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Leases
 9 Months Ended
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