XML 24 R12.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

Premises and Equipment | 6 Months Ended
--- | ---
Jun. 30, 2024
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) |  | June 30, 2024 |  | December 31, 2023
Land |  | $ | 4,062 |  |  | $ | 3,465 |
Buildings and improvements |  | 13,393 |  |  | 13,393 |
Furniture, fixtures and equipment |  | 15,778 |  |  | 18,300 |
Software |  | 6,731 |  |  | 7,140 |
Construction in progress |  | 273 |  |  | 45 |
Leasehold improvements |  | 2,836 |  |  | 2,836 |
|  | 43,073 |  |  | 45,179 |
Accumulated depreciation |  | (23,533) |  |  | (24,251) |
Premises and equipment, net |  | $ | 19,540 |  |  | $ | 20,928 |
We lease certain premises and equipment under operating and finance leases. At June 30, 2024, we had lease liabilities totaling $13.2 million and right-of-use assets totaling $12.0 million, substantially all of which was related to operating leases. At June 30, 2024, the weighted-average remaining lease term for operating leases was 10.2 years and the weighted-average discount rate used in the measurement of operating lease liabilities was 3.1%. At December 31, 2023, we had lease liabilities totaling $14.0 million and right-of-use assets totaling $12.9 million, substantially all of which was related to operating leases. At December 31, 2023, the weighted-average remaining lease term for operating leases was 10.5 years and the weighted-average discount rate used in the measurement of operating lease liabilities was 3.1%. Lease liabilities and right-of-use assets are reflected in accrued interest payable and other liabilities and accrued interest receivable and other assets, respectively. The following table presents lease costs for the periods shown:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(Dollars in thousands) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Amortization of right-of-use assets, finance leases |  | $ | — |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 7 |
Operating lease cost |  | 452 |  |  | 446 |  |  | 902 |  |  | 896 |
Short-term lease cost |  | — |  |  | 2 |  |  | — |  |  | 8 |
Variable lease cost |  | — |  |  | 10 |  |  | — |  |  | 19 |
Sublease income |  | (97) |  |  | (87) |  |  | (194) |  |  | (174) |
Total lease cost |  | $ | 355 |  |  | $ | 372 |  |  | $ | 709 |  |  | $ | 756 |
For operating leases with initial or remaining terms of one year or more as of June 30, 2024, the following table presents future minimum payments for the twelve month periods ended June 30:
(Dollars in thousands) |  | Operating Leases |  |
2025 |  | $ | 1,734 |  |  |
2026 |  | 1,633 |  |  |
2027 |  | 1,608 |  |  |
2028 |  | 1,659 |  |  |
2029 |  | 1,436 |  |  |
2030 and thereafter |  | 7,683 |  |  |
Total future minimum lease payments |  | $ | 15,753 |  |  |
Less: Amounts representing interest |  | (2,512) |  |  |
Present value of net future minimum lease payments |  | $ | 13,241 |  |  |
Future minimum payments on finance leases were not material as of June 30, 2024.
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) |  | June 30, 2024 |  | December 31, 2023
Land |  | $ | 4,062 |  |  | $ | 3,465 |
Buildings and improvements |  | 13,393 |  |  | 13,393 |
Furniture, fixtures and equipment |  | 15,778 |  |  | 18,300 |
Software |  | 6,731 |  |  | 7,140 |
Construction in progress |  | 273 |  |  | 45 |
Leasehold improvements |  | 2,836 |  |  | 2,836 |
|  | 43,073 |  |  | 45,179 |
Accumulated depreciation |  | (23,533) |  |  | (24,251) |
Premises and equipment, net |  | $ | 19,540 |  |  | $ | 20,928 |
We lease certain premises and equipment under operating and finance leases. At June 30, 2024, we had lease liabilities totaling $13.2 million and right-of-use assets totaling $12.0 million, substantially all of which was related to operating leases. At June 30, 2024, the weighted-average remaining lease term for operating leases was 10.2 years and the weighted-average discount rate used in the measurement of operating lease liabilities was 3.1%. At December 31, 2023, we had lease liabilities totaling $14.0 million and right-of-use assets totaling $12.9 million, substantially all of which was related to operating leases. At December 31, 2023, the weighted-average remaining lease term for operating leases was 10.5 years and the weighted-average discount rate used in the measurement of operating lease liabilities was 3.1%. Lease liabilities and right-of-use assets are reflected in accrued interest payable and other liabilities and accrued interest receivable and other assets, respectively. The following table presents lease costs for the periods shown:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(Dollars in thousands) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Amortization of right-of-use assets, finance leases |  | $ | — |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 7 |
Operating lease cost |  | 452 |  |  | 446 |  |  | 902 |  |  | 896 |
Short-term lease cost |  | — |  |  | 2 |  |  | — |  |  | 8 |
Variable lease cost |  | — |  |  | 10 |  |  | — |  |  | 19 |
Sublease income |  | (97) |  |  | (87) |  |  | (194) |  |  | (174) |
Total lease cost |  | $ | 355 |  |  | $ | 372 |  |  | $ | 709 |  |  | $ | 756 |
For operating leases with initial or remaining terms of one year or more as of June 30, 2024, the following table presents future minimum payments for the twelve month periods ended June 30:
(Dollars in thousands) |  | Operating Leases |  |
2025 |  | $ | 1,734 |  |  |
2026 |  | 1,633 |  |  |
2027 |  | 1,608 |  |  |
2028 |  | 1,659 |  |  |
2029 |  | 1,436 |  |  |
2030 and thereafter |  | 7,683 |  |  |
Total future minimum lease payments |  | $ | 15,753 |  |  |
Less: Amounts representing interest |  | (2,512) |  |  |
Present value of net future minimum lease payments |  | $ | 13,241 |  |  |
Future minimum payments on finance leases were not material as of June 30, 2024.

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
Name: | us-gaap_LesseeFinanceLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration