XML 51 R12.htm IDEA: XBRL DOCUMENT v3.24.0.1
Leases
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Leases

(5) Leases. The Company’s operating lease obligation is for two of its branch locations. as well as a third location expected to open in 2024 in North Miami Beach, Florida. Our leases have a weighted-average remaining lease term of approximately 7.2 years and do not offer options to extend the leases. The components of lease expense and other lease information are as follows (in thousands):

 Schedule of Components of Lease Cost

   2023   2022 
   For the year ended December 31, 
   2023   2022 
         
Operating lease cost  $343   $280 
Cash paid for amounts included in measurement of lease liabilities  $310   $261 

 

   2023   2022 
   At December 31 
   2023   2022 
         
Operating lease right-of-use assets   2,161    2,119 
Operating lease liabilities   2,248    2,172 
Weighted-average remaining lease term   7.2 years    8.4 years 
Weighted-average discount rate   4.3%   2.3%

 

(continued)

 

 

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY

 

Notes to Consolidated Financial Statements

 

(5) Leases. Continued Future minimum lease payments under non-cancellable leases, reconciled to our discounted operating lease liabilities are as follows (in thousands):

 

   At December 31, 2023 
2024  $321 
2025   329 
2026   343 
2027   370 
2028   379 
Thereafter   788 
Total future minimum lease payments   2,530 
Less imputed interest   (282)
Total operating lease liability  $2,248