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Leases | 12 Months Ended
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Dec. 31, 2023
Leases |
Leases | NOTE 9: Leases ​ The Corporation’s leases comprise primarily leases of real estate and office equipment in which the Corporation is the lessee. Lease cost for the years ended December 31, 2023, 2022 and 2021 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, |
(Dollars in thousands) |  | 2023 |  | 2022 |  | 2021 |
Operating lease cost | ​ | $ | 872 | ​ | $ | 1,008 | ​ | $ | 1,331 | ​
Finance lease cost: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amortization of right-of-use asset | ​ | ​ | 314 | ​ | ​ | 314 | ​ | ​ | 314 | ​
Interest on lease liability | ​ | ​ | 121 | ​ | ​ | 125 | ​ | ​ | 129 | ​
Short-term lease cost | ​ | ​ | 99 | ​ | ​ | 139 | ​ | ​ | 142 | ​
Variable lease cost | ​ |  | 63 | ​ |  | 97 | ​ |  | 46 | ​
Total lease cost | ​ | $ | 1,469 | ​ | $ | 1,683 | ​ | $ | 1,962 | ​
​ Interest on lease liability cost is included in “Interest expense – Borrowings” and all other lease costs are included in “Occupancy” on the Consolidated Statements of Income. Variable lease payments primarily represent payments for common area maintenance related to real estate leases, taxes and fees related to equipment leases that are not included in base rent payments and changes in lease payments that are adjusted for inflation. ​ Certain of the Corporation’s leases contain options to extend the lease term beyond the initial term. Options to extend the lease term are recognized as part of the Corporation’s lease liabilities and right-of-use assets at the commencement of a lease to the extent the Corporation is reasonably certain to exercise such options. ​ The Corporation’s right-of-use assets, lease liabilities, weighted average remaining lease term and weighted average discount rate of the Corporation’s leases are set forth in the table below. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | December 31, | ​ | December 31,
(Dollars in thousands) | ​ | ​ | 2023 |  | 2022
Operating leases: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Right of use assets | ​ | $ | 2,836 | ​ | $ | 2,887 | ​
Lease liabilities | ​ | ​ | 2,877 | ​ | ​ | 2,965 | ​
Weighted average remaining lease term (years) | ​ | ​ | 8.0 | ​ | ​ | 6.5 | ​
Weighted average discount rate | ​ | ​ | 2.7 | % | ​ | 1.6 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Finance leases: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Right of use assets | ​ | $ | 5,251 | ​ | $ | 5,565 | ​
Lease liabilities | ​ |  | 5,921 | ​ |  | 6,141 | ​
Weighted average remaining lease term (years) | ​ | ​ | 16.5 | ​ | ​ | 17.5 | ​
Weighted average discount rate | ​ | ​ | 2.0 | % | ​ | 2.0 | %
​ Right of use assets are included in “Other Assets” on the Consolidated Balance Sheets. Operating lease liabilities are included in “Other Liabilities,” and Finance lease liabilities are included in “Long-term Borrowings” in the Consolidated Balance Sheets. During the years ended December 31, 2023, 2022 and 2021, the Corporation obtained right-of-use assets in exchange for lease liabilities in operating leases of $775,000, $888,000 and $2.48 million, respectively. ​ Cash paid for amounts included in the measurement of lease liabilities for the years ended December 31, 2023, 2022 and 2021 is set forth in the table below. In addition to the amounts paid shown below, the Corporation received lease incentives of $37,000 related to operating leases during the year ended December 31, 2022. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, |
(Dollars in thousands) |  | 2023 |  | 2022 |  | 2021 |
Operating leases: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating cash flows | ​ | $ | 905 | ​ | $ | 1,823 | ​ | $ | 1,313 | ​
Finance leases: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating cash flows | ​ | ​ | 121 | ​ | ​ | 125 | ​ | ​ | 129 | ​
Financing cash flows | ​ | ​ | 220 | ​ | ​ | 440 | ​ | ​ | 195 | ​
Total cash flows | ​ | $ | 1,246 | ​ | $ | 2,388 | ​ | $ | 1,637 | ​
​ ​ Maturities of the Corporation’s lease liabilities are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2023
(Dollars in thousands) | ​ | Operating Leases | ​ | Finance Leases
2024 | ​ | $ | 799 | ​ | $ | 315
2025 | ​ | ​ | 609 | ​ | ​ | 355
2026 | ​ | ​ | 398 | ​ | ​ | 364
2027 | ​ | ​ | 164 | ​ | ​ | 373
2028 | ​ | ​ | 122 | ​ | ​ | 382
Thereafter | ​ | ​ | 1,154 | ​ | ​ | 5,255
Total | ​ |  | 3,246 | ​ |  | 7,044
Imputed interest | ​ |  | (369) | ​ |  | (1,123)
Lease liabilities | ​ | $ | 2,877 | ​ | $ | 5,921
​

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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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