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Leases Leases | 12 Months Ended
--- | ---
Dec. 31, 2023
Leases [Abstract] |
Leases | LEASES The Company enters into noncancellable lease arrangements primarily for office space, space for ATM locations and some of its branches. Certain lease arrangements contain clauses requiring increasing rental payments over the lease term, which may be linked to an index (commonly the Consumer Price Index) or contractually stipulated. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company entered into a lease arrangement with two of its employees as landlords. The lease was renewed for a period of five years, expiring in 2024, at which time a five-year extension period is available at the option of the Company. The lease arrangement contains certain termination clauses whereby the Company has the right to terminate the lease arrangement, as well as a right to terminate the lease after two years with the required notice without penalty. The Company entered into a lease agreement in 2019 to rent office space as a sub-tenant from another company in which a director of the Company serves as the Chairman and Chief Executive Officer of the other company. The term of the lease is through 2027. The following ROU assets and lease liabilities have been reported within other assets and other liabilities on the consolidated statements of condition as of the dates indicated:
|  |  |  | December 31,
|  |  |  | 2023 |  | 2022
(In thousands) |  | Consolidated Statements of Condition Line Item |  | Operating Leases |  | Finance Leases |  | Total |  | Operating Leases |  | Finance Leases |  | Total
ROU assets |  | Other Assets |  | $ | 11,497 |  |  | $ | 4,252 |  |  | $ | 15,749 |  |  | $ | 12,324 |  |  | $ | 4,485 |  |  | $ | 16,809 |
Lease liabilities |  | Other Liabilities |  | 9,978 |  |  | 4,449 |  |  | 14,427 |  |  | 10,718 |  |  | 4,616 |  |  | 15,334 |
In accordance with ASC 842, the components of lease expense for the periods indicated were as follows:
|  | For the Year Ended December 31,
(In thousands) |  | 2023 |  | 2022 |  | 2021
Operating lease cost(1) |  | $ | 1,531 |  |  | $ | 1,488 |  |  | $ | 1,474 |
Finance lease cost: |  |  |  |  |  |
Amortization of ROU assets |  | 233 |  |  | 233 |  |  | 233 |
Interest on lease liabilities(2) |  | 147 |  |  | 150 |  |  | 154 |
Total finance lease cost |  | 380 |  |  | 383 |  |  | 387 |
Total lease cost(3) |  | $ | 1,911 |  |  | $ | 1,871 |  |  | $ | 1,861 |
(1) Includes immaterial short-term and variable lease costs, but excludes common area maintenance costs. (2) Includes immaterial variable lease costs. (3) Reported within net occupancy costs on the consolidated statements of income. Supplemental cash flow information and non-cash activity related to leases was as follows for the periods indicated:
|  | For the Year Ended December 31,
(In thousands) |  | 2023 |  | 2022 |  | 2021
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 1,387 |  |  | $ | 1,391 |  |  | $ | 1,355 |
Operating cash flows from finance leases |  | 144 |  |  | 149 |  |  | 154 |
Financing cash flows from finance leases |  | 168 |  |  | 160 |  |  | 152 |
ROU assets obtained in exchange for new lease obligations: |  |  |  |  |  |
Operating leases |  | $ | 165 |  |  | $ | 764 |  |  | $ | 106 |
Finance leases |  | — |  |  | — |  |  | — |
Supplemental information related to leases was as follows as of the dates indicated:
|  | December 31,
|  | 2023 |  | 2022
Weighted average remaining lease term: |  |  |  |
Operating leases |  | 13.2 years |  | 13.9 years
Finance leases |  | 25.3 years |  | 25.8 years
Weighted average discount rate: |  |  |  |
Operating leases |  | 3.41 | % |  | 3.44 | %
Finance leases |  | 3.45 | % |  | 3.44 | %
The following summarizes the remaining scheduled future minimum lease payments for operating and finance leases as of December 31, 2023:
(In thousands) |  | Operating Leases |  | Finance Leases
2024 |  | $ | 1,370 |  |  | $ | 314 |
2025 |  | 1,180 |  |  | 317 |
2026 |  | 1,104 |  |  | 236 |
2027 |  | 1,020 |  |  | 211 |
2028 |  | 771 |  |  | 214 |
Thereafter |  | 6,984 |  |  | 5,518 |
Total minimum lease payments |  | 12,429 |  |  | 6,810 |
Less: amount representing interest(1) |  | 2,451 |  |  | 2,361 |
Present value of net minimum lease payments(2) |  | $ | 9,978 |  |  | $ | 4,449 |
(1) Amount necessary to reduce net minimum lease payments to present value calculated at the Company's incremental borrowing rate. (2) Reflects the liability reported within other liabilities on the consolidated statements of condition.
Leases | LEASES The Company enters into noncancellable lease arrangements primarily for office space, space for ATM locations and some of its branches. Certain lease arrangements contain clauses requiring increasing rental payments over the lease term, which may be linked to an index (commonly the Consumer Price Index) or contractually stipulated. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company entered into a lease arrangement with two of its employees as landlords. The lease was renewed for a period of five years, expiring in 2024, at which time a five-year extension period is available at the option of the Company. The lease arrangement contains certain termination clauses whereby the Company has the right to terminate the lease arrangement, as well as a right to terminate the lease after two years with the required notice without penalty. The Company entered into a lease agreement in 2019 to rent office space as a sub-tenant from another company in which a director of the Company serves as the Chairman and Chief Executive Officer of the other company. The term of the lease is through 2027. The following ROU assets and lease liabilities have been reported within other assets and other liabilities on the consolidated statements of condition as of the dates indicated:
|  |  |  | December 31,
|  |  |  | 2023 |  | 2022
(In thousands) |  | Consolidated Statements of Condition Line Item |  | Operating Leases |  | Finance Leases |  | Total |  | Operating Leases |  | Finance Leases |  | Total
ROU assets |  | Other Assets |  | $ | 11,497 |  |  | $ | 4,252 |  |  | $ | 15,749 |  |  | $ | 12,324 |  |  | $ | 4,485 |  |  | $ | 16,809 |
Lease liabilities |  | Other Liabilities |  | 9,978 |  |  | 4,449 |  |  | 14,427 |  |  | 10,718 |  |  | 4,616 |  |  | 15,334 |
In accordance with ASC 842, the components of lease expense for the periods indicated were as follows:
|  | For the Year Ended December 31,
(In thousands) |  | 2023 |  | 2022 |  | 2021
Operating lease cost(1) |  | $ | 1,531 |  |  | $ | 1,488 |  |  | $ | 1,474 |
Finance lease cost: |  |  |  |  |  |
Amortization of ROU assets |  | 233 |  |  | 233 |  |  | 233 |
Interest on lease liabilities(2) |  | 147 |  |  | 150 |  |  | 154 |
Total finance lease cost |  | 380 |  |  | 383 |  |  | 387 |
Total lease cost(3) |  | $ | 1,911 |  |  | $ | 1,871 |  |  | $ | 1,861 |
(1) Includes immaterial short-term and variable lease costs, but excludes common area maintenance costs. (2) Includes immaterial variable lease costs. (3) Reported within net occupancy costs on the consolidated statements of income. Supplemental cash flow information and non-cash activity related to leases was as follows for the periods indicated:
|  | For the Year Ended December 31,
(In thousands) |  | 2023 |  | 2022 |  | 2021
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 1,387 |  |  | $ | 1,391 |  |  | $ | 1,355 |
Operating cash flows from finance leases |  | 144 |  |  | 149 |  |  | 154 |
Financing cash flows from finance leases |  | 168 |  |  | 160 |  |  | 152 |
ROU assets obtained in exchange for new lease obligations: |  |  |  |  |  |
Operating leases |  | $ | 165 |  |  | $ | 764 |  |  | $ | 106 |
Finance leases |  | — |  |  | — |  |  | — |
Supplemental information related to leases was as follows as of the dates indicated:
|  | December 31,
|  | 2023 |  | 2022
Weighted average remaining lease term: |  |  |  |
Operating leases |  | 13.2 years |  | 13.9 years
Finance leases |  | 25.3 years |  | 25.8 years
Weighted average discount rate: |  |  |  |
Operating leases |  | 3.41 | % |  | 3.44 | %
Finance leases |  | 3.45 | % |  | 3.44 | %
The following summarizes the remaining scheduled future minimum lease payments for operating and finance leases as of December 31, 2023:
(In thousands) |  | Operating Leases |  | Finance Leases
2024 |  | $ | 1,370 |  |  | $ | 314 |
2025 |  | 1,180 |  |  | 317 |
2026 |  | 1,104 |  |  | 236 |
2027 |  | 1,020 |  |  | 211 |
2028 |  | 771 |  |  | 214 |
Thereafter |  | 6,984 |  |  | 5,518 |
Total minimum lease payments |  | 12,429 |  |  | 6,810 |
Less: amount representing interest(1) |  | 2,451 |  |  | 2,361 |
Present value of net minimum lease payments(2) |  | $ | 9,978 |  |  | $ | 4,449 |
(1) Amount necessary to reduce net minimum lease payments to present value calculated at the Company's incremental borrowing rate. (2) Reflects the liability reported within other liabilities on the consolidated statements of condition.

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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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