Leases

3 Months Ended

Mar. 31, 2024

Note 5 – Leases

The Company’s long-term lease agreements are classified as operating leases. Certain of these leases offer the option to extend the lease term and such extensions are included in the 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.

The following tables present information about the Company’s leases as of the dates and for the periods stated.


(Dollars in thousands)	March 31, 2024			December 31, 2023
Lease liabilities	$	8,870		$	9,619
Right-of-use asset	$	8,067		$	8,738
Weighted average remaining lease term (years)		7.09			7.14
Weighted average discount rate		3.33	%		3.25	%


	For the three months ended March 31,
(Dollars in thousands)	2024		2023
Operating lease cost	$	486	$	715
Total lease cost		486		715
Cash paid for amounts included in the measurement of lease liabilities		456		599

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 as of the date stated.


(Dollars in thousands)	March 31, 2024
Nine months ending December 31, 2024	$	1,374
Twelve months ending December 31, 2025		1,544
Twelve months ending December 31, 2026		1,449
Twelve months ending December 31, 2027		1,304
Twelve months ending December 31, 2028		1,101
Thereafter		3,288
Total undiscounted cash flows		10,060
Discount		(1,190	)
Lease liabilities	$	8,870