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v3.23.1

Leases | 3 Months Ended
--- | ---
Mar. 31, 2023
Leases [Abstract] |
Leases | Leases The Company's lease commitments consist primarily of agreements to lease land and office facilities that it occupies to operate several of its retail branch locations that are classified as operating leases and are recognized on the balance sheet as right-of-use ("ROU") assets and lease liabilities. As of March 31, 2023, the Company has operating lease ROU assets of $9.5 million and operating lease liabilities of $9.5 million. As of December 31, 2022, the Company had operating lease ROU assets of $9.9 million and operating lease liabilities of $9.9 million. The Company did not have any agreements that are classified as finance leases as of March 31, 2023 or December 31, 2022. The following table presents additional information about the Company's operating leases:
|  | Three Months Ended March 31,
(In Thousands) |  |  | 2023 | 2022
Lease Cost |  |  |  |
| Operating lease cost(1) |  |  | $699 |  | $681 |
| Short term lease cost(1) |  |  | 33 |  | 12 |
| Total lease cost |  |  | $732 |  | $693 |
Other information |  |  |  |
| Operating leases - operating cash flows |  |  | $651 |  | $644 |
| Weighted average lease term - operating leases, in years |  |  | 10.55 | 10.66
| Weighted average discount rate - operating leases |  |  | 3.39 | % | 3.23 | %
(1) | Expenses are classified within occupancy expense on the Consolidated Statements of Income. |  |  |  |
The table below reconciles the remaining undiscounted cash flows for the next five years for each twelve-month period presented (unless otherwise indicated) and the total of the subsequent remaining years to the operating lease liabilities recorded on the balance sheet:
(In Thousands) | Operating Leases
2023 (Nine months) | $1,921 |
2024 | 2,274 |
2025 | 1,995 |
2026 | 861 |
2027 | 500 |
Thereafter | 4,137 |
Total minimum lease payments | $11,688 |
Less: amount of lease payment representing interest | (2,222) |
Present value of future minimum lease payments | $9,466 |

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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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