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PREMISES AND EQUIPMENT | 9 Months Ended
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Sep. 30, 2024
PREMISES AND EQUIPMENT |
PREMISES AND EQUIPMENT | NOTE 9: PREMISES AND EQUIPMENT Major classifications of premises and equipment, stated at cost, were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, | ​ | December 31,
​ |  | 2024 |  | 2023
​ | ​ | (In Thousands)
Land | ​ | $ | 39,269 | ​ | $ | 39,617
Buildings and improvements | ​ |  | 107,358 | ​ |  | 107,602
Furniture, fixtures and equipment | ​ |  | 69,403 | ​ |  | 70,162
Operating leases right of use asset | ​ |  | 6,650 | ​ |  | 6,621
​ | ​ |  | 222,680 | ​ |  | 224,002
Less: accumulated depreciation | ​ |  | 89,369 | ​ |  | 85,411
| ​ | $ | 133,311 | ​ | $ | 138,591
​ 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 September 30, 2024, the lease right of use asset value was $6.6 million and the corresponding lease liability was $6.9 million. As of December 31, 2023, the lease right of use asset value was $6.6 million and the corresponding lease liability was $6.9 million. At September 30, 2024, expected lease terms ranged from 2.8 years to 14.2 years with a weighted-average lease term of 7.1 years. The weighted-average discount rate at September 30, 2024 was 4.03%. For the three months ended September 30, 2024 and 2023, lease expense was $408,000 and $446,000, respectively. For the nine months ended September 30, 2024 and 2023, lease expense was $1.3 million and $1.3 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. The total lease expense related to ATMs for the three months ended September 30, 2024 and 2023 was $87,000 and $84,000, respectively. The total lease expense related to ATMs for the nine months ended September 30, 2024 and 2023 was $258,000 and $234,000, 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 September 30, 2024 and 2023, income recognized from these lease agreements was $303,000 and $326,000, respectively, and was included in occupancy and equipment expense. In the nine months ended September 30, 2024 and 2023, income recognized from these lease agreements was $984,000 and $975,000, respectively, and was included in occupancy and equipment expense. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, 2024 |  | December 31, 2023
​ | ​ | (In Thousands)
Statement of Financial Condition | ​ | ​ | ​ | ​ | ​ | ​
Operating leases right of use asset | ​ | $ | 6,650 | ​ | $ | 6,621
Operating leases liability | ​ | $ | 6,878 | ​ | $ | 6,870
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | For the Three Months Ended
​ | ​ | September 30, 2024 |  | September 30, 2023
​ | ​ | (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) | ​ | $ | 408 | ​ | $ | 446
​ | ​ | ​ | ​ | ​ | ​ | ​
Supplemental Cash Flow Information | ​ | ​ | ​ | ​ | ​ | ​
Cash paid for amounts included in the measurement of lease liabilities: | ​ | ​ | ​ | ​ | ​ | ​
Operating cash flows from operating leases | ​ | $ | 404 | ​ | $ | 439
Right of use assets obtained in exchange for lease obligations: | ​ | ​ | ​ | ​ | ​ | ​
Operating leases | ​ | ​ | — | ​ | ​ | —
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Nine Months Ended
​ |  | September 30, 2024 |  | September 30, 2023
​ | ​ | (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) | ​ | $ | 1,303 | ​ | $ | 1,289
​ | ​ | ​ | ​ | ​ | ​ | ​
Supplemental Cash Flow Information | ​ |  | ​ | ​ | ​ | ​
Cash paid for amounts included in the measurement of lease liabilities: | ​ |  | ​ | ​ | ​ | ​
Operating cash flows from operating leases | ​ | $ | 1,282 | ​ | $ | 1,234
Right of use assets obtained in exchange for lease obligations: | ​ |  | ​ | ​ | ​ | ​
Operating leases | ​ | ​ | 814 | ​ | ​ | 296
​ At September 30, 2024, future expected lease payments for leases with terms exceeding one year were as follows (In Thousands): ​
​ | ​ | ​ | ​
2024 |  | $ | 382
2025 | ​ |  | 1,313
2026 | ​ |  | 1,338
2027 | ​ |  | 1,289
2028 | ​ |  | 1,019
2029 | ​ | ​ | 663
Thereafter | ​ |  | 1,988
​ | ​ | ​ | ​
Future lease payments expected | ​ |  | 7,992
​ | ​ | ​ | ​
Less: interest portion of lease payments | ​ |  | (1,114)
​ | ​ | ​ | ​
Lease liability | ​ | $ | 6,878
​

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