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Leases (Tables) | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
Summary of Operating and Finance Lease Right-of-Use Assets and Related Lease Liabilities | 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 | %
Summary of Lease Costs | 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 |
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
Schedule of Future Minimum Rental Payments of Operating Leases | 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 |
Finance Lease, Liability, Fiscal Year Maturity | 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 |

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- Definition Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-6 + Details
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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-4 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-6 + Details
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