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Leases (Tables)
12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Classification of Company's ROU assets and Lease Liabilities

The following table represents the consolidated statements of condition classification of the Company’s ROU assets and lease liabilities. The Company elected not to include short-term leases (i.e., leases with initial terms of twelve months or less), or equipment leases (deemed immaterial) on the consolidated statements of condition.

 

Lease Right-of-Use Assets

 

Classification on Consolidated Statement of Condition

 

December 31, 2022

 

 

December 31, 2021

 

Operating lease right-of-use assets

 

Other Assets

 

$

3,582

 

 

$

3,337

 

 

 

 

 

 

 

 

 

 

Lease Liabilities

 

Classification on Consolidated Statement of Condition

 

December 31, 2022

 

 

December 31, 2021

 

Operating lease liabilities

 

Accrued interest payable and other liabilities

 

$

3,716

 

 

$

3,424

 

Weighted Average Remaining Lease Term and Discount Rate for Operating Leases

 

 

 

 

December 31, 2022

 

 

December 31, 2021

 

Weighted-average remaining lease term for operating leases

 

9.62 Years

 

 

10.62 Years

 

Weighted-average discount rate for operating leases

 

 

6.00

%

 

 

6.00

%

Summary of Future Minimum Payments for Operating Leases

Future minimum payments for operating leases with initial or remaining terms of one year or more as of December 31, 2022 were as follows:

 

 

 

 

Operating Leases

 

January 1, 2023 - December 31 2023

 

 

 

$

756

 

January 1, 2024 - December 31 2024

 

 

 

 

723

 

January 1, 2025 - December 31 2025

 

 

 

 

584

 

January 1, 2026 - December 31 2026

 

 

 

 

459

 

January 1, 2027 - December 31 2027

 

 

 

 

411

 

Afterward

 

 

 

 

2,235

 

Total future minimum lease payments

 

 

5,168

 

Amounts representing Interest

 

 

(1,452

)

Present value of net future minimum lease payments

 

$

3,716