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PREMISES AND EQUIPMENT

12 Months Ended

Dec. 31, 2024

PREMISES AND EQUIPMENT

PREMISES AND EQUIPMENT

Note 5:      Premises and Equipment

Major classifications of premises and equipment at December 31, 2024 and 2023, stated at cost, were as follows:

​

​	​	​	​	​	​	​
​		2024			2023
​	​	(In Thousands)
​	​	​	​	​	​	​
Land	​	$	39,340	​	$	39,617
Buildings and improvements	​		107,525	​		107,602
Furniture, fixtures and equipment	​		69,916	​		70,162
Operating leases right of use asset	​		6,390	​		6,621
​	​		223,171	​		224,002
Less accumulated depreciation	​		90,705	​		85,411
​	​	$	132,466	​	$	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 December 31, 2024, the lease right of use asset value was $6.4 million and the corresponding lease liability was $6.6 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 December 31, 2024, expected lease terms ranged from 2.6 years to 13.9 years with a weighted-average lease term of 6.9 years. The weighted-average discount rate was 4.03%.

For the years ended December 31, 2024, 2023 and 2022, lease expense was $1.7 million, $1.7 million and $1.6 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 $343,000, $317,000 and $307,000 for the years ended December 31, 2024, 2023 and 2022, 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, 2024, 2023 and 2022, income recognized from these lease agreements was $1.3 million, $1.3 million, and $1.2 million respectively, and was included in occupancy and equipment expense.

​

​	​	​	​	​	​	​
​	​	At or For the Year Ended
​		December 31, 2024			December 31, 2023
​	​	(In Thousands)
Statement of Financial Condition		​		​	​	​
Operating leases right of use asset	​	$	6,390	​	$	6,621
Operating leases liability	​	$	6,621	​	$	6,870
​	​	​	​	​	​	​
Statement of Income	​		​	​		​
Operating lease costs classified as occupancy and equipment expense	​	$	1,735	​	$	1,740
(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	​	$	1,717	​	$	1,681
Right of use assets obtained in exchange for lease obligations:	​		​	​		​
Operating leases	​	$	814	​	$	296

​

At December 31, 2024, future expected lease payments for leases with terms exceeding one year were as follows (in thousands):

​

​	​	​	​
2025		$	1,313
2026	​		1,338
2027	​		1,289
2028	​		1,019
2029	​		663
Thereafter	​		1,988
​	​	​	​
Future lease payments expected	​		7,610
​	​	​	​
Less interest portion of lease payments	​		(989)
​	​	​	​
Lease liability	​	$	6,621

​

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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.

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