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Leases
 3 Months Ended
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:

 

(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.

 

 

(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