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PREMISES AND EQUIPMENT

3 Months Ended

Mar. 31, 2023

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,
​		2023			2022
​	​	(In Thousands)
Land		$	39,617	​	$	39,622
Buildings and improvements	​		105,572	​		105,096
Furniture, fixtures and equipment	​		68,493	​		67,505
Operating leases right of use asset	​		7,452	​		7,397
​	​		221,134	​		219,620
Less: accumulated depreciation	​		79,649	​		78,550
	​	$	141,485	​	$	141,070

​

Leases. In 2019, the Company adopted ASU 2016 02, Leases (Topic 842). Adoption of this ASU resulted in the Company initially recognizing a right of use asset and corresponding lease liability of $9.5 million. 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, 2023, the lease right of use asset value was $7.5 million and the corresponding lease liability was $7.7 million. As of December 31, 2022, the lease right of use asset value was $7.4 million and the corresponding lease liability was $7.6 million. At March 31, 2023, expected lease terms ranged from 1.1 years to 15.7 years with a weighted-average lease term of 7.4 years. The weighted-average discount rate at March 31, 2023 was 3.75%.

For the three months ended March 31, 2023 and 2022, lease expense was $411,000 and $369,000, 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, 2023 and 2022 was $72,000 and $69,000, 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, 2023 and 2022, income recognized from these lease agreements was $324,000 and $294,000, respectively, and was included in occupancy and equipment expense.

​

​	​	​	​	​	​	​
​		March 31, 2023			December 31, 2022
​	​	(In Thousands)
Statement of Financial Condition	​	​	​		​	​
Operating leases right of use asset	​	$	7,452	​	$	7,397
Operating leases liability	​	$	7,660	​	$	7,599
​	​	​	​	​	​	​
​		For the Three Months Ended
​	​	March 31, 2023			March 31, 2022
​	​	(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)	​	$	411	​	$	369
​	​	​	​	​	​	​
Supplemental Cash Flow Information	​	​	​	​		​
Cash paid for amounts included in the measurement of lease liabilities:	​	​	​	​		​
Operating cash flows from operating leases	​	$	405	​	$	360
Right of use assets obtained in exchange for lease obligations:	​	​	​	​		​
Operating leases	​		296	​	​	—

​

At March 31, 2023, future expected lease payments for leases with terms exceeding one year were as follows (In Thousands):

​

​	​	​	​
2023		$	1,006
2024	​		1,313
2025	​		1,297
2026	​		1,241
2027	​		1,173
2028	​	​	900
Thereafter	​		1,899
​	​	​	​
Future lease payments expected	​		8,829
​	​	​	​
Less: interest portion of lease payments	​		(1,169)
​	​	​	​
Lease liability	​	$	7,660

​

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- References

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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 https://asc.fasb.org/extlink&oid=126982197&loc=d3e99893-112916

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-URI https://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 https://asc.fasb.org/extlink&oid=126982197&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 https://asc.fasb.org/extlink&oid=126982197&loc=d3e99779-112916

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