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v3.22.2.2

Leases | 9 Months Ended
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Sep. 30, 2022
Leases |
Leases | NOTE 8 Leases Substantially all of the leases in which the Company is the lessee are comprised of real estate property for offices and office equipment rentals with terms extending through 2027. Portions of certain properties are subleased for terms extending through 2024. Substantially all of the Company’s leases are classified as operating leases. The Company has one existing finance lease for the Company’s headquarters building with a lease term through October 31, 2022. 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 financial statements. The following table presents the classification of the Company’s right-of-use, or ROU, assets and lease liabilities on the consolidated financial statements: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  |  |  | September 30, |  | December 31,
(dollars in thousands) |  | ​ |  | 2022 |  | 2021
Lease Right-of-Use Assets | ​ | Classification | ​ | ​ | ​ | ​ | ​ | ​
Operating lease right-of-use assets |  | Operating lease right-of-use assets | ​ | $ | 3,481 | ​ | $ | 3,727
Finance lease right-of-use assets |  | Land, premises and equipment, net | ​ |  | — | ​ |  | 87
Total lease right-of-use assets | ​ | ​ | ​ | $ | 3,481 | ​ | $ | 3,814
Lease Liabilities |  |  | ​ |  | ​ | ​ |  |
Operating lease liabilities |  | Operating lease liabilities | ​ | $ | 3,802 | ​ | $ | 4,275
Finance lease liabilities |  | Long-term debt | ​ |  | 21 | ​ |  | 203
Total lease liabilities | ​ | ​ | ​ | $ | 3,823 | ​ | $ | 4,478
​ 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. For the Company’s only finance lease, the Company utilized its incremental borrowing rate at lease inception. ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, | ​ | December 31, |
​ |  | 2022 |  | 2021 | ​
Weighted-average remaining lease term, years | ​ | ​ | ​ | ​ | ​
Operating leases |  | 4.4 | ​ | 3.4 | ​
Finance leases |  | — | ​ | 0.8 | ​
Weighted-average discount rate |  | ​ | ​ |  | ​
Operating leases |  | 2.7 | % | 2.5 | %
Finance leases |  | 7.8 | % | 7.8 | %
​ 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 and utilities. Variable lease cost also includes payments for usage or maintenance of those capitalized equipment operating leases. The following table presents lease costs and other lease information for the three and nine months ended September 30, 2022 and 2021: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three months ended |  | Nine months ended
​ | ​ | September 30, | ​ | September 30,
(dollars in thousands) |  | 2022 |  | 2021 |  | 2022 | ​ | 2021
Lease costs |  | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ |
Operating lease cost | ​ | $ | 425 | ​ | $ | 429 | ​ | $ | 1,250 | ​ | $ | 1,417
Variable lease cost | ​ | ​ | 187 | ​ | ​ | 192 | ​ |  | 550 | ​ |  | 583
Short-term lease cost | ​ | ​ | 188 | ​ | ​ | 89 | ​ |  | 276 | ​ |  | 172
Finance lease cost | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  |  | ​ |  |
Interest on lease liabilities | ​ | ​ | 2 | ​ | ​ | 7 | ​ |  | 7 | ​ |  | 22
Amortization of right-of-use assets | ​ | ​ | 29 | ​ | ​ | 29 | ​ |  | 87 | ​ |  | 87
Sublease income | ​ | ​ | (63) | ​ | ​ | (51) | ​ |  | (179) | ​ |  | (163)
Net lease cost | ​ | $ | 768 | ​ | $ | 695 | ​ | $ | 1,991 | ​ | $ | 2,118
Other information | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  |
Cash paid for amounts included in the measurement of lease liabilities operating cash flows from operating leases | ​ | $ | 400 | ​ | $ | 411 | ​ | $ | 1,184 | ​ | $ | 1,372
Right-of-use assets obtained in exchange for new operating lease liabilities | ​ | ​ | 1,065 | ​ | ​ | — | ​ | ​ | 1,452 | ​ | ​ | —
​ Future minimum payments for finance and operating leases with initial or remaining terms of one year or more as of September 30, 2022 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Finance | ​ | Operating
(dollars in thousands) |  | Leases |  | Leases
Twelve months ended | ​ | ​ | ​ | ​ | ​ | ​
September 30, 2023 | ​ | $ | 21 | ​ | $ | 1,582
September 30, 2024 | ​ |  | — | ​ |  | 827
September 30, 2025 | ​ |  | — | ​ |  | 541
September 30, 2026 | ​ |  | — | ​ |  | 402
September 30, 2027 | ​ |  | — | ​ |  | 309
Thereafter | ​ |  | — | ​ |  | 441
Total future minimum lease payments | ​ | $ | 21 | ​ | $ | 4,102
Amounts representing interest | ​ |  | — | ​ |  | (300)
Total operating lease liabilities | ​ | $ | 21 | ​ | $ | 3,802
​

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