Leases

6 Months Ended

Jun. 30, 2024

The Company leases certain premises under operating leases. As of June 30, 2024, the Company had lease liabilities of $8.0 million and right-of-use assets of $7.6 million. Lease liabilities and right-of-use assets are reflected in other liabilities and other assets, respectively. Presented within occupancy expense on the Consolidated Statements of Income for the three

and six-month periods ended June 30, 2024, operating lease cost was $333,000 and $674,000, short-term lease cost was $93,000 and $174,000, and there was no variable lease cost. At June 30, 2024, the weighted-average remaining lease term for the operating leases was 6.9 years and the weighted-average discount rate used in the measurement of operating lease liabilities was 3.56%. Certain of the Company’s leases contain options to renew the lease; however, these renewal options are not included in the calculation of the lease liabilities as they are not reasonably certain to be exercised. See the Company’s 2023 Form 10-K for information regarding these commitments.

A maturity analysis of operating lease liabilities and undiscounted cash flows as of June 30, 2024 is as follows:


(In thousands)	June 30, 2024
Lease payments due
Less than 1 year	$	1,333
1-2 years	1,358
2-3 years	1,343
3-4 years	1,370
4-5 years	1,259
Over 5 years	2,272
Total undiscounted cash flows	8,935
Discount on cash flows	972
Total lease liability	$	7,963

There were no sale and leaseback transactions, leveraged leases, or lease transactions with related parties during the six-month period ended June 30, 2024.