LEASES |
6 Months Ended |
|---|---|
Jun. 30, 2023 | |
| Leases [Abstract] | |
| Leases |
NOTE 6 – LEASES
Operating leases in which the Company is the lessee are recorded as operating
liabilities, included in other assets and liabilities, respectively,
The Company’s operating
1
42
leases are not complex and do not contain residual value guarantees, variable
made in applying the requirements of Topic
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 June 30, 2023, the operating lease ROU assets and liabilities were $
24.3
24.6
2022, ROU assets and liabilities were $
22.3
22.7
or any significant lessor agreements.
The table below summarizes our lease expense and other information related
Three Months Ended
Six Months Ended
June 30,
June 30,
(Dollars in Thousands)
2023
2022
2023
2022
Operating lease expense
$
705
$
391
$
1,405
$
775
Short-term lease expense
132
159
271
337
Total lease expense
$
837
$
550
$
1,676
$
1,112
Other information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases
$
706
$
435
$
1,411
$
864
Right-of-use assets obtained in exchange for new operating lease liabilities
87
600
2,993
1,192
Weighted average
18.5
24.5
18.5
24.5
Weighted average
3.3%
2.2%
3.3%
2.2%
The table below summarizes the maturity of remaining lease liabilities:
(Dollars in Thousands)
June 30, 2023
2023
$
1,664
2024
2,697
2025
2,469
2026
2,333
2027
2,245
2028 and thereafter
21,045
Total
$
32,453
Less: Interest
(7,808)
Present Value
$
24,645
At June 30, 2023, the Company had
no
A related party is the lessor in an operating lease with the Company.
0.1
through 2052, for an aggregate remaining obligation of $
2.4
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