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Leases | 12 Months Ended
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Dec. 31, 2024
Leases |
Leases | NOTE 6 – Leases The Company had operating right-of-use (“ROU”) assets, included in property and equipment, of $20.6 million and $22.2 million as of December 31, 2024 and 2023, respectively. The Company had lease liabilities, included in other liabilities, of $23.2 million and $24.6 million as of December 31, 2024 and 2023, respectively. We maintain operating leases on land and buildings for various office spaces. The lease agreements have maturity dates ranging from April 2025 to February 2032, some of which include options for multiple five-year extensions. The weighted average remaining life of the lease term for these leases was 4.95 years and 5.91 years as of December 31, 2024 and 2023, respectively. The ROU asset and lease liability are recognized at lease commencement by calculating the present value of lease payments over the lease term. The ROU assets also include any initial direct costs incurred and lease payments made at or before commencement date and are reduced by any lease incentives. The discount rate used in determining the lease liability for each individual lease was the FHLB fixed advance rate which corresponded with the remaining lease term at implementation of the accounting standard and as of the lease commencement date for leases subsequently entered into. The weighted average discount rate for leases was 2.28% and 2.94% as of December 31, 2024 and 2023, respectively. Total operating lease costs were $2.4 million for the years ended December 31, 2024 and 2023, respectively. Operating lease payments due as of December 31, 2024 were as follows:
Schedule of operating lease payment due |  |  |  |  |
|  |  | Operating |
(dollars in thousands) |  |  | Leases |
2025 |  |  | $ | 2,157 |
2026 |  |  |  | 2,210 |
2027 |  |  |  | 2,267 |
2028 |  |  |  | 2,015 |
2029 |  |  |  | 1,501 |
Thereafter |  |  |  | 18,686 |
Total undiscounted lease payments |  |  |  | 28,836 |
Discount effect of cash flows |  |  |  | 5,610 |
Total lease liability |  |  | $ | 23,226 |

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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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