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Lease Liabilities | 9 Months Ended
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Sep. 30, 2023
Leases [Abstract] |
Lease Liabilities | Lease Liabilities The Company includes commercial operating leases with an original cost of $8.4 million and $2.8 million within premises and equipment, net as of September 30, 2023 and December 31, 2022, respectively. Net book value of the operating leases as of September 30, 2023 and December 31, 2022 was $7.6 million and $2.7 million. Rental income from operating leases for the three months ended September 30, 2023 was $0.5 million and for the three months ended September 30, 2022 was a de minimis amount. Rental income from operating leases for the nine months ended September 30, 2023 was $0.8 million and for the nine months ended September 30, 2022 was a de minimis amount. Depreciation expense for the related premises and equipment was $0.4 million and a de minimis amount for the three months ended September 30, 2023 and 2022, respectively. Depreciation expense for the related premises and equipment was $0.6 million and a de minimis amount for the nine months ended September 30, 2023 and 2022, respectively. The Company leases its facilities under noncancelable operating leases. Rent expense for the three months ended September 30, 2023 and 2022 was $0.2 million and $0.3 million, respectively. Rent expense for the nine months ended September 30, 2023 and 2022 was $0.7 million and $0.8 million, respectively. Future minimum annual undiscounted rental payments for these operating leases are as follows ($ in thousands):
Three Months Ended December 31, 2023 | $ | 279 |
Year Ended December 31, 2024 | 1,104
Year Ended December 31, 2025 | 1,086
Year Ended December 31, 2026 | 1,118
Year Ended December 31, 2027 | 1,152
Thereafter | 2,203
Total | 6,942
Less present value discount | (397)
Operating lease liabilities | $ | 6,545 |
The Company entered into one lease during the nine months ended September 30, 2022 to provide additional space while the Murray office construction was completed. ASC 842 does not apply due to the short-term period of this lease and immateriality. The tables below present information regarding the Company’s lease assets and liabilities.
| Nine Months Ended September 30,
| 2023 |  | 2022
Weighted-average remaining lease term – operating leases (in years) | 6.0 |  | 7.0
Weighted-average discount rate – operating leases | 1.9 | % |  | 1.9 | %
Supplemental cash flow information related to leases were as follows (in thousands):
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
($ in thousands) |  |  |  |  |  |  |
Operating cash flows from operating leases | $ | 279 |  |  | $ | 178 |  |  | $ | 571 |  |  | $ | 234 |
Right-of-use assets obtained in exchange for operating lease liabilities | — |  |  | — |  |  | — |  |  | 7,380 |
The components of lease expense were as follows (in thousands):
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
(in thousands) |  |  |  |  |  |  |
Operating leases |  |  |  |  |  |  |
Operating lease cost | $ | 219 |  |  | $ | 278 |  |  | $ | 657 |  |  | $ | 791 |
Variable lease cost | 8 |  |  | 4 |  |  | 26 |  |  | 12 |
Operating lease expense | 227 |  |  | 282 |  |  | 683 |  |  | 803 |
Short-term lease rent expense | — |  |  | 9 |  |  | — |  |  | 38 |
Net rent expense | $ | 227 |  |  | $ | 291 |  |  | $ | 683 |  |  | $ | 841 |

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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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