Leases

3 Months Ended

Mar. 31, 2023

Leases.

Leases

Note 9: Leases

The Company has operating leases for various locations with terms ranging from one to eleven years. Some operating leases include options to extend. The extensions were included in the right-of-use asset if the likelihood of extension was fairly certain. The Company elected not to separate non-lease components from lease components for its operating leases.

The Company has operating lease right-of-use assets of $10.5 million as of March 31, 2023 and operating lease right-of-use liabilities of $11.6 million as of March 31, 2023.

Balance sheet, income statement and cash flow detail regarding operating leases follows:

		March 31, 2023		December 31, 2022
Balance Sheet		(In thousands)		(In thousands)
Operating lease right-of-of use asset (in other assets)	$	10,483	$	10,969
Operating lease liability (in other liabilities)		11,644		11,992
Weighted average remaining lease term (years)		6.3		6.5
Weighted average discount rate		2.68%		2.65%
Maturities of lease liabilities:
One year or less	$	1,731	$	2,181
Year two		2,345		2,321
Year three		1,881		1,881
Year four		1,911		1,911
Year five		1,853		1,853
Thereafter		2,902		2,902
Total future minimum lease payments		12,623		13,049
Less: imputed interest		979		1,057
Total	$	11,644	$	11,992
		Three Months Ended		Three Months Ended
		March 31, 2023		March 31, 2022
Income Statement		(In thousands)		(In thousands)
Components of lease expense:
Operating lease cost (in occupancy and equipment expense)	$	583	$	367
		Three Months Ended		Three Months Ended
		March 31, 2023		March 31, 2022
Cash Flow Statement		(In thousands)		(In thousands)
Supplemental cash flow information:
Operating cash flows from operating leases	$	426	$	283