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LEASES | 3 Months Ended
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Mar. 31, 2022
Leases [Abstract] |
LEASES | NOTE 8 – LEASES The Company has operating leases for bank locations, ATMs, corporate offices, and certain other arrangements, which have remaining lease terms of 1 year to 14 years. Some of the Company’s operating leases include options to extend the leases for up to 10 years. Operating leases in which we are the lessee must be recorded as right-of-use assets with corresponding lease liabilities. The right-of-use asset represents our right to utilize the underlying asset during the lease term, while the lease liability represents the present value of the obligation of the Company to make periodic lease payments over the life of the lease. The associated operating lease costs are comprised of the amortization of the right-of-use asset and the implicit interest accreted on the lease liability, which is recognized on a straight-line basis over the life of the lease. As of March 31, 2022, operating lease right-of-use assets were $13,911 and liabilities were $14,477, and as of December 31, 2021, lease assets and liabilities were $14,376 and $14,882, respectively, and were included within the accompanying consolidated balance sheets as components of other assets and accrued interest and other liabilities, respectively. Operating lease expense for operating leases accounted for under ASC 842 for the three months ended March 31, 2022 and 2021 was approximately $549 and $568, respectively, and is included as a component of occupancy expenses within the accompanying consolidated statements of earnings. The table below summarizes other information related to our operating leases as of:
|  | March 31, 2022 |  |  | December 31, 2021 |
Operating leases |  |  |  |  |  |
Operating lease right-of-use assets |  | $ | 13,911 |  |  | $ | 14,376 |
Operating lease liabilities |  |  | 14,477 |  |  |  | 14,882 |
Weighted average remaining lease term |  |  |  |  |  |
Operating leases |  | 8 years |  |  | 8 years |
Weighted average discount rate |  |  |  |  |  |
Operating leases |  |  | 1.96 | % |  |  | 1.95 | %
The Company leases some of its banking facilities under non-cancelable operating leases expiring in various years through 2026 and thereafter. Minimum future lease payments under these non-cancelable operating leases as of March 31, 2022, are as follows:
Year Ended December 31, |  | Amount |
2022 |  | $ | 1,606 |
2023 |  |  | 2,093 |
2024 |  |  | 2,039 |
2025 |  |  | 1,870 |
2026 |  |  | 1,642 |
Thereafter |  |  | 5,874 |
Total lease payments |  |  | 15,124 |
Less: interest |  |  | (647 | )
Present value of lease liabilities |  | $ | 14,477 |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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