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Leases | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Leases | Note 6 - Leases The Bank leases space for retail branches, LPOs and ATMs. Our leases have remaining lease terms of 3 months to just under 14 years, some of which may include options to renew the leases and some of which may include options to terminate the leases prior to the end date of the lease term. The Bank does receive rental income for the leasing of available space. The below tables provide information on the Bank’s operating leases:
|  | (In Thousands) |
|  | December 31, 2024 |  |  | December 31, 2023 |  |  | December 31, 2022 |
Operating lease cost (1) |  | $ | 979 |  |  | $ | 540 |  |  | $ | 244 |
Operating cash flows (2) |  | $ | 42 |  |  | $ | 45 |  |  | $ | 26 |
(1) Included in net occupancy expense on Company's consolidated statement of income |
(2) Included in customer service fees on Company's consolidated statement of income |
|  | (In Thousands) |
|  | December 31, 2024 |  |  | December 31, 2023 |
Operating lease assets (1) |  | $ | 6,403 |  |  | $ | 5,918 |
Operating lease liabilities (2) |  | $ | 6,403 |  |  | $ | 5,918 |
(1) Included in other assets on Company's consolidated balance sheets |
(2) Included in accrued interest and other liabilities on Company's consolidated balance sheets |
Operating lease term and discount rates of our lessee arrangements at December 31, 2024 and 2023 were as follows:
|  | December 31, 2024 |  |  | December 31, 2023 |
Weighted average remaining lease term (years) |  |  | 11.07 |  |  |  | 9.78 |
Weighted average discount rate |  |  | 5.49 | % |  |  | 4.34 | %
The future lease payments based on maturity for our lessee liability arrangements at December 31, 2024 are as follows:
|  | (In Thousands) |
2025 |  | $ | 987 |
2026 |  |  | 953 |
2027 |  |  | 911 |
2028 |  |  | 833 |
2029 |  |  | 774 |
2030 and thereafter |  |  | 3,291 |
Total future lease payments |  | $ | 7,749 |
Less: interest |  |  | 1,346 |
Present value of operating lease liability arrangements |  | $ | 6,403 |

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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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