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Leases | 6 Months Ended
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Jun. 30, 2024
Leases [Abstract] |
Leases | Leases The Company leases certain premises under operating leases. As of June 30, 2024, the Company had lease liabilities of $8.0 million and right-of-use assets of $7.6 million. Lease liabilities and right-of-use assets are reflected in other liabilities and other assets, respectively. Presented within occupancy expense on the Consolidated Statements of Income for the three and six-month periods ended June 30, 2024, operating lease cost was $333,000 and $674,000, short-term lease cost was $93,000 and $174,000, and there was no variable lease cost. At June 30, 2024, the weighted-average remaining lease term for the operating leases was 6.9 years and the weighted-average discount rate used in the measurement of operating lease liabilities was 3.56%. Certain of the Company’s leases contain options to renew the lease; however, these renewal options are not included in the calculation of the lease liabilities as they are not reasonably certain to be exercised. See the Company’s 2023 Form 10-K for information regarding these commitments. A maturity analysis of operating lease liabilities and undiscounted cash flows as of June 30, 2024 is as follows:
(In thousands) | June 30, 2024
Lease payments due |
Less than 1 year | $ | 1,333 |
1-2 years | 1,358 |
2-3 years | 1,343 |
3-4 years | 1,370 |
4-5 years | 1,259 |
Over 5 years | 2,272 |
Total undiscounted cash flows | 8,935 |
Discount on cash flows | 972 |
Total lease liability | $ | 7,963 |
There were no sale and leaseback transactions, leveraged leases, or lease transactions with related parties during the six-month period ended June 30, 2024.

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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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