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Leases (Tables)
12 Months Ended
Dec. 31, 2024
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)

2024

2023

2022

Operating Lease Cost

$

593

$

557

$

538

Variable Lease Cost

 

265

 

262

 

253

Total Lease Cost

$

858

$

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, 2024 and 2023:

December 31,

(dollars in thousands)

2024

2023

Operating Lease Right-of-Use Assets

$

1,540

$

1,938

Operating Lease Liabilities

1,580

1,972

Weighted Average Remaining Lease Term (in Years)

3.34

4.95

Weighted Average Discount Rate

1.91

%

1.68

%

Other Information

Cash paid for amounts included in the measurement of lease liabilities:

Operating cash flows from operating leases

$

587

$

543

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, 2024:

December 31, 

(dollars in thousands)

2024

2025

$

599

2026

443

2027

281

2028

254

2029

53

Thereafter

Total Undiscounted Lease Payments

1,630

Discount for Present Value of Expected Cash Flows

(50)

Total Lease Liability

$

1,580

Schedule of future minimum rental income

The Company receives rents from the lease of office and retail space in its corporate headquarters building and its two office buildings in Minnetonka. 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, 2024.

(dollars in thousands)

    

2024

2025

$

811

2026

545

2027

484

2028

422

2029

291

Thereafter

264

Total

$

2,817

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, 2024. The lease contains one remaining 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, 2024.

(dollars in thousands)

    

2024

2025

$

181

2026

108

Total

$

289