LEASES (Tables)

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Schedule of Leased Branch Properties

Leased branch properties at March 31, 2024 and December 31, 2023 consist of the following (in thousands):

	March 31, 2024		December 31, 2023
Operating lease right-of-use asset	$	5,648	$	6,449
Less: accumulated amortization	(200)		(801)
Less: lease termination	—		—
Add: new lease agreement and modifications	570		—
Operating lease right-of-use-assets, net	$	6,018	$	5,648

Schedule of Undiscounted Cash Flows of the Operating Lease Liabilities

The following is a schedule by year of the undiscounted cash flows of the operating lease liabilities, excluding CAM charges, as of March 31, 2024 (in thousands):

Year	Amount
2024	$	717
2025	959
2026	965
2027	977
2028	845
2029 and thereafter	2,590
Total minimum lease payments	7,053
Less: amount representing interest	(856)
Present value of net minimum lease payments	$	6,197

Schedule of Leases in Premises and Equipment

The Corporation has included these leases in premises and equipment as of March 31, 2024 and December 31, 2023 as follows (in thousands):

	March 31, 2024		December 31, 2023
Buildings	$	5,572	$	5,572
Less: accumulated depreciation	(2,955)		(2,872)
Net book value	$	2,617	$	2,700

Schedule of Future Minimum Financial Lease Payments

The following is a schedule by year of future minimum lease payments under the capitalized lease, together with the present value of net minimum lease payments as of March 31, 2024 (in thousands):

Year	Amount
2024	$	293
2025	409
2026	425
2027	428
2028	428
2029 and thereafter	1,560
Total minimum lease payments	3,543
Less: amount representing interest	(564)
Present value of net minimum lease payments	$	2,979