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Leases | 6 Months Ended
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Jun. 30, 2022
Leases [Abstract] |
Leases | Note 6 – Leases Lease liabilities represent the Company’s obligation to make lease payments and are presented at each reporting date as the net present value of the remaining contractual cash flows. Cash flows are discounted at the Company’s incremental borrowing rate in effect at the commencement date of the lease. Right-of-use assets represent the Company’s right to use the underlying asset for the lease term and are calculated as the sum of the lease liability and if applicable, prepaid rent, initial direct costs and any incentives received from the lessor. ​ The Company’s long-term lease agreements are classified as operating leases. Certain leases offer the option to extend the lease term and the Company has included such extensions in its calculation of the lease liabilities to the extent the options are reasonably certain of being exercised. The lease agreements do not provide for residual value guarantees and have no restrictions or covenants that would impact dividends or require incurring additional financial obligations. ​ During 2021, the Company acquired long-term branch leases and equipment due to the acquisition of Severn. These leases were reassessed by management as of the acquisition date of October 31, 2021, which included updating the incremental borrowing rates and remaining lease terms. ​ The following tables present information about the Company’s leases: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Dollars in thousands) | ​ | June 30, 2022 |  | ​ | December 31, 2021 |
Lease liabilities | ​ | $ | 10,216 | ​ | ​ | $ | 11,567 | ​
Right-of-use assets | ​ | $ | 9,979 | ​ | ​ | $ | 11,370 | ​
Weighted average remaining lease term | ​ |  | 12.96 | years | ​ |  | 13.61 | years
Weighted average discount rate | ​ |  | 2.51 | % | ​ |  | 2.48 | %
​ ​ ​ ​ ​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months Ended | ​ | For the Six Months Ended
Lease cost (in thousands) | ​ | June 30, 2022 | ​ | June 30, 2021 | ​ | June 30, 2022 | ​ | June 30, 2021
Operating lease cost | ​ | $ | 332 | ​ | $ | 208 | ​ | $ | 666 | ​ | $ | 395
Short-term lease cost | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Total lease cost | ​ | $ | 332 | ​ | $ | 208 | ​ | $ | 666 | ​ | $ | 395
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash paid for amounts included in the measurement of lease liabilities | ​ | $ | 311 | ​ | $ | 165 | ​ | $ | 621 | ​ | $ | 331
​ A maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total of operating lease liabilities is as follows: ​
​ | ​ | ​ | ​
​ | ​ | As of
Lease payments due (in thousands) | ​ | June 30, 2022
Six months ending December 31, 2022 | ​ | $ | 621
Twelve months ending December 31, 2023 | ​ |  | 1,147
Twelve months ending December 31, 2024 | ​ |  | 1,072
Twelve months ending December 31, 2025 | ​ | ​ | 881
Twelve months ending December 31, 2026 | ​ | ​ | 916
Twelve months ending December 31, 2027 | ​ | ​ | 849
Thereafter | ​ | ​ | 6,584
Total undiscounted cash flows | ​ | $ | 12,070
Discount | ​ | ​ | 1,854
Lease liabilities | ​ | $ | 10,216
​ ​ ​ ​ ​ ​ ​ ​ Total gross rental income was $254 thousand for the three months ended June 30, 2022 and $526 thousand for the six months ended June 30, 2022. The following table presents our minimum future annual rental income on such leases as of June 30, 2022. ​
​ | ​ | ​ | ​
(In thousands) | ​ | June 30, 2022
Six months ending December 31, 2022 | ​ | $ | 396
2023 | ​ | ​ | 792
2024 | ​ |  | 685
2025 | ​ |  | 703
2026 | ​ | ​ | 720
Thereafter | ​ | ​ | 1,938
Total | ​ | $ | 5,234
​

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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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