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Leases | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
Leases | (8.) LEASES Accounting Standards Codification (“ASC”) 842, Leases (“ASC 842”), establishes a right of use model that requires a lessee to record a right of use asset and a lease liability for all leases with terms longer than 12 months. The Company is obligated under a number of non-cancellable operating lease agreements for land, buildings and equipment with terms, including renewal options reasonably certain to be exercised, extending through 2061. Two building leases were subleased with terms that extended through December 31, 2024. The following table represents the consolidated statements of financial condition classification of the Company’s right of use assets and lease liabilities as of December 31 (in thousands):
|  | Balance Sheet Location |  | 2023 |  |  | 2022 |
Operating Lease Right of Use Assets: |  |  |  |  |  |  |  |
Gross carrying amount |  | Other assets |  | $ | 38,684 |  |  | $ | 36,723 |
Accumulated amortization |  | Other assets |  |  | (7,160 | ) |  |  | (5,603 | )
Net book value |  |  |  | $ | 31,524 |  |  | $ | 31,120 |
Operating Lease Liabilities: |  |  |  |  |  |  |  |
Right of use lease obligations |  | Other liabilities |  | $ | 33,788 |  |  | $ | 33,229 |
The weighted average remaining lease term for operating leases was 20.6 years at December 31, 2023 and the weighted-average discount rate used in the measurement of operating lease liabilities was 3.91%. The Company utilizes its incremental borrowing rate at lease inception, on a collateralized basis, over a similar term for the discount rate. (8.) LEASES (Continued) The following table represents lease costs and other lease information for the years ended December 31 (in thousands):
|  | 2023 |  |  | 2022 |  |  | 2021 |
Lease Costs: |  |  |  |  |  |  |  |  |
Operating lease costs |  | $ | 3,082 |  |  | $ | 2,885 |  |  | $ | 2,830 |
Variable lease costs (1) |  |  | 406 |  |  |  | 475 |  |  |  | 427 |
Sublease income |  |  | (106 | ) |  |  | (69 | ) |  |  | (23 | )
Net lease costs |  | $ | 3,382 |  |  | $ | 3,291 |  |  | $ | 3,234 |
Other information: |  |  |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 2,963 |  |  | $ | 2,587 |  |  | $ | 2,647 |
Right of use assets obtained in exchange for new operating lease liabilities |  | $ | 2,249 |  |  | $ | 11,006 |  |  | $ | 4,251 |
(1) Variable lease costs primarily represent variable payments such as common area maintenance, insurance, taxes and utilities. Future minimum payments under non-cancellable operating leases with initial or remaining terms of one year or more are as follows at December 31, 2023 (in thousands):
|  | Amount |
2024 |  | $ | 2,984 |
2025 |  |  | 2,887 |
2026 |  |  | 2,733 |
2027 |  |  | 2,703 |
2028 |  |  | 2,420 |
Thereafter |  |  | 37,013 |
Total future minimum operating lease payments |  |  | 50,740 |
Amounts representing interest |  |  | (16,952 | )
Present value of net future minimum operating lease payments |  | $ | 33,788 |

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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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