Quarterly report pursuant to Section 13 or 15(d)

Note 6 - Leases

v3.22.2
Note 6 - Leases
6 Months Ended
Jun. 30, 2022
Notes to Financial Statements  
Lessee, Operating Leases [Text Block]

NOTE 6 - LEASES

 

The Company leases space under non-cancelable operating leases for several of its banking offices and certain office equipment. The leases have remaining terms up to 9.4 years. At June 30, 2022, the Company had lease right-of-use assets and lease liabilities totaling $16.3 million and $17.0 million, respectively, compared to $17.9 million and $18.5 million, respectively, at December 31, 2021 which are reflected in other assets and other liabilities, respectively, in the Company’s Consolidated Balance Sheets.

 

Maturities of operating lease liabilities as of June 30, 2022 are as follows:

 

   

June 30, 2022

 
   

(In Thousands)

 

2022 (remaining)

  $ 2,086  

2023

    3,598  

2024

    2,626  

2025

    2,500  

2026

    1,929  

thereafter

    5,511  

Total lease payments

    18,250  

Less: imputed interest

    (1,298 )

Present value of operating lease liabilities

  $ 16,952  

 

As of June 30, 2022, the weighted average remaining term of operating leases is 6.5 years and the weighted average discount rate used in the measurement of operating lease liabilities was 2.39%.

 

Operating cash flows related to leases were $1.1 million and $2.1 million for the three and six months ended June 30, 2022, respectively, compared to $829,000 and $1.6 million for the three and six months ended June 30, 2021, respectively.

 

Lease costs during the three and six months ended June 30, 2022 and June 30, 2021 were as follows (in thousands):

 

   

Three Months Ended June 30,

 
   

2022

   

2021

 

Operating lease cost

  $ 1,051     $ 1,011  

Short-term lease cost

    17       -  

Variable lease cost

    151       140  

Sublease income

    (5 )     (24 )

Net lease cost

  $ 1,214     $ 1,127  

 

   

Six Months Ended June 30,

 
   

2022

   

2021

 

Operating lease cost

  $ 2,095     $ 1,911  

Short-term lease cost

    25       -  

Variable lease cost

    300       212  

Sublease income

    (29 )     (47 )

Net lease cost

  $ 2,391     $ 2,076