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, 2024December 31, 2023
Land$4,062 $3,465 
Buildings and improvements13,393 13,393 
Furniture, fixtures and equipment15,778 18,300 
Software6,731 7,140 
Construction in progress273 45 
Leasehold improvements2,836 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)2024202320242023
Amortization of right-of-use assets, finance leases$— $1 $1 $7 
Operating lease cost452 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 
20261,633 
20271,608 
20281,659 
20291,436 
2030 and thereafter7,683 
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, 2024December 31, 2023
Land$4,062 $3,465 
Buildings and improvements13,393 13,393 
Furniture, fixtures and equipment15,778 18,300 
Software6,731 7,140 
Construction in progress273 45 
Leasehold improvements2,836 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)2024202320242023
Amortization of right-of-use assets, finance leases$— $1 $1 $7 
Operating lease cost452 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 
20261,633 
20271,608 
20281,659 
20291,436 
2030 and thereafter7,683 
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.