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LEASES | 9 Months Ended
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Sep. 30, 2023
Leases [Abstract] |
Leases | NOTE 6 – LEASES Operating leases in which the Company is the lessee are recorded as operating lease right of use (“ROU”) assets and operating liabilities, included in other assets and liabilities, respectively, on its Consolidated Statement of Financial Condition. The Company’s operating leases primarily relate to banking offices with remaining lease terms from 1 to 42 years. The Company’s leases are not complex and do not contain residual value guarantees, variable lease payments, or significant assumptions or judgments made in applying the requirements of Topic 842. Operating leases with an initial term of 12 months or less are not recorded on the Consolidated Statement of Financial Condition and the related lease expense is recognized on a straight-line basis over the lease term. At September 30, 2023, the operating lease ROU assets and liabilities were $ 23.8 million and $ 24.2 million, respectively. At December 31, 2022, ROU assets and liabilities were $ 22.3 million and $ 22.7 million, respectively. The Company does not have any finance leases or any significant lessor agreements. The table below summarizes our lease expense and other information related to the Company’s operating leases. Three Months Ended Nine Months Ended September 30, September 30, (Dollars in Thousands) 2023 2022 2023 2022 Operating lease expense $ 710 $ 427 $ 2,114 $ 1,202 Short-term lease expense 167 158 438 495 Total lease expense $ 877 $ 585 $ 2,552 $ 1,697 Other information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 720 $ 439 $ 2,131 $ 1,303 Right-of-use assets obtained in exchange for new operating lease liabilities 55 2,406 3,048 3,598 Weighted average remaining lease term — operating leases (in years) 18.4 22.0 18.4 22.0 Weighted average discount rate — operating leases 3.3% 2.2% 3.3% 2.2% The table below summarizes the maturity of remaining lease liabilities: (Dollars in Thousands) September 30, 2023 2023 $ 955 2024 2,723 2025 2,487 2026 2,336 2027 2,246 2028 and thereafter 21,045 Total $ 31,792 Less: Interest (7,613) Present Value of Lease liability $ 24,179 At September 30, 2023, the Company had one additional operating lease obligation for a banking office that has not yet commenced. A related party is the lessor in an operating lease with the Company. The Company’s minimum payment is $ 0.1 million annually through 2052, for an aggregate remaining obligation of $ 2.3 million at September 30, 2023.

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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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