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Leases | 6 Months Ended
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Jun. 30, 2023
Leases [Abstract] |
Leases | Note 12. Leases A lease is defined as a contract, or part of a contract, that conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. The Company follows the guidance of ASU No. 2016-02 and all subsequent ASUs that modified this topic (collectively referred to as “Topic 842”). Substantially all of the leases in which the Company is the lessee are comprised of real estate for branches and office space with terms extending through 2034. All of our leases are classified as operating leases. Operating lease agreements are required to be recognized on the consolidated balance sheet as a right-of-use (“ROU”) asset and a corresponding lease liability. The following table represents the consolidated balance sheet classification of the Company’s ROU assets and lease liabilities. The Company elected not to include short-term leases (i.e., leases with initial terms of twelve months or less), or equipment leases (deemed immaterial) on the consolidated balance sheet (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  |  |  | June 30, | ​ | December 31,
​ | ​ | Classification | ​ | 2023 | ​ | 2022
Assets: |  |  |  | ​ |  | ​ | ​ |
Operating lease right-of-use assets |  | Other assets | ​ | $ | 10,368 | ​ | $ | 9,314
Liabilities: |  |  | ​ |  | ​ | ​ |  |
Operating lease liabilities |  | Other liabilities | ​ | $ | 10,570 | ​ | $ | 9,457
​ The calculated amount of the ROU assets and lease liabilities in the table above are impacted by the length of the lease term and the discount rate used to present value the minimum lease payments. The Company’s lease agreements often include one or more options to renew at the Company’s discretion. If, at lease inception, the Company considers the exercising of a renewal option to be reasonably certain, the Company will include the extended term in the calculation of the ROU asset and lease liability. Regarding the discount rate, Topic 842 requires the use of the rate implicit in the lease whenever this rate is readily determinable. As this rate is rarely determinable, the Company utilizes its incremental borrowing rate at lease inception, on a collateralized basis, over a similar term. As of June 30, 2023, the weighted average remaining lease term was 9.40 years and the weighted average discount rate was 2.85%. The following table represents lease costs and other lease information. As the Company elected, for all classes of underlying assets, not to separate lease and non-lease components and instead to account for them as a single lease component, the variable lease cost primarily represents variable payments such as common area maintenance (in thousands). ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended | ​ | Six Months Ended
​ | ​ | June 30, | ​ | June 30,
​ |  | 2023 | ​ | 2022 | ​ | 2023 | ​ | 2022
Lease costs: |  | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
Operating lease costs | ​ | $ | 405 | ​ | $ | 403 | ​ | $ | 809 | ​ | $ | 817
Variable lease costs | ​ |  | 34 | ​ |  | 25 | ​ |  | 57 | ​ |  | 50
Total | ​ | $ | 439 | ​ | $ | 428 | ​ | $ | 866 | ​ | $ | 867
Other information: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Cash paid for amounts included in the measurement of lease liabilities: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Operating cash flows from operating leases | ​ | $ | 370 | ​ | $ | 382 | ​ | $ | 749 | ​ | $ | 778
​ Future minimum payments for operating leases with initial or remaining terms of one year or more as of June 30, 2023, were as follows (in thousands):
​ | ​ | ​ | ​
​ |  | Amounts
Remainder of 2023 |  | $ | 612
2024 | ​ |  | 1,415
2025 | ​ |  | 1,359
2026 | ​ |  | 1,291
2027 | ​ |  | 1,107
Thereafter | ​ |  | 6,476
Total future minimum lease payments | ​ |  | 12,260
Amounts representing interest | ​ |  | (1,690)
Present value of net future minimum lease payments | ​ | $ | 10,570
​

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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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