XML 35 R22.htm IDEA: XBRL DOCUMENT
v3.23.1

Leases | 12 Months Ended
--- | ---
Dec. 31, 2022
Leases [Abstract] |
Leases | NOTE 13. Leases The Company leases certain office properties and equipment used in its operations in the normal course of business. Leases greater than 12 months in duration are recorded in the consolidated balance sheets at the lease commencement date and are classified as either operating or finance leases based on the Company's assessment of the underlying agreement. Lease liabilities represent the Company’s obligation to make lease payments and are presented at each reporting date as the net present value of the remaining contractual cash flows. Cash flows are discounted at the Company’s incremental borrowing rate in effect at the commencement date of the lease. Right-of-use assets represent the Company’s right to use the underlying asset for the lease term and are calculated as the sum of the lease liability and if applicable, prepaid rent, initial direct costs and any incentives received from the lessor. The Company’s four long-term lease agreements for office properties are all classified as operating leases. These leases offer the option to extend the lease term and the Company has included such extensions in its calculation of the lease liability to the extent the options are reasonably certain of being exercised. These lease agreements do not provide for residual value guarantees and have no restrictions or covenants that would impact dividends or require incurring additional financial obligations. Right-of-use assets and leases liabilities are included in other assets and other liabilities, respectively, in the Consolidated Balance Sheets. The following tables present information about the Company’s leases:
(dollars in thousands) |  | December 31, 2022 |  |  | December 31, 2021 |
Lease liability |  | $ | 4,978 |  |  | $ | 5,289 |
Right-of-use asset |  | $ | 4,766 |  |  | $ | 5,139 |
Weighted average remaining lease term |  | 14 years |  |  | 15 years |
Weighted average discount term |  |  | 3.04 | % |  |  | 2.99 | %
|  | Twelve Months Ended |
Lease Cost |  | December 31, 2022 |  |  | December 31, 2021 |
Operating lease cost |  | $ | 528 |  |  | $ | 376 |
Variable lease cost |  |  | — |  |  |  | — |
Short-term lease cost |  |  | 15 |  |  |  | 19 |
Total lease cost |  | $ | 543 |  |  | $ | 395 |
Cash paid for amounts included in the measurement of lease liabilities |  | $ | 466 |  |  | $ | 314 |
A maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total operating lease liabilities is as follows:
|  | As of |
Lease payments due |  | December 31, 2022 |
Twelve months ending December 31, 2023 |  | $ | 473 |
Twelve months ending December 31, 2024 |  |  | 480 |
Twelve months ending December 31, 2025 |  |  | 504 |
Twelve months ending December 31, 2026 |  |  | 397 |
Twelve months ending December 31, 2027 |  |  | 391 |
Thereafter |  |  | 4,149 |
Total undiscounted cash flows |  | $ | 6,394 |
Discount |  |  | (1,416 | )
Lease liability |  | $ | 4,978 |

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration