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PREMISES AND EQUIPMENT | 3 Months Ended
--- | ---
Mar. 31, 2022
Premises and Equipment |
Premises and Equipment | NOTE 9: PREMISES AND EQUIPMENT Major classifications of premises and equipment, stated at cost, were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, | ​ | December 31,
​ |  | 2022 |  | 2021
​ | ​ | (In Thousands)
Land |  | $ | 39,497 | ​ | $ | 39,440
Buildings and improvements | ​ |  | 101,501 | ​ |  | 101,207
Furniture, fixtures and equipment | ​ |  | 58,415 | ​ |  | 57,982
Operating leases right of use asset | ​ |  | 7,493 | ​ |  | 7,715
| ​ |  | 206,906 | ​ |  | 206,344
Less: accumulated depreciation | ​ |  | 75,164 | ​ |  | 73,611
| ​ | $ | 131,742 | ​ | $ | 132,733
​ 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 March 31, 2022, the lease right of use asset value was $7.5 million and the corresponding lease liability was $7.7 million. 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. At March 31, 2022, expected lease terms range from 1.0 years to 16.7 years with a weighted-average lease term of 9.1 years. The weighted-average discount rate was 3.44%. For the three months ended March 31, 2022 and 2021, lease expense was $369,000 and $374,000, 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 for the three months ended March 31, 2022 and 2021 was $69,000 and $66,000, respectively. ​ The Company does not sublease any of its leased facilities; however, it does lease to other 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 three months ended March 31, 2022 and 2021, income recognized from these lease agreements was $294,000 and $291,000, respectively, and was included in occupancy and equipment expense. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2022 |  | December 31, 2021
​ | ​ | (In Thousands)
Statement of Financial Condition | ​ | ​ | ​ |  | ​ | ​
Operating leases right of use asset | ​ | $ | 7,493 | ​ | $ | 7,716
Operating leases liability | ​ | $ | 7,672 | ​ | $ | 7,886
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months Ended
​ | ​ | March 31, 2022 | ​ | March 31, 2021
​ | ​ | (In Thousands)
Statement of Income | ​ | ​ | ​ | ​ | ​ | ​
Operating lease costs classified as occupancy and equipment expense (includes short-term lease costs and amortization of right of use asset) | ​ | $ | 369 | ​ | $ | 374
​ | ​ | ​ | ​ | ​ | ​ | ​
Supplemental Cash Flow Information | ​ | ​ | ​ | ​ |  | ​
Cash paid for amounts included in the measurement of lease liabilities: | ​ | ​ | ​ | ​ |  | ​
Operating cash flows from operating leases | ​ | $ | 360 | ​ | $ | 361
​ At March 31, 2022, future expected lease payments for leases with terms exceeding one year were as follows (In Thousands): ​
​ | ​ | ​ | ​
2022 | ​ | $ | 842
2023 | ​ |  | 1,094
2024 | ​ |  | 1,013
2025 | ​ |  | 990
2026 | ​ |  | 923
2027 | ​ | ​ | 885
Thereafter | ​ |  | 3,179
​ | ​ | ​ | ​
Future lease payments expected | ​ |  | 8,926
​ | ​ | ​ | ​
Less: interest portion of lease payments | ​ |  | (1,254)
​ | ​ | ​ | ​
Lease liability | ​ | $ | 7,672
​

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