Leases (Tables)

12 Months Ended

Dec. 31, 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 year ended December 31, 2023. The following tables present information about the Company’s leases:

(dollars in thousands)	December 31, 2023
Lease liabilities	$	1,248
Right-of-use assets	$	1,148
Weighted average remaining lease term	3.37 years
Weighted average discount rate		3.06	%

Lease Cost

	Years Ended December 31,
(dollars in thousands)	2023		2022
Operating lease cost	$	439	$	349
Total lease cost	$	439	$	349
Cash paid for amounts included in the measurement of lease liabilities	$	417	$	351

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)	December 31, 2023
Twelve months ending December 31, 2024	$	423
Twelve months ending December 31, 2025		382
Twelve months ending December 31, 2026		278
Twelve months ending December 31, 2027		208
Thereafter		24
Total undiscounted cash flows	$	1,315
Discount		(67	)
Lease liabilities	$	1,248