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Leases
 9 Months Ended
Sep. 30, 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 “the new lease” which commenced on January 1, 2023 and has a lease term of sixty-nine months with a discount rate of 3.87%. The Right-of-Use (“ROU”) asset and lease liability associated with the new lease were recognized at lease commencement by calculating the present value of lease payments over the lease term. A ROU asset of $823,800 and a lease liability of $824,600 were recognized upon commencement of the new lease. The four leases, including the new lease, 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)  September 30,
2023		   December 31,
2022		 
Right-of-use assets  $3,323   $2,702 
Lease liabilities  $3,494   $2,832 
Weighted average remaining lease term   11.88 years    14.38 years 
Weighted average discount rate   4.29%   4.37%
                 
   Three Months Ended September 30,   Nine Months Ended September 30, 
(Dollars in thousands)  2023   2022   2023   2022 
Operating lease cost  $112.1   $93.4   $336.3   $261.4 
Cash paid for amounts included in the measurement of lease liabilities  $103.4   $87.5   $308.8   $238.3 

The following table shows future undiscounted lease payments for operating leases with initial terms of one year or more as of September 30, 2023.

 

(Dollars in thousands)      
Year   Operating Leases  
2023   $ 104  
2024     424  
2025     434  
2026     444  
2027     422  
Thereafter     2,707  
Total undiscounted lease payments   $ 4,535  
Less effect of discounting     (1,041 )
Present value of estimated lease payments (lease liability)   $ 3,494