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PREMISES, EQUIPMENT AND LEASES (Tables) | 9 Months Ended
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Sep. 30, 2024
Property, Plant and Equipment [Abstract] |
Summary of Premises and Equipment | A summary of premises, equipment and leases at September 30, 2024 and December 31, 2023 is as follows:
| September 30, |  | December 31,
(dollars in thousands) | 2024 |  | 2023
Land | $ | 15,968 |  |  | $ | 15,968 |
Buildings and improvements | 80,959 |  |  | 78,104 |
Furniture and equipment | 36,284 |  |  | 35,797 |
Lease right-of-use assets | 9,160 |  |  | 7,673 |
Total | 142,371 |  |  | 137,542 |
Accumulated depreciation | (57,699) |  |  | (54,728) |
Premises and equipment, net | $ | 84,672 |  |  | $ | 82,814 |
Summary of Information Related to Operating Leases | Information related to operating leases for the three and nine months ended September 30, 2024 and 2023 was as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(dollars in thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Operating lease cost | $ | 504 |  |  | $ | 472 |  |  | $ | 1,461 |  |  | $ | 1,449 |
Operating cash flows from leases | 600 |  |  | 529 |  |  | 1,748 |  |  | 1,709 |
Right-of-use assets obtained in exchange for lease obligations | 1,168 |  |  | 1,112 |  |  | 2,707 |  |  | 2,459 |
Weighted average remaining lease term | 7.0 years |  | 7.8 years |  | 7.0 years |  | 7.8 years
Weighted average discount rate | 3.65 | % |  | 3.39 | % |  | 3.65 | % |  | 3.39 | %
Summary of Projected Minimum Rental Payments | The projected minimum rental payments under the terms of the leases as of September 30, 2024 were as follows:
(dollars in thousands) | Amount
Year ending December 31: |
2024 remaining | $ | 472 |
2025 | 1,912 |
2026 | 1,815 |
2027 | 1,673 |
2028 | 1,619 |
Thereafter | 4,501 |
Total future minimum lease payments | 11,992 |
Less imputed interest | (1,469) |
Total operating lease liabilities | $ | 10,523 |

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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 Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-4 + Details
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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 + Details
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- Definition Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 360 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482099/360-10-50-1 + Details
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