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Leases | 9 Months Ended
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Sep. 30, 2024
Leases [Abstract] |
Leases | Note 6 — Leases The Corporation leases various office spaces and specialized lending production offices under non-cancellable operating leases which expire on various dates through 2033. The Corporation also leases office equipment. The Corporation recognizes a right-of-use asset and an operating lease liability for all leases, with the exception of short-term leases. Right-of-use assets represent the right to use an underlying asset for the lease term and lease liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. Lease expense for operating leases and short-term leases is recognized on a straight-line basis over the lease term. The components of total lease expense were as follows:
|  | For the Three Months Ended September 30, |  |  | For the Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
|  | (In Thousands) |
Operating lease cost |  | $ | 333 |  |  | $ | 338 |  |  | $ | 1,028 |  |  | $ | 1,088 |
Short-term lease cost |  |  | 31 |  |  |  | 36 |  |  |  | 106 |  |  |  | 145 |
Variable lease cost |  |  | 143 |  |  |  | 139 |  |  |  | 430 |  |  |  | 436 |
Less: sublease income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (75 | )
Total lease cost, net |  | $ | 507 |  |  | $ | 513 |  |  | $ | 1,564 |  |  | $ | 1,594 |
Quantitative information regarding the Corporation’s operating leases was as follows:
|  | September 30, 2024 |  |  | December 31, 2023 |
Weighted-average remaining lease term (in years) |  |  | 7.20 |  |  |  | 7.70 |
Weighted-average discount rate |  |  | 3.78 | % |  |  | 3.61 | %
The following maturity analysis shows the undiscounted cash flows due on the Corporation’s operating lease liabilities:
(In Thousands) |  |  |
2024 |  | $ | 367 |
2025 |  |  | 1,408 |
2026 |  |  | 1,400 |
2027 |  |  | 1,427 |
2028 |  |  | 1,113 |
Thereafter |  |  | 3,600 |
Total undiscounted cash flows |  |  | 9,315 |
Discount on cash flows |  |  | (1,261 | )
Total lease liability |  | $ | 8,054 |

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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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