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Leases | 12 Months Ended
--- | ---
Dec. 31, 2023
Leases [Abstract] |
Leases | Leases Mid Penn has operating and finance leases for cert ain 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:
| 2023 |  | 2022
(Dollars in thousands) | Operating Leases |  | Finance Lease |  | Operating Leases |  | Finance Lease
ROU | $ | 8,953 |  | $ | 2,727 |  | $ | 8,798 |  | $ | 2,907
Lease liability | 9,285 |  | 3,197 |  | 9,725 |  | 3,290
Weighted average remaining lease term (in years) | 5.60 |  | 15.17 |  | 6.30 |  | 16.17
Weighted average discount rate | 3.66 | % |  | 3.81 | % |  | 3.25 | % |  | 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) | 2023 |  | 2022 |  | 2021
Finance lease cost: |  |  |  |  |
Amortization of ROU asset | $ | 180 |  |  | $ | 180 |  |  | $ | 180 |
Interest expense on lease liability | 123 |  |  | 127 |  |  | 130 |
Total finance lease cost | 303 |  |  | 307 |  |  | 310 |
Operating lease cost | 2,081 |  |  | 2,057 |  |  | 2,002 |
Short-term and equipment lease costs | — |  |  | — |  |  | 29 |
Sublease income | (29) |  |  | (24) |  |  | (27) |
Total lease costs | $ | 2,355 |  |  | $ | 2,340 |  |  | $ | 2,314 |
The rental expense paid to related parties was $274 thousand for each of 2023, 2022 and 2021. Supplemental cash flow information related to operating and finance leases for the years ended December 31 was as follows:
(In thousands) | 2023 |  | 2022
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows from finance leases | $ | 123 |  |  | $ | 127 |
Operating cash flows from operating leases | 2,556 |  |  | 2,939 |
Financing cash flows from finance leases | 93 |  | 90
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, 2023
(In thousands) | Operating Leases |  | Finance Lease
Lease payments due: |  |  |
2024 | $ | 2,432 |  |  | $ | 252 |
2025 | 1,998 |  |  | 259 |
2026 | 1,757 |  |  | 260 |
2027 | 1,508 |  |  | 260 |
2028 | 771 |  |  | 260 |
2029 and thereafter | 1,795 |  |  | 2,954 |
Total lease payments | 10,261 |  |  | 4,245 |
Less: imputed interest | (976) |  |  | (1,048) |
Present value of lease liabilities | $ | 9,285 |  |  | $ | 3,197 |
The future minimum payments to related parties are $274 thousand for 2024, $185 thousand for 2025, $178 thousand for 2026, 2027 and 2028 and $2.6 million thereafter. There were no sale and leaseback transactions or leveraged leases as of December 31, 2023. There were no leases that had not commenced as of December 31, 2023.
Leases | Leases Mid Penn has operating and finance leases for cert ain 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:
| 2023 |  | 2022
(Dollars in thousands) | Operating Leases |  | Finance Lease |  | Operating Leases |  | Finance Lease
ROU | $ | 8,953 |  | $ | 2,727 |  | $ | 8,798 |  | $ | 2,907
Lease liability | 9,285 |  | 3,197 |  | 9,725 |  | 3,290
Weighted average remaining lease term (in years) | 5.60 |  | 15.17 |  | 6.30 |  | 16.17
Weighted average discount rate | 3.66 | % |  | 3.81 | % |  | 3.25 | % |  | 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) | 2023 |  | 2022 |  | 2021
Finance lease cost: |  |  |  |  |
Amortization of ROU asset | $ | 180 |  |  | $ | 180 |  |  | $ | 180 |
Interest expense on lease liability | 123 |  |  | 127 |  |  | 130 |
Total finance lease cost | 303 |  |  | 307 |  |  | 310 |
Operating lease cost | 2,081 |  |  | 2,057 |  |  | 2,002 |
Short-term and equipment lease costs | — |  |  | — |  |  | 29 |
Sublease income | (29) |  |  | (24) |  |  | (27) |
Total lease costs | $ | 2,355 |  |  | $ | 2,340 |  |  | $ | 2,314 |
The rental expense paid to related parties was $274 thousand for each of 2023, 2022 and 2021. Supplemental cash flow information related to operating and finance leases for the years ended December 31 was as follows:
(In thousands) | 2023 |  | 2022
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows from finance leases | $ | 123 |  |  | $ | 127 |
Operating cash flows from operating leases | 2,556 |  |  | 2,939 |
Financing cash flows from finance leases | 93 |  | 90
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, 2023
(In thousands) | Operating Leases |  | Finance Lease
Lease payments due: |  |  |
2024 | $ | 2,432 |  |  | $ | 252 |
2025 | 1,998 |  |  | 259 |
2026 | 1,757 |  |  | 260 |
2027 | 1,508 |  |  | 260 |
2028 | 771 |  |  | 260 |
2029 and thereafter | 1,795 |  |  | 2,954 |
Total lease payments | 10,261 |  |  | 4,245 |
Less: imputed interest | (976) |  |  | (1,048) |
Present value of lease liabilities | $ | 9,285 |  |  | $ | 3,197 |
The future minimum payments to related parties are $274 thousand for 2024, $185 thousand for 2025, $178 thousand for 2026, 2027 and 2028 and $2.6 million thereafter. There were no sale and leaseback transactions or leveraged leases as of December 31, 2023. There were no leases that had not commenced as of December 31, 2023.

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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