairlawn lending building and NAI building leases have the options to terminate in March of 2025.

The right of use assets and lease liabilities were $9.0 million and $9.2 million as of September 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 nine month periods ended September 30, 2024, was $327 thousand and $985 thousand, respectively. Lease expense for the three and nine month periods ended September 30, 2023, was $103 thousand and $820 thousand, respectively. The weighted-average remaining lease term for all leases was 10.13 years as of September 30, 2024. The weighted-average discount rate was 3.16% for all leases as of September 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 September 30, 2024:


2024 (3 months)	$	334
2025		1,282
2026		1,166
2027		1,083
2028		1,097
Thereafter		5,984
Total Payments		10,946
Less: lease liability expense		(1,709	)
Total	$	9,237