Leases (Tables)

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Summary of Operating and Finance Lease Right-of-Use Assets and Related Lease Liabilities

Below is a summary of the operating and finance lease right-of-use assets and related lease liabilities, as well as the weighted average lease term (in years) and weighted average discount rate for each of the lease classifications as of March 31, 2022 and December 31, 2021.

(Dollars in thousands)	March 31, 2022						December 31, 2021
	Operating Leases			Finance Lease			Operating Leases			Finance Lease
Right of use asset	$	8,751		$	3,042		$	9,055		$	3,087
Lease liability	$	10,923		$	3,358		$	11,363		$	3,380
Weighted average remaining lease term  (in years)		6.86			16.92			7.03			17.17
Weighted average discount rate		3.14	%		3.81	%		3.12	%		3.81	%

Summary of Lease Costs

A summary of lease costs during the three and nine months ended March 31, 2022 and 2021 are presented below.  Interest expense on finance lease liabilities is included in other interest expense, while all other lease costs are included in occupancy expense on Mid Penn’s Consolidated Statements of Income.

(Dollars in thousands)	Three Months Ended March 31,
	2022			2021
Finance lease cost:
Amortization of right-of-use asset	$	45		$	45
Interest expense on lease liability		32			33
Total finance lease cost		77			78
Operating lease cost		497			516
Short-term and equipment lease cost		20			10
Variable lease cost		—			—
Sublease income		(6	)		(9	)
Total lease costs	$	588		$	595

Summary of Cash Paid for Amounts Included in Measurement of Lease Liabilities

A summary of cash paid for amounts included in the measurement of lease liabilities is presented below.

(Dollars in thousands)	Three Months Ended
	March 31, 2022		March 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$	32	$	34
Operating cash flows from operating leases		620		544
Financing cash flows from finance leases		22		21

Summary of Future Minimum Payments for Operating and Finance Leases and Reconciliation of Undiscounted Cash Flows

Future minimum payments for operating and finance leases and a reconciliation of the undiscounted cash flows to the total operating and finance lease liability amounts is presented below.

(Dollars in thousands)	March 31, 2022
	Operating Leases			Finance Lease
Lease payments due for each of the years ending December 31,
2022	$	1,832		$	163
2023		2,068			217
2024		1,903			252
2025		1,479			259
2026		1,249			259
Thereafter		3,636			3,473
Total undiscounted cash flows		12,167			4,623
Discount on cash flows		(1,244	)		(1,265	)
Total lease liability	$	10,923		$	3,358