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Commitments and Contingencies | 12 Months Ended
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Dec. 31, 2024
Commitments and Contingencies [Abstract] |
Commitments and Contingencies | Note 17- Commitments and Contingencies The Bank is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments primarily include commitments to extend credit. The Bank’s exposure to credit loss, in the event of nonperformance by the other party to the financial instrument for commitments to extend credit, is represented by the contractual amount of those instruments. The Bank uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. Outstanding loan related commitments were as follows:
| December 31,
|  | 2024 |  |  | 2023 |  |  | 2022
| (In Thousands)
Loan origination commitments | $ | 1,505 |  | $ | 975 |  | $ | 165,579
Standby letters of credit |  | 2,450 |  |  | 13,353 |  |  | 3,701
Construction loans in process |  | 16,673 |  |  | 63,395 |  |  | 96,905
Unused lines of credit |  | 173,169 |  |  | 235,329 |  |  | 218,865
| $ | 193,797 |  | $ | 313,052 |  | $ | 485,050
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, total commitment amounts do not necessarily represent future cash requirements. The Bank evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Bank upon extension of credit, is based on management’s credit evaluation of the counterparty. Collateral held varies but primarily includes residential real estate properties. Note 17- Commitments and Contingencies (continued) Leases At December 31, 2024, the Company leased 26 of its offices under various operating lease agreements. The leases have remaining terms of 1 year to 12 years. The leases contain provisions for the payment by the Company of its pro-rata share of real estate taxes, insurance, common area maintenance and other variable expenses. The Company will allocate payments made under such leases between lease and non-lease components. Some leases contain renewal options and options to purchase the assets. The Company evaluates its contracts and service agreements in order to determine if there is an asset imbedded in such contracts and agreements. Such determination is based upon whether there is a specific asset covered by the agreement, whether the Company is entitled to all of the economic benefits to the asset over the term of the agreement, and whether the Company has full control and use of the asset over the term of the agreement without substitution rights or direction of use of the asset by the lessor. The Company includes in its determination of its lease liability and concurrent right-of-use asset those renewal or purchase options for which it is reasonably certain it will exercise. Currently, the Company does not expect to exercise such purchase options and, accordingly, those are excluded in the determination of the lease liabilities and the concurrent right-of-use assets. The Company has elected not to recognize a lease liability and a right-of-use asset for leases with a lease term of 12 or fewer months. To calculate its lease liabilities, the Company used a discount rate based upon the applicable borrowing rates of the Federal Home Loan Bank at the inception of the lease agreement, which corresponds to the length of the lease term. Note 17- Commitments and Contingencies (continued) The following tables present certain information related to the Company’s lease obligations (in thousands):
|  | Twelve Months Ended December 31, 2024 |  |  | Twelve Months Ended December 31, 2023
Operating lease cost | $ | 3,596 |  | $ | 3,591
Variable lease cost-operating leases |  | 1,096 |  |  | 1,056
| $ | 4,692 |  | $ | 4,647
|  | At December 31, 2024 |  |  | At December 31, 2023
Supplemental balance sheet information related to leases: |  |  |  |  |
Operating Leases |  |  |  |  |
Operating lease right-of-use assets | $ | 12,686 |  | $ | 12,935
Operating Lease Liabilities: |  |  |  |  |
Current liabilities | $ | 3,189 |  | $ | 3,094
Operating lease liabilities (noncurrent portion) |  | 11,299 |  |  | 11,526
Imputed interest |  | (1,349) |  |  | (1,305)
Total operating lease liabilities | $ | 13,139 |  | $ | 13,315
The following tables summarize the Company’s weighted average remaining lease terms and weighted average discount rates:
|  | 2024 |  | 2023
Weighted Average Remaining Lease Term |  |  |  |  |  |
Operating leases |  | 5.39 | years |  | 5.77 | years
Weighted Average Discount Rate |  |  |  |  |  |
Operating leases |  | 3.40 | % |  | 3.02 | %
The following table summarizes the Company’s maturity of lease obligations for operating leases at December 31, 2024 (in thousands):
Maturities of lease liabilities (discounted):
|  | At December 31, 2024
|  | Operating Leases
One year or less | $ | 3,189
Over one year through three years |  | 5,680
Over three years through five years |  | 3,213
Over five years |  | 2,406
Gross Operating Lease Liabilities | $ | 14,488
Imputed Interest |  | (1,349)
Total Operating Lease Liabilities | $ | 13,139
Legal Contingencies The Company is involved, from time to time, as plaintiff or defendant in various legal actions arising in the normal course of business. As of December 31, 2024, the Company was not involved in any material legal proceedings the outcome of which, if determined in a manner adverse to the Company, would have a material adverse effect on our financial condition or results of operations.

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