XML 25 R19.htm IDEA: XBRL DOCUMENT
v3.24.4

Leases | 9 Months Ended
--- | ---
Sep. 30, 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. Right-of-use assets and lease liabilities are included in Other Assets and Other Liabilities, respectively, in the Consolidated Balance Sheets. 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) |  |  |  |  |  |  |  |  |  |  |
|  | September 30, 2024 |  |  | December 31, 2023 |  |  |  |  |  |  |
Lease liabilities |  | $ | 4,400 |  |  | $ | 4,653 |  |  |  |  |  |  |
Right-of-use assets |  | $ | 4,097 |  |  | $ | 4,387 |  |  |  |  |  |  |
Weighted average remaining lease term |  | 13 years |  |  | 14 years |  |  |  |  |  |  |
Weighted average discount rate |  |  | 3.14 | % |  |  | 3.09 | % |  |  |  |  |  |
|  | Three Months Ended |  |  | Nine Months Ended |
Lease Cost |  | September 30, 2024 |  |  | September 30, 2023 |  |  | September 30, 2024 |  |  | September 30, 2023 |
Operating lease cost |  | $ | 132 |  |  | $ | 132 |  |  | $ | 396 |  |  | $ | 396 |
Short-term lease cost |  |  | 4 |  |  |  | 4 |  |  |  | 11 |  |  |  | 11 |
Total lease cost |  | $ | 136 |  |  | $ | 136 |  |  | $ | 407 |  |  | $ | 407 |
Cash paid for amounts included in the measurement of lease liabilities |  | $ | 120 |  |  | $ | 118 |  |  | $ | 359 |  |  | $ | 354 |
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 |  | September 30, 2024 |
Twelve months ending September 30, 2025 |  | $ | 497 |
Twelve months ending September 30, 2026 |  |  | 428 |
Twelve months ending September 30, 2027 |  |  | 390 |
Twelve months ending September 30, 2028 |  |  | 394 |
Twelve months ending September 30, 2029 |  |  | 399 |
Thereafter |  |  | 3,454 |
Total undiscounted cash flows |  | $ | 5,562 |
Discount |  |  | (1,162 | )
Lease liabilities |  | $ | 4,400 |

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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration