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Lease Obligations

9 Months Ended

Sep. 30, 2023

Lease Obligations [Abstract]

Lease Obligations

Note 13 – Lease Obligations

The Company leases 25 of its offices under various operating lease agreements. The leases have remaining terms of one year to 10 years. The leases contain provisions for the payment by the Company of its pro-rata share of real estate taxes, insurance, common area maintenance and other variable expenses. The Company will allocate payments made under such leases between lease and non-lease components. Some leases contain renewal options and options to purchase the assets.

The Company has elected not to recognize a lease liability and a right of use asset for leases with a lease term of 12 or fewer months.

The following tables present certain information related to the Company’s leases (in thousands):

		Three Months Ended September 30, 2023			Three Months Ended September 30, 2022			Nine Months Ended September 30, 2023			Nine Months Ended September 30, 2022
Operating lease expense	$	878		$	964		$	2,710		$	2,804
Variable lease expense-operating leases	$	269		$	258		$	793		$	734

		At September 30, 2023			At December 31, 2022
Supplemental balance sheet information related to leases:
Operating Leases
Operating lease right-of-use assets	$	12,953		$	13,520
Current liabilities	$	812		$	3,062
Operating lease liabilities (noncurrent portion)		13,833			12,218
Imputed Interest		(1,327)			(1,421)
Total operating lease liabilities	$	13,318		$	13,859

The weighted average remaining lease term for operating leases at September 30, 2023 and December 31, 2022 was 5.95 years and 6.49 years, respectively. The weighted average discount rate for operating leases at September 30, 2023 and December 31, 2022 was 2.95 percent and 2.83 percent, respectively.

The following table summarizes the Company’s maturity of lease obligations for operating leases at September 30, 2023 and December 31, 2022 (in thousands):

Maturities of lease liabilities:
		At September 30, 2023			At December 31, 2022
		Operating Leases			Operating Leases
One year or less	$	812		$	3,062
Over one year through three years		5,468			4,766
Over three years through five years		4,341			3,496
Over five years		4,024			3,956
Gross Operating Lease Liabilities	$	14,645		$	15,280
Imputed Interest		(1,327)			(1,421)
Total Operating Lease Liabilities	$	13,318		$	13,859

 

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- References

No definition available.

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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

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