Quarterly report pursuant to Section 13 or 15(d)

LEASES

v3.23.1
LEASES
3 Months Ended
Mar. 31, 2023
Leases [Abstract]  
Leases
NOTE 6 – LEASES
Operating leases in which the Company is the lessee are recorded as operating
 
lease right of use (“ROU”) assets and operating
liabilities, included in other assets and liabilities, respectively,
 
on its Consolidated Statement of Financial Condition.
 
The Company’s operating
 
leases primarily relate to banking offices with remaining lease terms
 
from
1
 
to
43
 
years.
 
The Company’s
leases are not complex and do not contain residual value guarantees, variable
 
lease payments, or significant assumptions or judgments
made in applying the requirements of Topic
 
842.
 
Operating leases with an initial term of 12 months or less are not recorded on the
Consolidated Statement of Financial Condition and the related lease expense is recognized on a straight-line basis over the lease term.
 
At March 31, 2023, the operating lease ROU assets and liabilities were $
24.7
 
million and $
25.1
 
million, respectively. At December
31, 2022, ROU assets and liabilities were $
22.3
 
million and $
22.7
 
million, respectively.
 
The Company does not have any finance
leases or any significant lessor agreements.
The table below summarizes our lease expense and other information related
 
to the Company’s operating leases.
Three Months Ended
March 31,
(Dollars in Thousands)
2023
2022
Operating lease expense
$
700
$
384
Short-term lease expense
139
179
Total lease expense
$
839
$
563
Other information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases
$
706
$
429
Right-of-use assets obtained in exchange for new operating lease liabilities
2,906
592
Weighted average
 
remaining lease term — operating leases (in years)
18.6
24.9
Weighted average
 
discount rate — operating leases
3.3%
2.0%
The table below summarizes the maturity of remaining lease liabilities:
(Dollars in Thousands)
March 31, 2023
2023
$
2,354
2024
2,666
2025
2,438
2026
2,320
2027
2,245
2028 and thereafter
21,045
Total
$
33,068
Less: Interest
(8,002)
Present Value
 
of Lease liability
$
25,066
At March 31, 2023, the Company had
no
 
additional operating lease obligations for banking offices
 
that have not yet commenced.
 
A related party is the lessor in an operating lease with the Company.
 
The Company’s minimum payment
 
is $
0.2
 
million annually
through 2052, for an aggregate remaining obligation of $
2.4
 
million at March 31, 2023.