LEASES

12 Months Ended

Dec. 31, 2023

14.

LEASES

The Company has operating leases for office space, which typically have terms of between 2 and 10 years. Rents usually increase annually in accordance with defined rent steps or based on current year consumer price index adjustments. When renewal options exist, the Company generally does not deem them to be reasonably certain to be exercised, and therefore the amounts are not recognized as part of the lease liability nor the ROU asset. As of December 31, 2023, the balance of the ROU assets was $4.3 million and the balance of the lease liabilities were $4.4 million. The ROU assets are included in other assets and the lease liabilities are included in other liabilities in the accompanying consolidated balance sheets.

	2023			2022
	(dollars in thousands)
Lease cost:
Operating lease cost	$	1,022		$	1,012
Sublease income		—			—
Total lease cost	$	1,022		$	1,012

Other information:
Cash paid for amounts included in the measurement of lease liabilities - operating leases	$	1,022		$	1,003
Weighted average remaining lease term in years - operating leases		6.3			7.0
Weighted average discount rate - operating leases		3.68	%		3.26	%

Future minimum operating lease payments as of December 31, 2023 are as follows (in thousands):

2024	$	1,041
2025		991
2026		891
2027		488
2028		314
Thereafter		1,240
Total future minimum lease payments	$	4,965
Less: remaining imputed interest		565
Total lease liabilities	$	4,400