Leases

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Leases

Leases

    The Company's lease commitments consist primarily of agreements to lease land and office facilities that it occupies to operate several of its retail branch locations that are classified as operating leases and are recognized on the balance sheet as right-of-use (“ROU”) assets and lease liabilities. As of March 31, 2024, the Company has operating lease ROU assets of $8.9 million and operating lease liabilities of $8.9 million. As of December 31, 2023, the Company had operating lease ROU assets of $9.1 million and operating lease liabilities of $9.1 million. The Company did not have any agreements that are classified as finance leases as of March 31, 2024 or December 31, 2023.

    The following table presents additional information about the Company's operating leases for the periods indicated:

		Three Months Ended March 31,
(In Thousands)		2024		2023
Lease Cost
	Operating lease cost(1)	$737		$699
	Short term lease cost(1)	38		33
	Total lease cost	$775		$732
Other information
	Operating leases - operating cash flows	$683		$651
	Weighted average lease term - operating leases, in years	10.36		10.55
	Weighted average discount rate - operating leases	3.60	%	3.39	%
(1)	Expenses are classified within occupancy expense on the Consolidated Statements of Income.

    The table below reconciles the remaining undiscounted cash flows for the next five years for each twelve-month period presented (unless otherwise indicated) and the total of the subsequent remaining years to the operating lease liabilities recorded on the balance sheet:

(In Thousands)	Operating Leases
2024 (Nine months)	$2,071
2025	2,422
2026	1,245
2027	783
2028	547
Thereafter	3,878
Total minimum lease payments	$10,946
Less: amount of lease payment representing interest	(2,062)
Present value of future minimum lease payments	$8,884