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Leases

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Leases

Note 9 - Leases

The Company has operating leases on three and four of its facilities at September 30, 2024 and December 31, 2023, respectively. The reduction in leases is due to the July 31, 2024 termination of the lease for the downtown Augusta, Georgia location, which was closed June 27, 2024. The termination of the lease resulted in a reduction in right-of-use assets of $476,000, a reduction of lease liabilities of $510,000, and a reduction of lease expense of $34,000. All 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. An ROU asset of $823,800 and a lease liability of $824,600 were recognized upon commencement of the new lease. The three leases, including the new lease, have maturities ranging from May 2027 to December 2038, some of which include extensions of multiple two-year terms. The following tables present information about the Company’s leases:

Schedule of Lease Information

(Dollars in thousands)		September 30, 2024				December 31, 2023
Right-of-use assets		$	2,546			$	3,248
Lease liabilities		$	2,711			$	3,426
Weighted average remaining lease term			11.34 years				11.70 years
Weighted average discount rate			4.21	%			4.29	%

		Three Months Ended September 30,								Nine Months Ended September 30,
(Dollars in thousands)		2024				2023				2024				2023
Operating lease cost		$	102			$	112			$	327			$	336
Cash paid for amounts included in the measurement of lease liabilities		$	129			$	103			$	340			$	309

The following table shows future undiscounted lease payments for operating leases with initial terms of one year or more as of September 30, 2024.

Schedule of Future Undiscounted Operating Lease Payments

(Dollars in thousands)
Year		Operating Leases
2024		$	93
2025			377
2026			386
2027			363
2028			303
Thereafter			1,945
Total undiscounted lease payments		$	3,467
Less effect of discounting			(756	)
Present value of estimated lease payments (lease liability)		$	2,711

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- References

No definition available.

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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

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