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Leases | 3 Months Ended
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Mar. 31, 2024
Leases [Abstract] |
Leases | NOTE 8. Leases 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 are 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. The lease agreements do not provide for a residual value guarantee and have no restrictions or covenants that would impact dividends or require incurring additional financial obligations. The following tables present information about the Company’s leases:
(dollars in thousands) |  |  |  |  |  |
|  | March 31, 2024 |  |  | December 31, 2023 |
Lease liabilities |  | $ | 4,588 |  |  | $ | 4,653 |
Right-of-use assets |  | $ | 4,291 |  |  | $ | 4,387 |
Weighted average remaining lease term |  | 13 years |  |  | 14 years |
Weighted average discount rate |  |  | 3.11 | % |  |  | 3.09 | %
|  | Three Months Ended |
Lease Cost |  | March 31, 2024 |  |  | March 31, 2023 |
Operating lease cost |  | $ | 132 |  |  | $ | 132 |
Short-term lease cost |  |  | 4 |  |  |  | 4 |
Total lease cost |  | $ | 136 |  |  | $ | 136 |
Cash paid for amounts included in the measurement of lease liabilities |  | $ | 118 |  |  | $ | 117 |
A maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total operating lease liabilities is as follows:
(dollars in thousands) |  | As of |
Lease payments due |  | March 31, 2024 |
Twelve months ending March 31, 2025 |  | $ | 481 |
Twelve months ending March 31, 2026 |  |  | 484 |
Twelve months ending March 31, 2027 |  |  | 393 |
Twelve months ending March 31, 2028 |  |  | 392 |
Twelve months ending March 31, 2029 |  |  | 397 |
Thereafter |  |  | 3,654 |
Total undiscounted cash flows |  | $ | 5,801 |
Discount |  |  | (1,213 | )
Lease liabilities |  | $ | 4,588 |

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- 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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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