LEASES

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

LEASES

NOTE 9 – LEASES

As of September 30, 2024, the Bank has noncancelable operating leases for office space that expire over the next eight years that require the payment of base lease amounts and executory costs such as taxes, maintenance, and insurance. As of September 30, 2024, the bank has six active operating leases. Rental expenses for leases were $284,000 and $94,000 for the three months ended September 30, 2024, and 2023, respectively. Rental expenses for leases were $740,000 and $270,000 for the nine months ended September 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):

	September 30,		December 31,
	2024		2023
Lease right-of-use assets
Operating lease right-of-use assets	$	4,301	$	1,819
Lease Liabilities
Operating lease liabilities	$	4,869	$	2,011

Approximate future minimum rental commitments under non-cancelable leases as of September 30, 2024, are (dollars in thousands): 

2024	$	217
2025		1,001
2026		877
2027		740
2028		621
2029		652
2030		622
2031		119
2032		20
Operating lease liabilities (present value of minimum lease payments)	$	4,869
Weighted-average remaining term (in years)		5.4
Weighted-average discount rate		2.86	%