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Leases

3 Months Ended

Mar. 31, 2025

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 March 31,
	2025		2024
	(In Thousands)
Operating lease cost	$	344	$	357
Short-term lease cost		54		37
Variable lease cost		141		141
Total lease cost, net	$	539	$	535

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


	March 31, 2025			December 31, 2024
Weighted-average remaining lease term (in years)		6.76			6.93
Weighted-average discount rate		3.42	%		3.37	%

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


(In Thousands)
2025	$	1,090
2026		1,448
2027		1,469
2028		1,113
2029		792
Thereafter		2,808
Total undiscounted cash flows		8,720
Discount on cash flows		(1,116	)
Total lease liability	$	7,604