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Leases
 6 Months Ended
Jun. 30, 2024
Leases [Abstract]  
Leases Leases
At the inception of a contract, an entity should determine whether the contract contains a lease. Topic 842 defines a lease as a contract, or part of a contract, that conveys the right to control the use of identified property, plant, or equipment (an identified asset) for a period of time in exchange for consideration. Control over the use of an identified asset means that the customer
has both (1) the right to obtain substantially all of the economic benefits from the use of the asset and (2) the right to direct the use of the asset.

The Bank has finance leases for branch offices as well as operating leases for branch offices, ATM locations and certain office equipment. The right-of-use asset is included in the ‘Premises, Furniture and Equipment, Net’ line of the Consolidated Balance Sheet. The lease liability is included in the ‘Accrued Interest Payable and Other Liabilities’ line of the Consolidated Balance Sheet.

The Company used the implicit lease rate when determining the present value of lease payments for finance leases. The present value of lease payments for operating leases was determined using the incremental borrowing rate as of the date the Company adopted this standard.

The components of lease expense were as follows:
Three Months EndedThree Months Ended
June 30, 2024June 30, 2023
Finance Lease Cost:
Amortization of Right-of -Use Assets$53 $52 
Interest on Lease Liabilities71 77 
Operating Lease Cost335 363 
Short-term Lease Cost— — 
Total Lease Cost$459 $492 
Six Months EndedSix Months Ended
June 30, 2024June 30, 2023
Finance Lease Cost:
Amortization of Right-of -Use Assets$105 $105 
Interest on Lease Liabilities143 155 
Operating Lease Cost684 736 
Short-term Lease Cost— — 
Total Lease Cost$932 $996 

The weighted average lease term and discount rates were as follows:
June 30, 2024June 30, 2023
Weighted Average Remaining Lease Term:
Finance Leases8 years9 years
Operating Leases6 years7 years
Weighted Average Discount Rate:
Finance Leases11.36 %11.39 %
Operating Leases3.10 %2.84 %
Supplemental balance sheet information related to leases were as follows:
June 30, 2024June 30, 2023
Finance Leases
Premises, Furniture and Equipment, Net$1,543 $1,753 
Other Borrowings2,526 2,753 
Operating Leases
Operating Lease Right-of-Use Assets$4,543 $5,674 
Operating Lease Liabilities4,708 5,816 

Supplemental cash flow information related to leases were as follows:
Six Months EndedSix Months Ended
June 30, 2024June 30, 2023
Cash paid for amounts in the Measurement of Lease Liabilities:
Operating Cash Flows from Finance Leases$143 $155 
Operating Cash Flows from Operating Leases675 722 
Financing Cash Flows from Finance Leases127 101 

The following table presents a maturity analysis of Finance and Operating Lease Liabilities:
June 30, 2024
Finance LeasesOperating Leases
Year 1$519 $1,225 
Year 2519 903 
Year 3519 756 
Year 4445 627 
Year 5438 566 
Thereafter1,290 1,232 
Total Lease Payments3,730 5,309 
Less Imputed Interest(1,204)(601)
Total$2,526 $4,708 
Leases Leases
At the inception of a contract, an entity should determine whether the contract contains a lease. Topic 842 defines a lease as a contract, or part of a contract, that conveys the right to control the use of identified property, plant, or equipment (an identified asset) for a period of time in exchange for consideration. Control over the use of an identified asset means that the customer
has both (1) the right to obtain substantially all of the economic benefits from the use of the asset and (2) the right to direct the use of the asset.

The Bank has finance leases for branch offices as well as operating leases for branch offices, ATM locations and certain office equipment. The right-of-use asset is included in the ‘Premises, Furniture and Equipment, Net’ line of the Consolidated Balance Sheet. The lease liability is included in the ‘Accrued Interest Payable and Other Liabilities’ line of the Consolidated Balance Sheet.

The Company used the implicit lease rate when determining the present value of lease payments for finance leases. The present value of lease payments for operating leases was determined using the incremental borrowing rate as of the date the Company adopted this standard.

The components of lease expense were as follows:
Three Months EndedThree Months Ended
June 30, 2024June 30, 2023
Finance Lease Cost:
Amortization of Right-of -Use Assets$53 $52 
Interest on Lease Liabilities71 77 
Operating Lease Cost335 363 
Short-term Lease Cost— — 
Total Lease Cost$459 $492 
Six Months EndedSix Months Ended
June 30, 2024June 30, 2023
Finance Lease Cost:
Amortization of Right-of -Use Assets$105 $105 
Interest on Lease Liabilities143 155 
Operating Lease Cost684 736 
Short-term Lease Cost— — 
Total Lease Cost$932 $996 

The weighted average lease term and discount rates were as follows:
June 30, 2024June 30, 2023
Weighted Average Remaining Lease Term:
Finance Leases8 years9 years
Operating Leases6 years7 years
Weighted Average Discount Rate:
Finance Leases11.36 %11.39 %
Operating Leases3.10 %2.84 %
Supplemental balance sheet information related to leases were as follows:
June 30, 2024June 30, 2023
Finance Leases
Premises, Furniture and Equipment, Net$1,543 $1,753 
Other Borrowings2,526 2,753 
Operating Leases
Operating Lease Right-of-Use Assets$4,543 $5,674 
Operating Lease Liabilities4,708 5,816 

Supplemental cash flow information related to leases were as follows:
Six Months EndedSix Months Ended
June 30, 2024June 30, 2023
Cash paid for amounts in the Measurement of Lease Liabilities:
Operating Cash Flows from Finance Leases$143 $155 
Operating Cash Flows from Operating Leases675 722 
Financing Cash Flows from Finance Leases127 101 

The following table presents a maturity analysis of Finance and Operating Lease Liabilities:
June 30, 2024
Finance LeasesOperating Leases
Year 1$519 $1,225 
Year 2519 903 
Year 3519 756 
Year 4445 627 
Year 5438 566 
Thereafter1,290 1,232 
Total Lease Payments3,730 5,309 
Less Imputed Interest(1,204)(601)
Total$2,526 $4,708