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Note 24 - Leases | 9 Months Ended
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Sep. 30, 2023
Notes to Financial Statements |
Lessee, Operating Leases [Text Block] |
(24) | Leases
Bancorp has operating leases for various locations with terms ranging from approximately six months to 17 years, several of which include options to extend the leases in five-year increments. A total of four operating leases were added as a result of the CB acquisition in 2022. Options reasonably expected to be exercised are included in determination of the right-of-use asset. Bancorp elected to use a practical expedient to expense short-term lease obligations associated with leases with original terms of 12 months or less. Bancorp elected not to separate non-lease components from lease components for its operating leases. The right-of-use lease asset and operating lease liability are recorded in premises and equipment and other liabilities on the consolidated balance sheet. Balance sheet, income statement and cash flow detail regarding operating leases follows:
(dollars in thousands) |  | September 30, 2023 |  |  | December 31, 2022 |
Balance Sheet |  |  |  |  |  |  |  |
Operating lease right-of-use asset |  | $ | 17,720 |  |  | $ | 19,694 |
Operating lease liability |  |  | 18,947 |  |  |  | 21,008 |
Weighted average remaining lease term (years) |  |  | 9.3 |  |  |  | 9.0 |
Weighted average discount rate |  |  | 2.70 | % |  |  | 2.57 | %
Maturities of lease liabilities: |  |  |  |  |  |  |  |
One year or less |  | $ | 872 |  |  | $ | 3,453 |
Year two |  |  | 3,345 |  |  |  | 3,293 |
Year three |  |  | 2,676 |  |  |  | 2,739 |
Year four |  |  | 2,168 |  |  |  | 2,339 |
Year five |  |  | 2,018 |  |  |  | 2,245 |
Greater than five years |  |  | 10,496 |  |  |  | 9,559 |
Total lease payments |  | $ | 21,575 |  |  | $ | 23,628 |
Less imputed interest |  |  | 2,628 |  |  |  | 2,620 |
Total |  | $ | 18,947 |  |  | $ | 21,008 |
|  | Three months ended |  |  | Three months ended |
(in thousands) |  | September 30, 2023 |  |  | September 30, 2022 |
Income Statement |  |  |  |  |  |  |  |
Components of lease expense: |  |  |  |  |  |  |  |
Operating lease cost |  | $ | 815 |  |  | $ | 793 |
Variable lease cost |  |  | 96 |  |  |  | 57 |
Less sublease income |  |  | 25 |  |  |  | 24 |
Total lease cost |  | $ | 886 |  |  | $ | 826 |
|  | Nine months ended |  |  | Nine months ended |
(in thousands) |  | September 30, 2023 |  |  | September 30, 2022 |
Income Statement |  |  |  |  |  |  |  |
Components of lease expense: |  |  |  |  |  |  |  |
Operating lease cost |  | $ | 2,492 |  |  | $ | 2,241 |
Variable lease cost |  |  | 235 |  |  |  | 172 |
Less sublease income |  |  | 75 |  |  |  | 72 |
Total lease cost |  | $ | 2,652 |  |  | $ | 2,341 |
|  | Nine months ended |  |  | Nine months ended |
(in thousands) |  | September 30, 2023 |  |  | September 30, 2022 |
Cash flow Statement |  |  |  |  |  |  |  |
Supplemental cash flow information: |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 3,111 |  |  | $ | 2,746 |
As of September 30, 2023, Bancorp had entered into one lease agreement that had yet to commence.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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