Leases (Tables)

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Information About Leases

The right-of-use asset and lease liability are included in “Other Assets” and “Other Liabilities”, respectively, in the Consolidated Balance Sheets. There were no new leases executed during the nine months ended September 30, 2023. The following tables present information about the Company’s leases:

(dollars in thousands)	September 30, 2023
Lease liabilities	$	1,353
Right-of-use assets	$	1,279
Weighted average remaining lease term	3.69 years
Weighted average discount rate		2.98	%

Lease Cost

	Three Months Ended September 30,				Nine Months September 30,
(dollars in thousands)	2023		2022		2023		2022
Operating lease cost	$	131	$	87	$	333	$	251
Total lease cost	$	131	$	87	$	333	$	251
Cash paid for amounts included in the measurement of lease liabilities	$	108	$	85	$	311	$	254

Maturity of Operating Lease Liabilities

A maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total of operating lease liabilities is as follows:

	As of
(dollars in thousands)	September 30, 2023
Three months ending December 31, 2023	$	107
Twelve months ending December 31, 2024		436
Twelve months ending December 31, 2025		395
Twelve months ending December 31, 2026		278
Thereafter		231
Total undiscounted cash flows	$	1,447
Discount		(94	)
Lease liabilities	$	1,353