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Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases

Components of Lease Expense

The following table presents the components of lease expense and cash flow information related to operating leases as of the periods indicated:

​	​	​	​	​	​	​
​	​	December 31,
(dollars in thousands)	​	2023		​	2022
Operating Lease Cost	​	$	557	​	$	538
Variable Lease Cost	​		262	​		253
Total Lease Cost	​	$	819	​	$	791

Other Information on Operating Leases

The following table presents other information on the Company’s operating leases for the years ended December 31, 2023 and 2022:

​	​	​	​	​	​	​	​	​
​	​	December 31,						​
(dollars in thousands)	​	2023		​	​	2022		​
Operating Lease Right-of-Use Assets	​	$	1,938	​	​	$	2,472	​
Operating Lease Liabilities	​	​	1,972	​	​	​	2,496	​
Weighted Average Remaining Lease Term (in Years)	​	​	4.95	​	​	​	6.12	​
Weighted Average Discount Rate	​	​	1.68	%	​	​	1.46	%
​	​	​	​	​	​	​	​	​
Other Information	​	​	​	​	​	​	​	​
Cash paid for amounts included in the measurement of lease liabilities:	​	​	​	​	​	​	​	​
Operating cash flows from operating leases	​	$	543	​	​	$	513	​

​

Schedule of future minimum rent commitments

The following table presents the future expected operating lease payments under the Company's operating lease agreements as of December 31, 2023:

​	​	​	​
​	​	December 31,
(dollars in thousands)	​	2023
2024	​	$	587
2025	​	​	540
2026	​	​	354
2027	​	​	251
2028	​	​	254
Thereafter	​	​	53
Total Undiscounted Lease Payments	​	​	2,039
Discount for Present Value of Expected Cash Flows	​	​	(67)
Total Lease Liability	​	$	1,972

Schedule of future minimum rental income

The Company receives rents from the lease of office and retail space in its corporate headquarters building. Rental income is included in noninterest expense as an offset to rental expense. Future minimum rental income under these leases are listed below at December 31, 2023.

​

​	​	​	​
(dollars in thousands)		2023
2024	​	$	514
2025	​	​	519
2026	​	​	301
2027	​	​	263
2028	​	​	231
Thereafter	​	​	486
Total	​	$	2,314

Greenwood Location

Leases

Schedule of future minimum rent commitments

The Greenwood location is leased pursuant to the terms of a non‑cancelable lease agreement with Bridgewater Properties Greenwood, LLC, a related party through common ownership, in effect at December 31, 2023. The lease contains one option to extend the lease for a period of five years. Future minimum rent commitments under the operating lease are listed below at December 31, 2023.

​

​	​	​	​
(dollars in thousands)		2023
2024	​	$	178
2025	​	​	181
2026	​	​	108
Total	​	$	467

X

- Definition

The tabular disclosure of leases included on its condensed consolidated balance sheet, weighted average remaining lease term, discount rate and other information.

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- Definition

Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income.

+ References

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-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
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- Definition

Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147478964/842-20-50-6

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- Definition

Tabular disclosure of maturity of undiscounted cash flows to be received by lessor on annual basis for operating lease.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 842
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479773/842-30-50-12

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