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LEASES
 12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
LEASES LEASES
Operating Leases

The Corporation leases certain branch properties under long-term, operating lease agreements. The leases expire at various dates through 2033 and generally include renewal options. As of December 31, 2021, the weighted average remaining lease term was 9.5 years with a weighted average discount rate of 3.33%. Rent expense was 1.0 million for each of the years ended December 31, 2021 and 2020, respectively. Certain leases provide for increases in future minimum annual rent payments as defined in the lease agreements. The Corporation’s operating lease agreements contain both lease and non-lease components, which are generally accounted for separately. The Corporation’s lease agreements do not contain any residual value guarantees. The Corporation's operating lease obligation increased $0.8 million as of December 31, 2021 due to modification agreements, the addition of a new location in Clarence, New York, and the relocation of an existing branch location in Bath, New York.

Leased branch properties at December 31, 2021 and December 31, 2020 consist of the following (in thousands):
December 31, 2021December 31, 2020
Operating lease right-of-use asset$7,145 $8,001 
Less: accumulated amortization(759)(705)
Less: lease termination(313)(151)
Add: new lease agreement and modifications$1,161 $— 
Operating lease right-of-use-assets, net$7,234 $7,145 

The following is a schedule by year of the undiscounted cash flows of the operating lease liabilities, excluding CAM charges, as of December 31, 2021 (in thousands):
YearAmount
2022$979 
2023992 
2024924 
2025841 
2026845 
2027 and thereafter4,021 
Total minimum lease payments8,602 
Less: amount representing interest(1,224)
Present value of net minimum lease payments$7,378 

As of December 31, 2021, the Corporation had no operating leases that were signed, but had not yet commenced.


Finance Leases

The Corporation leases certain buildings under finance leases. The lease arrangements require monthly payments through 2036. As of December 31, 2021, the weighted average remaining lease term was 11.1 years years with a weighted average discount rate of 3.37%. The Corporation has included these leases in premises and equipment as of December 31, 2021 and December 31, 2020.
The following is a schedule by year of future minimum lease payments under the capitalized lease, together with the present value of net minimum lease payments as of December 31, 2021 (in thousands):
YearAmount
2022$391 
2023391 
2024391 
2025409 
2026425 
2027 and thereafter2,415 
Total minimum lease payments4,422 
Less: amount representing interest(828)
Present value of net minimum lease payments$3,594 

As of December 31, 2021, the Corporation had no finance leases that were signed, but had not yet commenced.
LEASES LEASES
Operating Leases

The Corporation leases certain branch properties under long-term, operating lease agreements. The leases expire at various dates through 2033 and generally include renewal options. As of December 31, 2021, the weighted average remaining lease term was 9.5 years with a weighted average discount rate of 3.33%. Rent expense was 1.0 million for each of the years ended December 31, 2021 and 2020, respectively. Certain leases provide for increases in future minimum annual rent payments as defined in the lease agreements. The Corporation’s operating lease agreements contain both lease and non-lease components, which are generally accounted for separately. The Corporation’s lease agreements do not contain any residual value guarantees. The Corporation's operating lease obligation increased $0.8 million as of December 31, 2021 due to modification agreements, the addition of a new location in Clarence, New York, and the relocation of an existing branch location in Bath, New York.

Leased branch properties at December 31, 2021 and December 31, 2020 consist of the following (in thousands):
December 31, 2021December 31, 2020
Operating lease right-of-use asset$7,145 $8,001 
Less: accumulated amortization(759)(705)
Less: lease termination(313)(151)
Add: new lease agreement and modifications$1,161 $— 
Operating lease right-of-use-assets, net$7,234 $7,145 

The following is a schedule by year of the undiscounted cash flows of the operating lease liabilities, excluding CAM charges, as of December 31, 2021 (in thousands):
YearAmount
2022$979 
2023992 
2024924 
2025841 
2026845 
2027 and thereafter4,021 
Total minimum lease payments8,602 
Less: amount representing interest(1,224)
Present value of net minimum lease payments$7,378 

As of December 31, 2021, the Corporation had no operating leases that were signed, but had not yet commenced.


Finance Leases

The Corporation leases certain buildings under finance leases. The lease arrangements require monthly payments through 2036. As of December 31, 2021, the weighted average remaining lease term was 11.1 years years with a weighted average discount rate of 3.37%. The Corporation has included these leases in premises and equipment as of December 31, 2021 and December 31, 2020.
The following is a schedule by year of future minimum lease payments under the capitalized lease, together with the present value of net minimum lease payments as of December 31, 2021 (in thousands):
YearAmount
2022$391 
2023391 
2024391 
2025409 
2026425 
2027 and thereafter2,415 
Total minimum lease payments4,422 
Less: amount representing interest(828)
Present value of net minimum lease payments$3,594 

As of December 31, 2021, the Corporation had no finance leases that were signed, but had not yet commenced.