Leases

12 Months Ended

Dec. 31, 2024

The Company's lease commitments consist primarily of agreements to lease land and office facilities that it occupies to operate several of its retail locations that are classified as operating leases and are recognized on the balance sheet as right-of-use (“ROU”) asset and lease liabilities. As of December 31, 2024, the Company has operating lease ROU assets of $7.5 million and operating lease liabilities of $7.5 million. As of December 31, 2023, the Company has operating lease ROU assets of $9.1 million and operating lease liabilities of $9.1 million. The Company does not have any agreements that are classified as finance leases.

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


(In Thousands)	2024		2023
Lease Cost
Operating lease cost(1)	$2,975		$2,818
Short term lease cost(1)	141		143
Total lease cost	$3,116		$2,961

Other information
Operating leases - operating cash flows	$2,779		$2,628
Weighted average lease term - operating leases, in years	11.57		10.41
Weighted average discount rate - operating leases	3.65	%	3.55	%
(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 and the total of the subsequent remaining years to the operating lease liabilities recorded on the balance sheet:


(In Thousands)			Operating Leases
2025			$2,521
2026			1,328
2027			855
2028			554
2029			374
Thereafter			3,708
Total minimum lease payments			$9,340
Less: amount of lease payment representing interest			(1,853)
Present value of future minimum lease payments			$7,487