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LEASES
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
LEASES

Note 13—LEASES

The Company has operating leases on three of its facilities at December 31, 2024 and four of its facilities at December 31, 2023. 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.

 

The remaining three leases have maturities ranging from May 2027 to December 2038 some of which include extensions of multiple five-year terms. The right-of-use asset was $2.5 million and $3.2 million at December 31, 2024 and December 31, 2023, respectively. The lease liability was $2.6 million and $3.4 million at December 31, 2024 and December 31, 2023, respectively. During the twelve-month period ended December 31, 2024, the Company made cash payments in the amount of $432.9 thousand for operating leases and the lease liability was reduced by $780.0 thousand. The lease expense recognized during the twelve-month periods ended December 31, 2024, December 31, 2023, and December 31, 2022 amounted to $423.9 thousand, $448.5 thousand, and $354.8 thousand, respectively. The weighted average remaining lease term as of December 31, 2024, is 11.21 years and the weighted average discount rate used is 4.21%. The following table shows future undiscounted lease payments for operating leases with initial terms of one year or more as of December 31, 2024.

 

(Dollars in thousands)    
2025  $377 
2026   386 
2027   363 
2028   303 
2029   178 
Thereafter   1,767 
Total undiscounted lease payments  $3,374 
Less effect of discounting   (728)
Present value of estimated lease payments (lease liability)  $2,646