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Leases | 12 Months Ended
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Dec. 31, 2022
Leases |
Leases | NOTE 10 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. Substantially all the leases in which the Company is the lessee are comprised of real estate property for branches, and office equipment rentals with terms extending through 2032. We do not have any material subleased properties. Substantially all of the Company’s leases are classified as operating leases. The Company made a policy election to exclude the recognition requirements of Topic 842 to all leases with original terms of 12 months or less. Instead, the short-term lease payments are recognized in income or expense on a straight-line basis over the lease term. The following table presents the classification of the Company’s ROU assets and lease liabilities on the consolidated financial statements. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  |  |  | December 31, |  | 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 | ​ | $ | 5,419 | ​ | $ | 3,727
Finance lease right-of-use assets |  | Land, premises and equipment, net | ​ |  | — | ​ |  | 87
Total lease right-of-use assets | ​ | ​ | ​ | $ | 5,419 | ​ | $ | 3,814
Lease Liabilities |  |  | ​ |  | ​ | ​ |  |
Operating lease liabilities |  | Operating lease liabilities | ​ | $ | 5,902 | ​ | $ | 4,275
Finance lease liabilities |  | Long-term debt | ​ |  | — | ​ |  | 203
Total lease liabilities | ​ | ​ | ​ | $ | 5,902 | ​ | $ | 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 rates used to calculate the present value of 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 the 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. ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, | ​ | December 31, |
​ |  | 2022 |  | 2021 | ​
Weighted-average remaining lease term, years | ​ | ​ | ​ | ​ | ​
Operating leases |  | 5.0 | ​ | 3.4 | ​
Finance leases |  | — | ​ | 0.8 | ​
Weighted-average discount rate |  | ​ | ​ |  | ​
Operating leases |  | 3.1 | % | 2.5 | %
Finance leases |  | — | % | 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 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 years ending December 31, 2022, 2021 and 2020: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Year ended
​ | ​ | December 31,
(dollars in thousands) |  | 2022 | ​ | 2021 | ​ | 2020
Lease costs |  | ​ | ​ | ​ | ​ |  | ​ | ​ | ​
Operating lease cost | ​ | $ | 1,799 | ​ | $ | 1,827 | ​ | $ | 2,457
Variable lease cost | ​ |  | 899 | ​ |  | 823 | ​ |  | 1,170
Short-term lease cost | ​ |  | 217 | ​ |  | 181 | ​ |  | 395
Finance lease cost | ​ |  |  | ​ |  |  | ​ |  |
Interest on lease liabilities | ​ |  | 7 | ​ |  | 25 | ​ |  | 42
Amortization of right-of-use assets | ​ |  | 87 | ​ |  | 116 | ​ |  | 116
Sublease income | ​ |  | (238) | ​ |  | (228) | ​ |  | (228)
Net lease cost | ​ | $ | 2,771 | ​ | $ | 2,744 | ​ | $ | 3,952
Other information | ​ | ​ | ​ | ​ |  |  | ​ |  |
Cash paid for amounts included in the measurement of lease liabilities operating cash flows from operating leases | ​ | $ | 1,706 | ​ | $ | 1,763 | ​ | $ | 2,432
Right-of-use assets obtained in exchange for new operating lease liabilities | ​ | ​ | 4,266 | ​ | ​ | 267 | ​ | $ | 1,555
​ Future minimum payments for leases with initial or remaining terms of one year or more as of December 31, 2022 are as follows: ​
​ | ​ | ​ | ​
​ | ​ | Operating
(dollars in thousands) |  | Leases
Twelve months ended | ​ | ​ | ​
2023 | ​ | $ | 1,987
2024 | ​ |  | 1,236
2025 | ​ |  | 1,118
2026 | ​ |  | 936
2027 | ​ |  | 385
Thereafter | ​ |  | 854
Total future minimum lease payments | ​ | $ | 6,516
Amounts representing interest | ​ |  | (614)
Total operating lease liabilities | ​ | $ | 5,902
​

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