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Premises and Equipment

12 Months Ended

Dec. 31, 2021

Premises and Equipment

Premises and Equipment

Note 6:      Premises and Equipment

Major classifications of premises and equipment at December 31, 2021 and 2020, stated at cost, were as follows:

​

​	​	​	​	​	​	​
​		2021			2020
​	​	(In Thousands)
​	​	​	​	​	​	​
Land	​	$	39,440	​	$	40,652
Buildings and improvements	​		101,207	​		100,187
Furniture, fixtures and equipment	​		57,982	​		59,226
Operating leases right of use asset	​		7,715	​		8,536
​	​		206,344	​		208,601
Less accumulated depreciation	​		73,611	​		69,431
​	​	​	​	​	​	​
​	​	$	132,733	​	$	139,170

​

Leases. The Company adopted ASU 2016-02, Leases (Topic 842), on January 1, 2019, using the modified retrospective transition approach whereby comparative periods were not restated. The Company also elected certain relief options under the ASU, including the option not to recognize right of use asset and lease liabilities that arise from short-term leases (leases with terms of twelve months or less). Adoption of this ASU resulted in the Company initially recognizing a right of use asset and corresponding lease liability of $9.5 million as of January 1, 2019. The amount of the right of use asset and corresponding lease liability will fluctuate based on the Company’s lease terminations, new leases and lease modifications and renewals. As of December 31, 2021, the lease right of use asset value was $7.7 million and the corresponding lease liability was $7.9 million. As of December 31, 2020, the lease right of use asset value was $8.5 million and the corresponding lease liability was $8.7 million. At December 31, 2021, expected lease terms range from 1.3 years to 16.9 years with a weighted-average lease term of 9.3 years. The weighted-average discount rate was 3.44%.

For the years ended December 31, 2021, 2020 and 2019, lease expense was $1.5 million, $1.6 million and $1.5 million, respectively. The Company’s short-term leases related to offsite ATMs have both fixed and variable lease payment components, based on the number of transactions at the various ATMs. The variable portion of these lease payments is not material and the total lease expense related to ATMs was $ 307,000, $ 275,000 and $ 286,000 for the years ended December 31, 2021, 2020 and 2019, respectively.

The Company does not sublease any of its leased facilities; however, it does lease to other third parties portions of facilities that it owns. In terms of being the lessor in these circumstances, all of these lease agreements are classified as operating leases. In the years ended December 31, 2021, 2020, and 2019, income recognized from these lease agreements was $1.2 million, $1.2 million, and $1.1 million respectively, and was included in occupancy and equipment expense.

​

​	​	​	​	​	​	​
​	​	At or For the Year Ended
​		December 31, 2021			December 31, 2020
​	​	(In Thousands)
Statement of Financial Condition		​		​	​	​
Operating leases right of use asset	​	$	7,716	​	$	8,536
Operating leases liability	​	$	7,886	​	$	8,661
​	​	​	​	​	​	​
Statement of Income	​		​	​		​
Operating lease costs classified as occupancy and equipment expense	​	$	1,529	​	$	1,572
(includes short-term lease costs and amortization of right of use asset)	​	​	​	​	​	​
​	​	​	​	​	​	​
Supplemental Cash Flow Information	​		​	​		​
Cash paid for amounts included in the measurement of lease liabilities:	​		​	​		​
Operating cash flows from operating leases	​	$	1,483	​	$	1,526
Right of use assets obtained in exchange for lease obligations:	​		​	​		​
Operating leases	​	$	74	​	$	972

​

At December 31, 2021, future expected lease payments for leases with terms exceeding one year were as follows (in thousands):

​

​	​	​	​
2022		$	1,116
2023	​		1,088
2024	​		1,005
2025	​		979
2026	​		912
Thereafter	​		4,015
​	​	​	​
Future lease payments expected	​		9,115
​	​	​	​
Less interest portion of lease payments	​		(1,229)
​	​	​	​
Lease liability	​	$	7,886

​

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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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