LEASES

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

LEASES

NOTE 9 – LEASES

As of June 30, 2024, 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. As of June 30, 2024, the bank has 6 active operating leases. Rental expenses for leases were $290,000 and $91,000 for the three months ended June 30, 2024, and 2023, respectively. Rental expenses for leases were $457,000 and $176,000 for the six months ended June 30, 2024, and 2023, respectively.

The following presents the classification of the right-of-use assets and corresponding liabilities as of the dates presented (dollars in thousands):

	June 30,		December 31,
	2024		2023
Lease right-of-use assets
Operating lease right-of-use assets	$	4,373	$	1,819
Lease Liabilities
Operating lease liabilities	$	4,958	$	2,011

Approximate future minimum rental commitments under noncancelable leases as of June 30, 2024, are (dollars in thousands):

2024	$	422
2025		902
2026		851
2027		740
2028		621
2029		652
2030		640
2031		119
2032		20
Operating lease liabilities (present value of minimum lease payments)	$	4,958
Weighted-average remaining term (in years)		5.8
Weighted-average discount rate		2.82	%