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LEASES | 9 Months Ended
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Sep. 30, 2022
LEASES |
LEASES | ​ ​ NOTE 11. 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. Most of our leases are for branches, ATM locations, and office space and have 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 ROU assets and lease liabilities: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) |  | Classification |  | September 30, 2022 |  | December 31, 2021
Lease Right-of-Use Assets |  | ​ | ​ | ​ |  | ​ | ​ |
Operating lease right-of-use assets |  | Other assets | ​ | $ | 8,381 | ​ | $ | 9,274
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Lease Liabilities |  |  | ​ |  |  | ​ |  |
Operating lease liabilities |  | Other liabilities | ​ |  | 8,791 | ​ |  | 9,643
​ 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 lease agreements often include one or more options to renew at our discretion. If at lease inception, we consider the exercising of a renewal option to be reasonably certain, we will include the extended term in the calculation of the ROU asset and lease liability. ​ The following table presents the weighted average lease term and discount rate of the leases: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, 2022 |  | December 31, 2021
Weighted-average remaining lease term (in years) | ​ |  | ​ | ​ |  | ​
Operating leases | ​ | 7.42 | ​ | ​ | 8.03 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted-average discount rate | ​ |  | ​ | ​ |  | ​
Operating leases | ​ | 3.09 | % | ​ | 3.07 | %
​ The following table represents lease costs and other lease information. As we have 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. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended
(in thousands) | ​ | September 30, 2022 |  | September 30, 2021 |  | September 30, 2022 |  | September 30, 2021
Lease Costs | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Operating lease cost | ​ | $ | 338 | ​ | $ | 324 | ​ | $ | 994 | ​ | $ | 966
Variable lease cost | ​ |  | 71 | ​ |  | 43 | ​ |  | 345 | ​ |  | 179
Total lease cost | ​ | $ | 409 | ​ | $ | 367 | ​ | $ | 1,339 | ​ | $ | 1,145
​ Future minimum payments for operating leases with initial or remaining terms of one year or more as of September 30, 2022 are, as follows: ​
​ | ​ | ​ | ​
(in thousands) |  | Payments
Twelve Months Ended: |  | ​ |
September 30, 2023 | ​ | $ | 1,343
September 30, 2024 | ​ |  | 1,344
September 30, 2025 | ​ |  | 1,129
September 30, 2026 | ​ |  | 1,032
September 30, 2027 | ​ |  | 889
Thereafter | ​ |  | 3,411
Total future minimum lease payments | ​ |  | 9,148
Amounts representing interest | ​ |  | (357)
Present value of net future minimum lease payments | ​ | $ | 8,791
​

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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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