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Leases (Tables)
12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Components of Lease expense

The components of total lease expense were as follows:

 

 

 

For the Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

(In Thousands)

 

Operating lease cost

 

$

1,366

 

 

$

1,411

 

 

$

1,544

 

Short-term lease cost

 

 

140

 

 

 

200

 

 

 

148

 

Variable lease cost

 

 

572

 

 

 

576

 

 

 

604

 

Less: sublease income

 

 

 

 

 

(75

)

 

 

(179

)

Total lease cost, net

 

$

2,078

 

 

$

2,112

 

 

$

2,117

 

Operating Lease Quantitative Information

Quantitative information regarding the Corporation’s operating leases was as follows:

 

 

 

December 31, 2024

 

 

December 31, 2023

 

 

December 31, 2022

 

Weighted-average remaining lease term (in years)

 

 

6.93

 

 

 

7.70

 

 

 

8.06

 

Weighted-average discount rate

 

 

3.37

%

 

 

3.61

%

 

 

3.40

%

Maturity of Operating Lease Liabilities

The following maturity analysis shows the undiscounted cash flows due on the Corporation’s operating lease liabilities:

 

(In Thousands)

 

 

 

2025

 

$

1,488

 

2026

 

 

1,448

 

2027

 

 

1,469

 

2028

 

 

1,113

 

2029

 

 

792

 

Thereafter

 

 

2,808

 

Total undiscounted cash flows

 

 

9,118

 

Discount on cash flows

 

 

(1,192

)

Total lease liability

 

$

7,926