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LEASES
 6 Months Ended
Jun. 30, 2024
Leases [Abstract]  
LEASES LEASES
We have operating leases for 1 corporate office, 3 bank branch offices, 2 former bank branch office, and 1 ATM location. Our leases have remaining lease terms ranging from approximately 0.17 to 4.00 years. Some of the leases include an option to extend, the longest of which is for two 5 year terms. As of June 30, 2024, we have no lease commitments that have not yet commenced. The Company also leases a portion of some of its facilities and receives rental income from such lease agreements, all of which are considered operating leases.
Six Months Ended
June 30, 2024June 30, 2023
The components of total lease cost were as follows:
Operating lease cost$237 $255 
Variable lease cost58 38 
Total lease cost$295 $293 
The components of total lease income were as follows:
Operating lease income$21 $20 
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$274 $273 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases$— $225 
June 30, 2024December 31, 2023
Supplemental balance sheet information related to leases was as follows:
Operating lease right-of-use assets (1)$1,041 $1,477 
Operating lease liabilities (2)$1,447 $1,686 
Weighted average remaining lease term in years; operating leases3.493.94
Weighted average discount rate; operating leases3.23 %3.20 %
(1) Operating lease right-of-use assets are recorded as other assets in the consolidated balance sheets.
(2) Operating lease liabilities are recorded as other liabilities in the consolidated balance sheets.
Cash obligations and receipts under lease contracts are as follows:
Fiscal years ending December 31,PaymentsReceipts
2024206 17 
2025534 15 
2026465 7 
2027401 — 
2028141 — 
Thereafter— — 
Total1,747 $39 
Less: effects of discounting(300)
Lease liability recognized$1,447 
In June of 2024, we closed our St Peter, Minnesota branch. We considered the branch closure a triggering event that required us to test the right of use asset for impairment. It was determined that the right of use asset was impaired and a $168 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, 3 bank branch offices, 2 former bank branch office, and 1 ATM location. Our leases have remaining lease terms ranging from approximately 0.17 to 4.00 years. Some of the leases include an option to extend, the longest of which is for two 5 year terms. As of June 30, 2024, we have no lease commitments that have not yet commenced. The Company also leases a portion of some of its facilities and receives rental income from such lease agreements, all of which are considered operating leases.
Six Months Ended
June 30, 2024June 30, 2023
The components of total lease cost were as follows:
Operating lease cost$237 $255 
Variable lease cost58 38 
Total lease cost$295 $293 
The components of total lease income were as follows:
Operating lease income$21 $20 
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$274 $273 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases$— $225 
June 30, 2024December 31, 2023
Supplemental balance sheet information related to leases was as follows:
Operating lease right-of-use assets (1)$1,041 $1,477 
Operating lease liabilities (2)$1,447 $1,686 
Weighted average remaining lease term in years; operating leases3.493.94
Weighted average discount rate; operating leases3.23 %3.20 %
(1) Operating lease right-of-use assets are recorded as other assets in the consolidated balance sheets.
(2) Operating lease liabilities are recorded as other liabilities in the consolidated balance sheets.
Cash obligations and receipts under lease contracts are as follows:
Fiscal years ending December 31,PaymentsReceipts
2024206 17 
2025534 15 
2026465 7 
2027401 — 
2028141 — 
Thereafter— — 
Total1,747 $39 
Less: effects of discounting(300)
Lease liability recognized$1,447 
In June of 2024, we closed our St Peter, Minnesota branch. We considered the branch closure a triggering event that required us to test the right of use asset for impairment. It was determined that the right of use asset was impaired and a $168 impairment loss was recorded. This impairment loss is included in other non-interest expense in the consolidated statements of operations.