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LEASES

12 Months Ended

Dec. 31, 2021

LEASES

LEASES

NOTE 16.           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 of the leases pursuant to which the Company is the lessee are comprised of real estate property for branches, ATM locations, and office space with terms extending through 2040. All leases are classified as operating leases, and are recognized on the consolidated balance sheets as a right- of-use (“ROU”) asset with a corresponding lease liability.

The following table presents the consolidated statements of condition classification of the Company’s ROU assets and lease liabilities:

​

​	​	​	​	​	​	​	​	​
(in thousands)		Classification		December 31, 2021			December 31, 2020
Lease Right-of-Use Assets		​	​	​		​	​
Operating lease right-of-use assets		Other assets	​	$	9,274	​	$	10,338
​	​	​	​	​	​	​	​	​
Lease Liabilities			​			​
Operating lease liabilities		Other liabilities	​		9,643	​		10,627

​

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 rate used for 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.

​

​	​	​	​	​	​	​
​		December 31, 2021			December 31, 2020
Weighted-average remaining lease term (in years)	​		​	​		​
Operating leases	​	8.03	​	​	9.26	​
​	​	​	​	​	​	​
Weighted-average discount rate	​		​	​		​
Operating leases	​	3.07	%	​	3.15	%

​

​

The following table represents lease costs and other lease information. 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 real estate taxes, common area maintenance and utilities.

​

​	​	​	​	​	​	​	​	​	​	​
​	​	​	Year Ended
(in thousands)	​		December 31, 2021			December 31, 2020		​	December 31, 2019
Lease Costs	​		​			​		​	​
Operating lease cost	​	​	$	1,295	​	$	1,285	​	$	698
Variable lease cost	​	​		229	​		271	​		711
Total lease cost	​	​	$	1,524	​	$	1,556	​	$	1,409

​

Future minimum payments for operating leases with initial or remaining terms of one year or more as of December 31, 2021 are, as follows:

​

​	​	​	​
(in thousands)		Payments
Twelve Months Ended:		​
December 31, 2022	​	$	1,344
December 31, 2023	​		1,343
December 31, 2024	​		1,316
December 31, 2025	​		1,092
December 31, 2026	​		987
Thereafter	​		4,074
Total future minimum lease payments	​		10,156
Amounts representing interest	​		(513)
Present value of net future minimum lease payments	​	$	9,643

​

X

- References

No definition available.

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X

- 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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