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LEASES (Tables) | 12 Months Ended
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Dec. 31, 2023
LEASES [Abstract] |
Right of Use Assets and Lease Liabilities | The following table represents the Consolidated Balance Sheet classification of the Company’s ROU assets and lease liabilities (in thousands). The Company elected not to include short-term leases (i.e., leases with initial terms of twelve months or less), on the Consolidated Balance Sheet.
|  | Balance at December 31, |  |
Lease Type |  | 2023 |  |  | 2022 |  | Affected line item on the Consolidated Balance Sheet
Right of Use Assets |  |  |  |  |  |  |
Operating |  | $ | 11,116 |  |  | $ | 4,987 |  | Other Assets
Lease Liabilities: |  |  |  |  |  |  |  |  |
Operating |  | $ | 11,188 |  |  | $ | 5,016 |  | Other Liabilities
Weighted Average Remaining Lease Term and Discount Rate | The calculated amount of the ROU assets and lease liabilities in the table above are impacted by the length of the lease term and the discount rate used to present value the minimum lease payments. The Company’s lease agreements often include one or more options to renew at the Company’s discretion. If at lease inception, the Company considers the exercising of a renewal option to be reasonably certain, the Company will include the extended term in the calculation of the ROU asset and lease liability. Regarding the discount rate, Topic 842 requires the use of the rate implicit in the lease whenever this rate is readily determinable. As this rate is rarely determinable, the Company utilizes its incremental borrowing rate at lease inception, on a collateralized basis, over a similar term. For operating leases existing prior to January 1, 2019, the rate for the remaining lease term as of January 1, 2019 was used. For leases obtained as of the HVBC acquisition, the rate for the remaining lease term as of June 16, 2023 was used. The following table displays the weighted average remaining lease term and the weighted average discount rate for the Company’s operating leases outstanding as of December 31, 2023:
|  | Operating |
Weighted average term (years) |  |  | 8.85 |
Weighted average discount rate |  |  | 4.13 | %
Lease Costs and Other Lease Information | The following table represents lease costs and other lease information for the years ended December 31, 2023, 2022, and 2021, respectively (in thousands). As the Company elected not to separate lease and non-lease components and instead to account for them as a single lease component, the variable lease cost primarily represents variable payments such as common area maintenance and utilities.
|  | December 31, |
Lease Cost |  | 2023 |  |  | 2022 |  |  | 2021 |
Operating lease cost |  | $ | 1,400 |  |  | $ | 728 |  |  | $ | 676 |
Variable lease cost |  |  | 177 |  |  |  | 64 |  |  |  | 63 |
Total lease cost |  | $ | 1,577 |  |  | $ | 792 |  |  | $ | 739 |
Future Minimum Payments for Operating Leases with Initial or Remaining Terms of One Year or More | Future minimum payments for operating leases with initial or remaining terms of one year or more as of December 31, 2023 along with a reconciliation to the discounted amount recorded on the December 31, 2023 Consolidated Balance Sheet (in thousands):
Undiscounted cash flows due within |  | Operating |
2024 |  |  | 1,785 |
2025 |  |  | 1,671 |
2026 |  |  | 1,621 |
2027 |  |  | 1,624 |
2028 |  |  | 1,537 |
2029 and thereafter |  |  | 5,406 |
Total undiscounted cash flows |  |  | 13,644 |
Impact of present value discount |  |  | 2,456 |
Amount reported on balance sheet |  | $ | 11,188 |

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- Definition Tabular disclosure of weighted average remaining lease term and discount rate disclosures related to operating leases. + References No definition available. + Details
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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-4 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-6 + Details
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