Leases (Tables)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Information about leases

The following tables present information about the Company’s leases.

($ in thousands)	September 30, 2024			December 31, 2023
Lease liabilities	$	11,816		$	12,857
Right-of-use assets	$	11,384		$	12,487
Weighted average remaining lease term	10.51 years			10.88 years
Weighted average discount rate	3.27		%	3.24		%
Remaining lease term - min	0.08 years			0.39 years
Remaining lease term - max	16.93 years			17.68 years

	Three Months Ended September 30,				Nine Months Ended September 30,
Lease cost ($ in thousands)	2024		2023		2024		2023
Operating lease cost	$	473	$	485	$	1,445	$	1,153
Total lease cost	$	473	$	485	$	1,445	$	1,153
Cash paid for amounts included in the measurement of lease liabilities	$	449	$	459	$	1,367	$	1,090

Operating lease liabilities

A maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total of operating lease liabilities is as follows:

Lease payments due ($ in thousands)	As of September 30, 2024
Three months ending December 31, 2024	$	431
2025	1,648
2026	1,636
2027	1,517
2028	1,467
Thereafter	7,233
Total undiscounted cash flows	$	13,932
Discount	2,116
Lease liabilities	$	11,816

Minimum future annual rental income

The following table presents our minimum future annual rental income on such leases as of September 30, 2024.

($ in thousands)	As of September 30, 2024
Three months ending December 31, 2024	$	224
2025	904
2026	927
2027	614
2028	632
Thereafter	2,478
Total	$	5,779