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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.

X

- References

No definition available.

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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

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X

- 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

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