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Premises and Equipment

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Premises and Equipment

Note 4 – Premises and Equipment

The following table presents the components of premises and equipment as of the periods shown:

(Dollars in thousands)						March 31, 2023						December 31, 2022
Land						$	3,465					$	3,465
Buildings and improvements						13,393						13,393
Furniture, fixtures and equipment						17,662						17,549
Software						6,399						6,019
Construction in progress						519						508
Leasehold improvements						2,836						2,836
						44,274						43,770
Accumulated depreciation						(21,405)						(20,140)
Premises and equipment, net						$	22,869					$	23,630

We lease certain premises and equipment under operating and finance leases. At March 31, 2023, we had lease liabilities totaling $14.8 million and right-of-use assets totaling $13.7 million, of which $13.6 million was related to operating leases and $0.1 million was related to finance leases. At March 31, 2023, the weighted-average remaining lease term for operating leases was 11.3 years and the weighted-average discount rate used in the measurement of operating lease liabilities was 3.0%. At March 31, 2023, the weighted-average remaining lease term for finance leases was 2.5 years and the weighted-average discount rate used in the measurement of finance lease liabilities was 0.7%.

At December 31, 2022, we had lease liabilities totaling $15.0 million and right-of-use assets totaling $13.9 million, substantially all of which was related to operating leases. At December 31, 2022, the weighted-average remaining lease term for operating leases was 11.6 years and the weighted-average discount rate used in the measurement of operating lease liabilities was 3.0%.

Lease liabilities and right-of-use assets are reflected in other liabilities and other assets, respectively.

The following table presents lease costs for the periods shown:

												Three Months Ended March 31,
(Dollars in thousands)																		2023						2022
Amortization of right-of-use assets, finance leases																		$	6					$	14
Operating lease cost																		450						508
Short-term lease cost																		5						6
Variable lease cost																		10						10
Sublease income																		(87)						—
Total lease cost																		$	384					$	538

For operating leases with initial or remaining terms of one year or more as of March 31, 2023, the following table presents future minimum payments for the twelve month periods ended March 31:

(Dollars in thousands)						Operating Leases
2024						$	1,261
2025						1,621
2026						1,618
2027						1,594
2028						1,625
2029 and thereafter						10,111
Total future minimum lease payments						$	17,830
Less: Amounts representing interest						(3,027)
Present value of net future minimum lease payments						$	14,803

Future minimum payments on finance leases as of March 31, 2023 were not material.

Premises and Equipment

Note 4 – Premises and Equipment

The following table presents the components of premises and equipment as of the periods shown:

(Dollars in thousands)						March 31, 2023						December 31, 2022
Land						$	3,465					$	3,465
Buildings and improvements						13,393						13,393
Furniture, fixtures and equipment						17,662						17,549
Software						6,399						6,019
Construction in progress						519						508
Leasehold improvements						2,836						2,836
						44,274						43,770
Accumulated depreciation						(21,405)						(20,140)
Premises and equipment, net						$	22,869					$	23,630

We lease certain premises and equipment under operating and finance leases. At March 31, 2023, we had lease liabilities totaling $14.8 million and right-of-use assets totaling $13.7 million, of which $13.6 million was related to operating leases and $0.1 million was related to finance leases. At March 31, 2023, the weighted-average remaining lease term for operating leases was 11.3 years and the weighted-average discount rate used in the measurement of operating lease liabilities was 3.0%. At March 31, 2023, the weighted-average remaining lease term for finance leases was 2.5 years and the weighted-average discount rate used in the measurement of finance lease liabilities was 0.7%.

At December 31, 2022, we had lease liabilities totaling $15.0 million and right-of-use assets totaling $13.9 million, substantially all of which was related to operating leases. At December 31, 2022, the weighted-average remaining lease term for operating leases was 11.6 years and the weighted-average discount rate used in the measurement of operating lease liabilities was 3.0%.

Lease liabilities and right-of-use assets are reflected in other liabilities and other assets, respectively.

The following table presents lease costs for the periods shown:

												Three Months Ended March 31,
(Dollars in thousands)																		2023						2022
Amortization of right-of-use assets, finance leases																		$	6					$	14
Operating lease cost																		450						508
Short-term lease cost																		5						6
Variable lease cost																		10						10
Sublease income																		(87)						—
Total lease cost																		$	384					$	538

For operating leases with initial or remaining terms of one year or more as of March 31, 2023, the following table presents future minimum payments for the twelve month periods ended March 31:

(Dollars in thousands)						Operating Leases
2024						$	1,261
2025						1,621
2026						1,618
2027						1,594
2028						1,625
2029 and thereafter						10,111
Total future minimum lease payments						$	17,830
Less: Amounts representing interest						(3,027)
Present value of net future minimum lease payments						$	14,803

Future minimum payments on finance leases as of March 31, 2023 were not material.

X

- References

No definition available.

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X

- Definition

The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-URI https://asc.fasb.org/subtopic&trid=77888251

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X

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-URI https://asc.fasb.org/subtopic&trid=77888251

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