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LEASES | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
LEASES | LEASES We have operating leases for 1 corporate office, 4 bank branch offices,1 former bank branch office, and 1 ATM location. Our leases have remaining lease terms of 0.67 years to 4.50 years. Some of the leases include an option to extend, the longest of which is for two 5 year terms. As of December 31, 2023, we have no additional lease commitments that have not yet commenced. Lease costs are included in non-interest expense/occupancy in the consolidated statement of operations.
|  | Twelve Months Ended
|  | December 31, 2023 |  | December 31, 2022
The components of total lease costs were as follows: |  |  |  |
Operating lease cost |  | $ | 508 |  |  | $ | 554 |
Variable lease cost |  | 84 |  |  | 47 |
Total lease cost |  | $ | 592 |  |  | $ | 601 |
The components of total lease income were as follows: |  |  |  |
Operating lease income |  | $ | 41 |  |  | $ | 34 |
Supplemental cash flow information related to leases was as follows: |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from operating leases |  | $ | 545 |  |  | $ | 556 |
Right-of-use assets obtained in exchange for lease obligations: |  |  |  |
Operating leases |  | $ | 225 |  |  | $ | 215 |
|  | December 31, 2023 |  | December 31, 2022
Supplemental balance sheet information related to leases was as follows: |  |  |  |
Operating lease right-of-use assets |  | $ | 1,477 |  |  | $ | 1,700 |
Operating lease liabilities |  | $ | 1,686 |  |  | $ | 1,945 |
Weighted average remaining lease term in years; operating leases |  | 3.94 |  | 4.89
Weighted average discount rate; operating leases |  | 3.20 | % |  | 2.98 | %
Cash obligations and receipts under lease contracts as of December 31, 2023 are as follows:
Fiscal years ending December 31, | Payments |  | Receipts
2024 | $ | 549 |  |  | $ | 32 |
2025 | 534 |  |  | 15 |
2026 | 464 |  |  | 7 |
2027 | 401 |  |  | — |
2028 | 141 |  |  | — |
Thereafter | — |  |  | — |
Total lease payments | 2,089 |  |  | $ | 54 |
Less: effects of discounting | (403) |  |  |
Lease liability recognized | $ | 1,686 |  |  |
In November of 2022 we closed our leased Red Wing, Minnesota branch. We considered the branch closure a triggering event that required us to test the right of use asset for impairment. The carrying amount of the right of use asset was compared to its fair value, which was determined based on an estimate of future sublease income. It was determined that the right of use asset was impaired and a $180 impairment loss was recorded. This impairment loss is included in other non-interest expense in the consolidated statements of operations.
LEASES | LEASES We have operating leases for 1 corporate office, 4 bank branch offices,1 former bank branch office, and 1 ATM location. Our leases have remaining lease terms of 0.67 years to 4.50 years. Some of the leases include an option to extend, the longest of which is for two 5 year terms. As of December 31, 2023, we have no additional lease commitments that have not yet commenced. Lease costs are included in non-interest expense/occupancy in the consolidated statement of operations.
|  | Twelve Months Ended
|  | December 31, 2023 |  | December 31, 2022
The components of total lease costs were as follows: |  |  |  |
Operating lease cost |  | $ | 508 |  |  | $ | 554 |
Variable lease cost |  | 84 |  |  | 47 |
Total lease cost |  | $ | 592 |  |  | $ | 601 |
The components of total lease income were as follows: |  |  |  |
Operating lease income |  | $ | 41 |  |  | $ | 34 |
Supplemental cash flow information related to leases was as follows: |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from operating leases |  | $ | 545 |  |  | $ | 556 |
Right-of-use assets obtained in exchange for lease obligations: |  |  |  |
Operating leases |  | $ | 225 |  |  | $ | 215 |
|  | December 31, 2023 |  | December 31, 2022
Supplemental balance sheet information related to leases was as follows: |  |  |  |
Operating lease right-of-use assets |  | $ | 1,477 |  |  | $ | 1,700 |
Operating lease liabilities |  | $ | 1,686 |  |  | $ | 1,945 |
Weighted average remaining lease term in years; operating leases |  | 3.94 |  | 4.89
Weighted average discount rate; operating leases |  | 3.20 | % |  | 2.98 | %
Cash obligations and receipts under lease contracts as of December 31, 2023 are as follows:
Fiscal years ending December 31, | Payments |  | Receipts
2024 | $ | 549 |  |  | $ | 32 |
2025 | 534 |  |  | 15 |
2026 | 464 |  |  | 7 |
2027 | 401 |  |  | — |
2028 | 141 |  |  | — |
Thereafter | — |  |  | — |
Total lease payments | 2,089 |  |  | $ | 54 |
Less: effects of discounting | (403) |  |  |
Lease liability recognized | $ | 1,686 |  |  |
In November of 2022 we closed our leased Red Wing, Minnesota branch. We considered the branch closure a triggering event that required us to test the right of use asset for impairment. The carrying amount of the right of use asset was compared to its fair value, which was determined based on an estimate of future sublease income. It was determined that the right of use asset was impaired and a $180 impairment loss was recorded. This impairment loss is included in other non-interest expense in the consolidated statements of operations.

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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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- Definition The entire disclosure for lessor's operating leases. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-30/tableOfContent + Details
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