Premises and Equipment And Lease Commitments (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

A summary of the cost and accumulated depreciation of premises and equipment at December 31, 2022 and 2021 follows:

(dollars in thousands)	December 31,
	2022		2021
Land	$	4,957	$	4,957
Building and improvements	25,762		25,087
Furniture and equipment	11,000		10,150
Automobiles	121		168
Total cost	41,840		40,362
Less accumulated depreciation	(20,532)		(18,935)
Premises and equipment, net	$	21,308	$	21,427

Lease, Cost

The table below details the Right of Use asset (net of accumulated amortization), lease liability and other information related to the Company's operating leases:

(dollars in thousands)	December 31, 2022			December 31, 2021
Operating Leases
Operating lease right of use asset, net	$	5,920		$	6,124
Operating lease liability	$	6,202		$	6,343
Weighted average remaining lease term	15.7 years			17.2 years
Weighted average discount rate	3.51		%	3.51		%
Remaining lease term - min	4.5 years			6.3 years
Remaining lease term - max	22.0 years			23.0 years

The table below details the Company's lease cost, which is included in occupancy expense in the Consolidated Statements of Income.

(dollars in thousands)	December 31, 2022		December 31, 2021
Operating lease cost	$	611	$	635
Cash paid for lease liability	$	546	$	617

Schedule of operating lease liabilities

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

(dollars in thousands)	As of December 31, 2022
Lease payments due:
Within one year	$	574
After one but within two years	585
After two but within three years	622
After three but within four years	639
After four but within five years	609
After five years	5,236
Total undiscounted cash flows	8,265
Discount on cash flows	(2,063)
Total lease liability	$	6,202

Future minimum rental commitments under non-cancellable operating leases are as follows at December 31, 2022:

(dollar in thousands)
2023	$	574
2024	585
2025	622
2026	639
2027	609
Thereafter	5,236
Total	$	8,265