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Leases

3 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leases

LEASES

At December 31, 2024, the Company has operating leases for two retail bank branch offices and an administrative office. The Company's leases have remaining lease terms of two to seven years, and include options to extend the leases for up to five years. Lease extensions are not certain, and the Company evaluates each lease based on the specific circumstances for the location to determine the probability of exercising the extensions in the calculation of ROU assets and lease liabilities.

The components of lease cost (included in the premises and equipment expense category in the consolidated statements of income) are as follows for the three months ended December 31, 2024 and 2023 (dollars in thousands):

			Three Months Ended December 31,
Lease cost:			2024						2023
Operating lease cost			$	96					$	93
Short-term lease cost			—						—
Total lease cost			$	96					$	93

The following table provides supplemental information related to operating leases at or for the three months ended December 31, 2024 and 2023 (dollars in thousands):

			At or For the Three Months Ended December 31, 2024						At or For the Three Months Ended December 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases			$	83					$	82
Weighted average remaining lease term-operating leases			5.8 years						6.5 years
Weighted average discount rate-operating leases			2.34		%				2.34		%

The Company's leases typically do not contain a discount rate implicit in the lease contracts. As an alternative, the weighted average discount rate used to estimate the present value of future lease payments in calculating the value of the ROU asset and lease liability was determined by utilizing the FHLB fixed-rate credit advance borrowing rate for the term correlating to the remaining term of each lease.

Maturities of operating lease liabilities at December 31, 2024 for future fiscal years are as follows (dollars in thousands):

Remainder of 2025			$	253
2026			304
2027			232
2028			219
2029			218
Thereafter			383
Total lease payments			1,609
Less imputed interest			108
Total			$	1,501

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- References

No definition available.

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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

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