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LEASES (Tables) | 6 Months Ended
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Jun. 30, 2024
Leases [Abstract] |
Schedule of Leased Branch Properties | Leased branch properties as of June 30, 2024 and December 31, 2023 consist of the following (in thousands):
|  | June 30, 2024 |  | December 31, 2023
Operating lease right-of-use asset |  | $ | 5,648 |  |  | $ | 6,449 |
Less: accumulated amortization |  | (391) |  |  | (801) |
Less: lease termination |  | — |  |  | — |
Add: lease modifications |  | 570 |  |  | — |
Operating lease right-of-use-assets, net |  | $ | 5,827 |  |  | $ | 5,648 |
Schedule of Undiscounted Cash Flows of the Operating Lease Liabilities | The following is a schedule by year of the undiscounted cash flows of the operating lease liabilities, excluding CAM charges, as of June 30, 2024 (in thousands):
Year |  | Amount
2024 |  | $ | 479 |
2025 |  | 959 |
2026 |  | 965 |
2027 |  | 977 |
2028 |  | 845 |
2029 and thereafter |  | 2,591 |
Total minimum lease payments |  | 6,816 |
Less: amount representing interest |  | (807) |
Present value of net minimum lease payments |  | $ | 6,009 |
Schedule of Leases in Premises and Equipment | The Corporation has included these leases in premises and equipment as of June 30, 2024 and December 31, 2023 as follows (in thousands):
|  | June 30, 2024 |  | December 31, 2023
Buildings |  | $ | 6,507 |  |  | $ | 5,572 |
Less: accumulated depreciation |  | (3,046) |  |  | (2,872) |
Net book value |  | $ | 3,461 |  |  | $ | 2,700 |
Schedule of Future Minimum Financial Lease Payments | The following is a schedule by year of future minimum lease payments under finance leases, together with the present value of net minimum lease payments as of June 30, 2024 (in thousands):
Year |  | Amount
2024 |  | $ | 134 |
2025 |  | 486 |
2026 |  | 502 |
2027 |  | 505 |
2028 |  | 505 |
2029 and thereafter |  | 2,948 |
Total minimum lease payments |  | 5,080 |
Less: amount representing interest |  | (1,245) |
Present value of net minimum lease payments |  | $ | 3,835 |

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- Definition Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance 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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- 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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