LEASES |
9 Months Ended |
|---|---|
Sep. 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 September 30, 2023, the operating lease ROU assets and liabilities were $
23.8
24.2
December 31, 2022, ROU assets and liabilities were $
22.3
22.7
finance leases or any significant lessor agreements.
The table below summarizes our lease expense and other information related
Three Months Ended
Nine Months Ended
September 30,
September 30,
(Dollars in Thousands)
2023
2022
2023
2022
Operating lease expense
$
710
$
427
$
2,114
$
1,202
Short-term lease expense
167
158
438
495
Total lease expense
$
877
$
585
$
2,552
$
1,697
Other information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases
$
720
$
439
$
2,131
$
1,303
Right-of-use assets obtained in exchange for new operating lease liabilities
55
2,406
3,048
3,598
Weighted average
18.4
22.0
18.4
22.0
Weighted average
3.3%
2.2%
3.3%
2.2%
The table below summarizes the maturity of remaining lease liabilities:
(Dollars in Thousands)
September 30, 2023
2023
$
955
2024
2,723
2025
2,487
2026
2,336
2027
2,246
2028 and thereafter
21,045
Total
$
31,792
Less: Interest
(7,613)
Present Value
$
24,179
At September 30, 2023, the Company had
one
A related party is the lessor in an operating lease with the Company.
0.1
through 2052, for an aggregate remaining obligation of $
2.3
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