XML 35 R16.htm IDEA: XBRL DOCUMENT v3.24.0.1
LEASES
 12 Months Ended
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, 2023December 31, 2022
The components of total lease costs were as follows:
Operating lease cost$508 $554 
Variable lease cost84 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, 2023December 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 leases3.944.89
Weighted average discount rate; operating leases3.20 %2.98 %
Cash obligations and receipts under lease contracts as of December 31, 2023 are as follows:
Fiscal years ending December 31,PaymentsReceipts
2024$549 $32 
2025534 15 
2026464 7 
2027401 — 
2028141 — 
Thereafter— — 
Total lease payments2,089 $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, 2023December 31, 2022
The components of total lease costs were as follows:
Operating lease cost$508 $554 
Variable lease cost84 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, 2023December 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 leases3.944.89
Weighted average discount rate; operating leases3.20 %2.98 %
Cash obligations and receipts under lease contracts as of December 31, 2023 are as follows:
Fiscal years ending December 31,PaymentsReceipts
2024$549 $32 
2025534 15 
2026464 7 
2027401 — 
2028141 — 
Thereafter— — 
Total lease payments2,089 $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.