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Leases

9 Months Ended

Sep. 30, 2024

Note 10: Leases

The Company has operating leases for various locations with terms ranging from one month to seven years. Some operating leases include options to extend. The extensions were included in the right-of-use asset if the likelihood of extension was reasonably 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 $8.3 million and $10.1 million as of September 30, 2024 and December 31, 2023, respectively, and operating lease right-of-use liabilities of $9.3 million and $11.3 million as of September 30, 2024 and December 31, 2023, respectively.

Unaudited condensed consolidated balance sheet, income statement and cash flow detail regarding operating leases follows:


		September 30, 2024		December 31, 2023

Balance Sheet		(In thousands)
Operating lease right-of-of use asset (in other assets)	$	8,280	$	10,060
Operating lease liability (in other liabilities)		9,303		11,251

Weighted average remaining lease term (years)		4.7		6.0
Weighted average discount rate		3.36%		2.89%

Maturities of lease liabilities:
One year or less	$	2,310	$	2,441
Year two		2,202		2,064
Year three		2,159		2,100
Year four		1,620		2,046
Year five		1,080		1,438
Thereafter		693		2,128
Total future minimum lease payments		10,064		12,217
Less: imputed interest		761		966
Total	$	9,303	$	11,251

		Three Months Ended		Three Months Ended
		September 30, 2024		September 30, 2023

Income Statement		(In thousands)
Components of lease expense:
Operating lease cost (in occupancy and equipment expense)	$	652	$	591

		Nine Months Ended		Nine Months Ended
		September 30, 2024		September 30, 2023

Income Statement		(In thousands)
Components of lease expense:
Operating lease cost (in occupancy and equipment expense)	$	2,021	$	1,840

		Nine Months Ended		Nine Months Ended
		September 30, 2024		September 30, 2023

Cash Flow Statement		(In thousands)
Supplemental cash flow information:
Operating cash flows from operating leases	$	1,881	$	1,506