Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

Note 8 – Leases

The Bank has noncancelable operating leases for office space that expire over the next seven years that require the payment of base lease amounts and executory costs such as taxes, maintenance, and insurance. At September 30, 2023, the bank had one active operating lease. Rental expenses for leases was $365,000 and $516,000 for the years ended December 31, 2023, and 2022 respectively.

The following presents the classification of the right-of-use assets and corresponding liabilities as of the December 31 (dollars

in thousands):

	December 31,
	2023		2022
Lease right-of-use assets
Operating lease right-of-use assets	$	1,819	$	2,067
Lease Liabilities
Operating lease liabilities	$	2,011	$	2,153

Approximate future minimum rental commitments under noncancelable leases as of December 31, 2023, are (dollars in thousands):

2024	$	325
2025		360
2026		366
2027		372
2028		377
2029		383
2030		161
Total minimum lease payments		2,344
Amounts representing interest (present value discount)		(333	)
Operating lease liabilities (present value of minimum lease payments)	$	2,011

Weighted-average remaining term (in years)	6.4
Weighted-average discount rate	4.70	%