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Premises And Equipment And Operating Leases | 12 Months Ended
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Dec. 31, 2023
Premises And Equipment And Operating Leases [Abstract] |
Other Assets Held For Sale | NOTE 8- PREMISES AND EQUIPMENT AND OPERATING LEASES Year-end premises and equipment were as follows:
| December 31, 2023 |  | December 31, 2022
Land and land improvements | $ | 248 |  | $ | 248
Buildings |  | 2,444 |  |  | 2,295
Furniture, fixtures and equipment |  | 2,905 |  |  | 3,321
|  | 5,597 |  |  | 5,864
Less: accumulated depreciation |  | (1,785) |  |  | (2,086)
| $ | 3,812 |  | $ | 3,778
Depreciation expense for 2023, 2022 and 2021 totaled $567, $496, and $435, respectively. Operating Leases: A lease is defined as a contract, or part of a contract, that conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. The leases in which the Company is the lessee are comprised of real estate property for branches and offices and for equipment with terms extending through 2034. All of our leases are classified as operating leases, and therefore are required to be recognized on the consolidated balance sheets as a right-of-use (“ROU”) asset and a corresponding operating lease liability. The calculated amounts of the ROU assets and lease liabilities are impacted by the length of the lease term and the discount rate used to present value the minimum lease payments. The Company’s lease agreements often include one or more options to renew at the Company’s discretion which were considered, as applicable, in the calculation of the ROU assets and lease liabilities. If at lease inception, the Company considers the exercising of a renewal option to be reasonably certain, the Company will include the extended term in the calculation of the ROU asset and lease liability. Regarding the discount rate, the rate implicit in the lease is used whenever this rate is readily determinable. As this rate is not readily determinable in our operating leases, the Company utilizes its incremental borrowing rate at lease inception, on a collateralized basis, over a similar term. At December 31, 2023, the weighted-average remaining lease term for the Company’s operating leases was 8.9 years and the weighted-average discount rate was 7.21%. The Company’s operating lease costs were $687, $568, and $461 for the years ended December 31, 2023, 2022 and 2021, respectively. The variable lease costs totaled $681, $301, and $292 for the years ended December 31, 2023, 2022 and 2021, respectively. As the Company elected not to separate lease and non-lease components for all classes of underlying assets and instead to account for them as a single lease component, the variable lease cost primarily represents variable payments such as common area maintenance and utilities. Future minimum operating lease payments as of December 31, 2023 are as follows:
2024 | $ | 1,034
2025 |  | 820
2026 |  | 737
2027 |  | 687
2028 |  | 700
Thereafter |  | 3,407
Total future minimum rental commitments |  | 7,385
Less - amounts representing interest |  | (2,083)
Total operating lease liabilities | $ | 5,302

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-7 + Details
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