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Leases | 9 Months Ended
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Sep. 30, 2024
Leases [Abstract] |
Leases | 11. LEASES The Company is involved in a number of operating leases, primarily for branch locations. Branch leases have remaining lease terms ranging from one year to nine years, some of which include options to extend the leases for up to five years, and some of which include an option to terminate the lease within one year. The Company also leases certain office facilities to third parties and classifies these leases as operating leases. The following table provides a summary of the components of lease income and expense, as well as the reporting location in the interim condensed consolidated statements of operations, for the three and nine months ended September 30, 2024 and 2023:
|  | Location in the Condensed |  | Three Months Ended |  |  | Nine Months Ended |
|  | Consolidated Statements of Operations |  | September 30, 2024 |  |  | September 30, 2023 |  |  | September 30, 2024 |  |  | September 30, 2023 |
|  |  |  | (Dollars in Thousands) |  |  | (Dollars in Thousands) |
Operating lease income (1) |  | Lease income |  | $ | 260 |  |  | $ | 241 |  |  | $ | 770 |  |  | $ | 707 |
Operating lease expense (2) |  | Net occupancy and equipment |  | $ | 147 |  |  | $ | 108 |  |  | $ | 460 |  |  | $ | 324 |
(1) Operating lease income includes rental income from owned properties. (2) Includes short-term lease costs. For the three and nine months ended September 30, 2024 and 2023, short-term lease costs were nominal in amount. The following table provides supplemental lease information for operating leases on the interim condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023:
|  | Location in the Condensed |  |  |  |  |  |
|  | Consolidated Balance Sheet |  | September 30, 2024 |  |  | December 31, 2023 |
|  |  |  | (Dollars in Thousands) |
Operating lease right-of-use assets |  | Other assets |  | $ | 2,003 |  |  | $ | 2,019 |
Operating lease liabilities |  | Other liabilities |  | $ | 2,052 |  |  | $ | 2,055 |
Weighted-average remaining lease term (in years) |  |  |  |  | 5.62 |  |  |  | 6.37 |
Weighted-average discount rate |  |  |  |  | 4.10 | % |  |  | 4.10 | %
The following table provides supplemental lease information for the interim condensed consolidated statements of cash flows for the nine months ended September 30, 2024 and 2023:
|  | Nine Months Ended |
|  | September 30, 2024 |  |  | September 30, 2023 |
|  | (Dollars in Thousands) |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 295 |  |  | $ | 323 |
The following table is a schedule of remaining future minimum lease payments for operating leases that had an initial or remaining non-cancellable lease term in excess of one year as of September 30, 2024:
|  | Minimum Rental Payments |
|  | (Dollars in Thousands) |
2024 |  | $ | 100 |
2025 |  |  | 295 |
2026 |  |  | 302 |
2027 |  |  | 308 |
2028 |  |  | 269 |
2029 and thereafter |  |  | 930 |
Total future minimum lease payments |  | $ | 2,204 |
Less: Imputed interest |  |  | 152 |
Total operating lease liabilities |  | $ | 2,052 |

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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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