XML 33 R18.htm IDEA: XBRL DOCUMENT v3.22.4
Leases
 12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Leases Leases
Mid Penn has operating and finance leases for certain premises and equipment.
Operating and finance lease ROU assets, as well as operating lease liabilities, are presented as separate line items on the Consolidated Balance Sheet, while finance lease liabilities are classified as a component of long-term debt.
Supplemental consolidated balance sheet information for each of the lease classifications as of December 31 was as follows:
20222021
(Dollars in thousands)Operating
Leases 		Finance
Lease 		Operating
Leases 		Finance
Lease
ROU$8,798$2,907$9,055$3,087
Lease liability9,7253,29011,3633,380
Weighted average remaining lease term (in years)6.3016.177.0317.17
Weighted average discount rate3.25 %3.81 %3.12 %3.81 %
Interest expense on finance lease liabilities is included in other interest expense, while all other lease costs are included in occupancy expense on Mid Penn’s Consolidated Statements of Income. Following is a summary of lease costs during the years ended December 31:
(In thousands)202220212020
Finance lease cost:
Amortization of ROU asset$180 $180 $180 
Interest expense on lease liability127 130 133 
Total finance lease cost307 310 313 
Operating lease cost2,057 2,002 2,061 
Short-term and equipment lease costs— 29 40 
Sublease income(24)(27)(21)
Total lease costs$2,340 $2,314 $2,393 
The rental expense paid to related parties was $274 thousand for both 2022 and 2021 and $269 thousand in 2020.
Supplemental cash flow information related to operating and finance leases for the years ended December 31 was as follows:
(In thousands)2022 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases$127 $130 
Operating cash flows from operating leases2,939 2,113 
Financing cash flows from finance leases9087
A maturity analysis of operating and finance lease liabilities and a reconciliation of the undiscounted cash flows to the total operating and finance lease liability amounts is presented below.
December 31, 2022
(In thousands)Operating Leases Finance Lease
Lease payments due:
2023$2,170 $217 
20242,143 252 
20251,762 259 
20261,367 260 
2027984 260 
2028 and thereafter2,313 3,213 
Total lease payments10,739 4,461 
Less: imputed interest(1,014)(1,171)
Present value of lease liabilities$9,725 $3,290 
The future minimum payments to related parties are $274 thousand for both 2023 and 2024, $185 thousand for 2025, $178 thousand for both 2026 and 2027 and $3.1 million thereafter.
There were no sale and leaseback transactions or leveraged leases as of December 31, 2022. There were no leases that had not commenced as of December 31, 2022.
Leases Leases
Mid Penn has operating and finance leases for certain premises and equipment.
Operating and finance lease ROU assets, as well as operating lease liabilities, are presented as separate line items on the Consolidated Balance Sheet, while finance lease liabilities are classified as a component of long-term debt.
Supplemental consolidated balance sheet information for each of the lease classifications as of December 31 was as follows:
20222021
(Dollars in thousands)Operating
Leases 		Finance
Lease 		Operating
Leases 		Finance
Lease
ROU$8,798$2,907$9,055$3,087
Lease liability9,7253,29011,3633,380
Weighted average remaining lease term (in years)6.3016.177.0317.17
Weighted average discount rate3.25 %3.81 %3.12 %3.81 %
Interest expense on finance lease liabilities is included in other interest expense, while all other lease costs are included in occupancy expense on Mid Penn’s Consolidated Statements of Income. Following is a summary of lease costs during the years ended December 31:
(In thousands)202220212020
Finance lease cost:
Amortization of ROU asset$180 $180 $180 
Interest expense on lease liability127 130 133 
Total finance lease cost307 310 313 
Operating lease cost2,057 2,002 2,061 
Short-term and equipment lease costs— 29 40 
Sublease income(24)(27)(21)
Total lease costs$2,340 $2,314 $2,393 
The rental expense paid to related parties was $274 thousand for both 2022 and 2021 and $269 thousand in 2020.
Supplemental cash flow information related to operating and finance leases for the years ended December 31 was as follows:
(In thousands)2022 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases$127 $130 
Operating cash flows from operating leases2,939 2,113 
Financing cash flows from finance leases9087
A maturity analysis of operating and finance lease liabilities and a reconciliation of the undiscounted cash flows to the total operating and finance lease liability amounts is presented below.
December 31, 2022
(In thousands)Operating Leases Finance Lease
Lease payments due:
2023$2,170 $217 
20242,143 252 
20251,762 259 
20261,367 260 
2027984 260 
2028 and thereafter2,313 3,213 
Total lease payments10,739 4,461 
Less: imputed interest(1,014)(1,171)
Present value of lease liabilities$9,725 $3,290 
The future minimum payments to related parties are $274 thousand for both 2023 and 2024, $185 thousand for 2025, $178 thousand for both 2026 and 2027 and $3.1 million thereafter.
There were no sale and leaseback transactions or leveraged leases as of December 31, 2022. There were no leases that had not commenced as of December 31, 2022.