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OPERATING LEASE COMMITMENTS AND CONTINGENCIES | 12 Months Ended
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Dec. 31, 2023
OPERATING LEASE COMMITMENTS AND CONTINGENCIES |
OPERATING LEASE COMMITMENTS AND CONTINGENCIES | 16. OPERATING LEASE COMMITMENTS AND CONTINGENCIES Operating Lease Commitments Operating leases in which the Corporation is the lessee are recorded as operating lease Right of Use ("ROU") assets and operating lease liabilities, included in other assets and other liabilities, respectively, on the consolidated balance sheets. The Corporation does not currently have any finance leases. Operating lease ROU assets represent the right to use an underlying asset during the lease term and operating lease liabilities represent the obligation to make lease payments arising from the lease. The Corporation leases certain branch locations, office space and equipment. All leases are classified as operating leases. Operating lease expense, which is comprised of amortization of the ROU assets and the implicit interest accreted on the operating lease liability, is recognized on a straight line basis over the remaining lease term of the operating lease. Leases with an initial term of 12 months or less are not recorded on the balance sheet and the related lease expense is recognized on a straight-line basis over the lease term. Certain leases include options to renew, with renewal terms that can extend the lease term from one to eight years that are reasonably certain of being exercised. The discount rate used in determining the lease liability for each individual lease was the FHLB fixed advance rate which corresponded with the remaining lease term as of January 1, 2019 for leases that existed at adoption of ASU 2017-02 and as of the lease commencement date for leases subsequently entered into after January 1, 2019. At December 31, 2023, discount rates ranged from 0.84% to 4.16% with a weighted-average discount rate of 1.96%. At December 31, 2023, the weighted-average remaining lease term was 4.6 years. At December 31, 2022, the weighted-average discount rate was 1.98% and the weighted-average remaining lease term was 5.1 years. At December 31, 2023, right-of-use assets of $3,570,000 were included in other assets, and the related lease liabilities totaling the same amount were included in accrued interest and other liabilities, in the consolidated balance sheets. At December 31, 2022, right of use assets and the related liabilities totaled $4,133,000. ​
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​ In 2023, 2022 and 2021, operating lease expenses are included in the following line item of the consolidated statements of income: ​
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(In Thousands) |  | 2023 | ​ | 2022 |  | 2021
Net occupancy and equipment expense | ​ | $ | 644 | ​ | $ | 599 | ​ | $ | 492
Total | ​ | $ | 644 | ​ | $ | 599 | ​ | $ | 492
​ A maturity analysis of the Corporation’s lease liabilities at December 31, 2023 is as follows: ​ (In Thousands) Lease Payments Due ​
​ | ​ | ​ | ​
2024 |  | $ | 623
2025 | ​ |  | 593
2026 | ​ |  | 533
2027 | ​ |  | 509
2028 | ​ |  | 419
Thereafter | ​ |  | 1,147
Total lease payments | ​ |  | 3,824
Discount on cash flows | ​ |  | (254)
Total lease liabilities | ​ | $ | 3,570
​ Litigation Matters ​ In the normal course of business, the Corporation is subject to pending and threatened litigation in which claims for monetary damages are asserted. In management’s opinion, the Corporation’s financial position and results of operations would not be materially affected by the outcome of these legal proceedings.

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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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