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Leases | 3 Months Ended
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Mar. 31, 2023
Leases [Abstract] |
Leases | Note 9 - Leases The Company has operating leases on four of its facilities. These leases commenced prior to 2022 except for one which commenced on January 1, 2023. The Right-of-Use (“ROU”) asset and lease liability were recognized at lease commencement by calculating the present value of lease payments over the lease term. A ROU asset of $823.8 thousand and a lease liability of $824.6 thousand were recognized upon commencement. The lease term will be sixty-nine months with a discount rate of 3.87%. The four leases have maturities ranging from May 2027 to December 2038, some of which include extensions of multiple five-year terms. The following tables present information about the Company’s leases: Schedule of Lease Information
(dollars in thousands) |  | March 31, 2023 |  |  | December 31, 2022 |
Right-of-use assets |  | $ | 3,463 |  |  | $ | 2,702 |
Lease liabilities |  | $ | 3,602 |  |  | $ | 2,832 |
Weighted average remaining lease term |  |  | 12.23 years |  |  |  | 14.38 years |
Weighted average discount rate |  |  | 4.28 | % |  |  | 4.37 | %
(Dollars in thousands) |  |  |  |  |  |  |  |
|  | Three Months Ended March 31, |
|  | 2023 |  |  | 2022 |
Operating lease cost |  | $ | 111.5 |  |  | $ | 80.8 |
Cash paid for amounts included in the measurement of lease liabilities |  | $ | 102.6 |  |  | $ | 75.3 |
The following table shows future undiscounted lease payments for operating leases with initial terms of one year or more as of March 31, 2023. Schedule of Future Undiscounted Operating Lease Payments
(Dollars in thousands) |  |  |
Year |  | Operating Leases |
2023 |  | $ | 312 |
2024 |  |  | 425 |
2025 |  |  | 435 |
2026 |  |  | 445 |
2027 |  |  | 423 |
Thereafter |  |  | 2,650 |
Total undiscounted lease payments |  | $ | 4,690 |
Less effect of discounting |  |  | (1,088 | )
Present value of estimated lease payments (lease liability) |  | $ | 3,602 |

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 840 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//840/tableOfContent + Details
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