Leases (Tables)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Lease Portfolio and Other Supplemental Lease Information

The following tables summarize information related to the Company’s lease portfolio and other supplemental lease information as of and for the periods ended:

	September 30, 2024						December 31, 2023
	Operating			Finance			Operating			Finance
	(Dollars in thousands)						(Dollars in thousands)
ROU assets	$	5,719		$	—		$	587		$	—
Lease liabilities		5,719			1,523			587			—
Lease Term and Discount Rate:
Weighted-average remaining lease term (years)		13.90			14.67			5.85			—
Weighted-average discount rate(1)		7.81	%		8.12	%		4.79	%		—
(1) A lease implicit rate or incremental borrowing rate is used based on information available at commencement date of lease.

Components of Operating Lease Cost and Other Related Information

	Three months ended September 30,
(Dollars in thousands)	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	70	$	16
Operating cash flows from finance lease		13		—
ROU assets obtained in exchange for lease obligations:
Net operating lease cost		70		16
Finance lease cost:
Amortization of right-of-use assets		13		—
Interest on lease liabilities		25		—
Total lease cost	$	108	$	16
	Nine months ended September 30,
(Dollars in thousands)	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	131	$	38
Operating cash flows from finance lease		16		—
Financing cash flows from finance lease		1,539		—
ROU assets obtained in exchange for lease obligations:
Operating leases		5,263		—
Net operating lease cost		131		38
Finance lease cost:
Amortization of right-of-use assets		16		—
Interest on lease liabilities		31		—
Total lease cost	$	178	$	38

Schedule of Total Minimum Lease Payments Due In Future Periods For Lease Agreements

The total minimum lease payments due in future periods for lease agreements in effect at September 30, 2024 were as follows:

As of September 30, 2024	Future Minimum Lease Payments
(Dollars in thousands)	Operating			Finance
Remainder of 2024	$	162		$	38
2025		654			156
2026		666			160
2027		666			164
2028		651			168
Thereafter		7,038			2,022
Total minimum lease payments		9,837			2,708
Less: interest		(4,118	)		(1,185	)
Total lease liability	$	5,719		$	1,523