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LEASES | 6 Months Ended
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Jun. 30, 2024
LEASES [Abstract] |
LEASES | NOTE 8 – LEASES Substantially all of the Company’s operating lease right-of-use (“ROU”) assets and operating lease liabilities represent leases for branch buildings and office space to conduct business. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheet. The lease expense for these leases are recorded on a straight-line basis over the lease term. Leases with initial terms in excess of 12 months are recorded as either operating or financing leases on the consolidated balance sheet. The Company has no finance lease arrangements. Operating leases have remaining lease terms ranging from 22 months to 17.2 years, some of which include options to extend the leases for up to 15 years. Operating lease ROU assets and operating lease liabilities are valued based on the present value of future minimum lease payments, discounted with an incremental borrowing rate for the same term as the underlying lease. The Company has one lease arrangement that contains variable lease payments that are adjusted periodically for an index. Balance sheet information related to leases is as follows:
|  | As of June 30, 2024 |  |  | As of December 31, 2023 |
Operating leases: |  |  |  |  |  |
Operating lease right-of-use assets |  | $ | 1,114 |  |  | $ | 1,205 |
Operating lease liabilities |  |  | 1,114 |  |  |  | 1,205 |
The components of lease cost are as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30, |
| 2024 |  | 2023 |  | 2024 |  | 2023 |
Operating lease cost |  | $ | 49 |  |  | $ | 55 |  |  | $ | 98 |  |  | $ | 106 |
Short-term lease expense |  |  | 2 |  |  |  | — |  |  |  | 9 |  |  |  | — |
Future undiscounted lease payments for operating leases with initial terms of one year or more as of June 30, 2024 are as follows:
|  | Operating Leases |
2024 (remaining) |  | $ | 98 |
2025 |  |  | 195 |
2026 |  |  | 140 |
2027 |  |  | 109 |
2028 |  |  | 111 |
Thereafter |  |  | 764 |
Total lease payments |  |  | 1,417 |
Less: Imputed Interest |  |  | (303 | )
Total operating leases |  | $ | 1,114 |
Other information is as follows:
|  | As of June 30, 2024 |  |  | As of December 31, 2023 |
Weighted-average remaining lease term for operating leases |  | 12.5 years |  |  | 13.0 years |
Weighted-average discount rate for operating leases |  |  | 2.87 | % |  |  | 2.91 | %

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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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