Annual report pursuant to Section 13 and 15(d)

Note 6 - Leases

v3.22.4
Note 6 - Leases
12 Months Ended
Dec. 31, 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 Company reports its right-of-use asset in other assets and its lease liabilities in other liabilities in its Consolidated Balance Sheet.

 

Supplemental balance sheet information related to operating leases is as follows:

 

   

December 31, 2022

   

December 31, 2021

 

Right-of-use assets

  $ 18,816     $ 17,916  

Lease liabilities

  $ 19,614     $ 18,549  

Weighted average remaining lease term

    6.6       6.8  

Weighted average discount rate

    2.81

%

    2.46

%

 

Lease costs during the years ended December 31, 2022 and 2021 were as follows (in thousands):

 

   

2022

   

2021

 

Operating lease cost

  $ 4,379     $ 4,009  

Short-term lease cost

    68       -  

Variable lease cost

    610       430  

Sublease income

    (40 )     (94 )

Net lease cost

  $ 5,017     $ 4,345  

 

The following table reconciles future undiscounted lease payments due under non-cancelable leases to the aggregate lease liability as of December 31, 2022:

 

   

(In Thousands)

 

2023

  $ 4,281  

2024

    3,360  

2025

    3,249  

2026

    2,626  

2027

    2,132  

Thereafter

    6,042  

Total lease payments

  $ 21,690  

Less: imputed interest

    (2,076 )

Present value of operating lease liabilities

  $ 19,614