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Leases | 9 Months Ended
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Sep. 30, 2023
Leases [Abstract] |
Leases | Note 9 – Leases Leases (Topic 842) establishes a right of use model that requires a lessee to record a right of use asset (“ROU”) and a lease liability for all leases with terms longer than 12 months. The Company is obligated under 26 operating lease agreements for 25 branches and its corporate offices with terms extending through 2039. The Company’s lease agreements include options to renew at the Company’s discretion. The extensions are reasonably certain to be exercised, therefore they were considered in the calculations of the ROU asset and lease liability. The following table represents the classification of the Company’s right of use and lease liability.
|  | Statement of Financial Condition Location |  | September 30, 2023 |  |  | December 31, 2022 |
|  | (In thousands) |
Operating Lease Right of Use Asset: |  |  |  |  |  |  |  |  |  |
Gross carrying amount |  |  |  | $ | 16,026 |  |  | $ | 17,919 |
Increased asset from new leases |  |  |  |  | 9,799 |  |  |  | — |
Accumulated amortization |  |  |  |  | (1,735 | ) |  |  | (1,893 | )
Net book value |  | Operating lease right-of-use asset |  | $ | 24,090 |  |  | $ | 16,026 |
Operating Lease Liability: |  |  |  |  |  |  |  |  |  |
Lease liability |  | Operating lease liability |  | $ | 24,941 |  |  | $ | 16,772 |
As of September 30, 2023, the weighted-average remaining lease terms for operating leases was 12.4 years and the weighted-average discount rate used in the measurement of operating lease liabilities was 3.35%. The Company used FHLB fixed rate advances or at the time the lease was placed in service for the term most closely aligning with remaining lease term. Future minimum payments under operating leases with terms longer than 12 months are as follows at September 30, 2023 (in thousands):
Twelve months ended September 30, |  |  |  |
2024 |  | $ | 3,279 |
2025 |  |  | 3,110 |
2026 |  |  | 2,969 |
2027 |  |  | 2,719 |
2028 |  |  | 2,503 |
Thereafter |  |  | 16,918 |
Total future operating lease payment |  |  | 31,498 |
Amounts representing interest |  |  | (6,557 | )
Present value of net future lease payments |  | $ | 24,941 |
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
|  | (In thousands) |  |  | (In thousands) |
Lease cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating lease |  | $ | 1,194 |  |  | $ | 622 |  |  | $ | 2,789 |  |  | $ | 2,027 |
Short-term lease cost |  |  | 31 |  |  |  | 39 |  |  |  | 96 |  |  |  | 73 |
Total lease cost |  | $ | 1,225 |  |  | $ | 661 |  |  | $ | 2,885 |  |  | $ | 2,100 |
Other information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities |  | $ | 898 |  |  | $ | 577 |  |  | $ | 2,179 |  |  | $ | 1,728 |

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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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