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Leases | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
Leases | Note 12. Leases The Company’s long-term lease agreements are classified as operating leases. Certain of these leases offer the option to extend the lease terms and the Company has included such extensions in its calculation of the lease liabilities to the extent the options are reasonably assured of being exercised. The lease agreements do not provide for residual value guarantees and have no restrictions or covenants that would impact dividends or require incurring additional financial obligations. Based upon changing staff and operational needs, the Company negotiates lease renewals, extensions, terminations, or new lease contracts. In 2023, the Company entered into a new 10-year lease for space in the greater Richmond area that increased the right-of-use asset and the lease liability on the consolidated balance sheet by $3.6 million; this increase was partially offset by leases terminating and expiring during the year. The following tables present information about the Company’s leases as of the dates and for the periods stated.
|  | December 31, |
(Dollars in thousands) |  | 2023 |  |  | 2022 |
Lease liabilities |  | $ | 9,619 |  |  | $ | 7,860 |
Right-of-use asset |  | $ | 8,738 |  |  | $ | 6,903 |
Weighted average remaining lease term (years) |  |  | 7.14 |  |  |  | 5.85 |
Weighted average discount rate |  |  | 3.25 | % |  |  | 2.40 | %
|  | December 31, |
(Dollars in thousands) |  | 2023 |  |  | 2022 |  |  | 2021 |
Operating lease cost |  | $ | 2,403 |  |  | $ | 2,495 |  |  | $ | 2,383 |
Total lease cost |  |  | 2,403 |  |  |  | 2,495 |  |  |  | 2,383 |
Cash paid for amounts included in the measurement of lease liabilities |  |  | 2,217 |  |  |  | 2,080 |  |  |  | 2,014 |
The following table presents a maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total of operating lease liabilities for periods following the date stated.
(Dollars in thousands) |  | December 31, 2023 |
2024 |  | $ | 1,934 |
2025 |  |  | 1,612 |
2026 |  |  | 1,512 |
2027 |  |  | 1,365 |
2028 |  |  | 1,164 |
Thereafter |  |  | 3,305 |
Total undiscounted cash flows |  |  | 10,892 |
Discount |  |  | (1,273 | )
Lease liabilities |  | $ | 9,619 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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