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Lease Obligations

3 Months Ended

Mar. 31, 2024

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 March 31, 2024			Three Months Ended March 31, 2023
Operating lease cost	$	885		$	936
Variable lease cost-operating leases	$	282		$	268
		At March 31, 2024			At December 31, 2023
Supplemental balance sheet information related to leases:
Operating Leases
Operating lease right-of-use assets	$	12,186		$	12,935
Current liabilities	$	2,263		$	3,094
Operating lease liabilities (noncurrent portion)		11,526			11,526
Imputed Interest		(1,210)			(1,305)
Total operating lease liabilities	$	12,579		$	13,315

The weighted average remaining lease term for operating leases at March 31, 2024 and December 31, 2023 was 5.63 years and 5.77 years, respectively. The weighted average discount rate for operating leases at March 31, 2024 and December 31, 2023 was 3.03 percent and 3.02 percent, respectively.

The following table summarizes the Company’s maturity of lease obligations for operating leases at March 31, 2024 and December 31, 2023 (in thousands):

Maturities of lease liabilities:
		At March 31, 2024			At December 31, 2023
		Operating Leases			Operating Leases
One year or less	$	2,263		$	3,094
Over one year through three years		5,132			5,132
Over three years through five years		3,632			3,632
Over five years		2,762			2,762
Gross Operating Lease Liabilities	$	13,789		$	14,620
Imputed Interest		(1,210)			(1,305)
Total Operating Lease Liabilities	$	12,579		$	13,315

 

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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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