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Premises and Equipment

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Premises and Equipment

Note 5 – Premises and Equipment

Premises and equipment are summarized as follows:

		Estimated Useful Life (Years)		2021				2020
		(dollars in thousands)
Land		-		$	7,232			$	7,232
Buildings		10-25			10,509				15,159
Furniture, fixtures and equipment		3-7			24,137				40,930
Leasehold improvements		10-20			27,343				28,860
Subtotal					69,221				92,181
Less: accumulated depreciation, amortization and fair value adjustments					40,189				62,073
Total premises and equipment, net				$	29,032			$	30,108

Depreciation and amortization expense of premises and equipment was $3.8 million, $4.2 million and $3.1 million for 2021, 2020 and 2019, respectively.

Finance Leases: The Company acquired a lease agreement for a building under a finance lease. The lease arrangement requires monthly payments through 2028.

The Company has included this lease in premises and equipment as follows:

		2021				2020
		(dollars in thousands)
Capital Lease		$	3,423			$	3,408
Less: accumulated amortization			2,224				2,038
		$	1,199			$	1,370

The following is a schedule by year of future minimum lease payments under the finance lease, together with the present value of net minimum lease payments as of December 31, 2021 (dollars in thousands):

2022	$	321
2023		323
2024		353
2025		353
2026		353
Thereafter		676
Total minimum lease payments		2,379
Less amount representing interest		444
Present value of net minimum lease payments	$	1,935

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Table of Contents

CONNECTONE BANCORP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 5 – Premises and Equipment – (continued)

The Company leases certain premises and equipment under operating leases. As of December 31, 2021, the Company had lease liabilities totaling $12.4 million and right-of-use assets totaling $11.0 million. As of December 31, 2021, the weighted average remaining lease term for operating leases was 5.8 years and the weighted average discount rate used in the measurement of operating lease liabilities was 2.8%. Total lease costs for the year ended December 31, 2021 was $3.2 million.

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

		December 31, 2021
		(dollars in thousands)
Lease payments due:
Less than 1 year		$	2,807
1 year through less than 2 years			2,586
2 years through less than 3 years			2,065
3 years through less than 4 years			1,773
4 years through 5 years			1,668
After 5 years			2,680
Total undiscounted cash flows			13,579
Impact of discounting			(1,162	)
Total lease liability		$	12,417

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- References

No definition available.

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- Definition

The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 958
-SubTopic 360
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99893-112916

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-URI http://asc.fasb.org/topic&trid=2155823

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 958
-SubTopic 360
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=120429125&loc=SL120174063-112916

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 958
-SubTopic 360
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99779-112916

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