XML 39 R24.htm IDEA: XBRL DOCUMENT

LEASES

12 Months Ended

Dec. 31, 2022

NOTE O: LEASES

The Company has operating leases for certain offices and certain equipment. These leases have remaining terms that range from less than one year to 12 years. Options to extend the leases range from a single extension option of one year to multiple extension options for up to 40 years. Certain agreements include an option to terminate the lease within one year.

The components of lease expense are as follows:


(000’s omitted)	2022		2021		2020
Operating lease cost	$	8,568	$	8,397	$	9,000
Variable lease cost		108		50		53
Short-term lease cost ⁽¹⁾		65		148		369
Total lease cost	$	8,741	$	8,595	$	9,422

⁽¹⁾Short-term lease cost includes the cost of leases with terms of twelve months or less, excluding leases with terms of one month or less.

Supplemental cash flow information related to leases is as follows:


(000’s omitted)	2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows for operating leases	$	8,402	$	8,203

Right-of-use assets obtained in exchange for lease obligations:
Operating leases		6,758		5,344

Supplemental balance sheet information related to leases is as follows:


(000’s omitted, except lease term and discount rate)	2022			2021
Operating leases
Operating lease right-of-use assets	$	30,069		$	31,754

Operating lease liabilities		31,091			32,833

Weighted average remaining lease term
Operating leases		4.9 years			5.4 years

Weighted average discount rate
Operating leases		2.89	%		2.62	%

Maturities of lease liabilities as of December 31, 2022 are as follows:


(000’s omitted)	Operating Leases
2023	$	8,995
2024		7,579
2025		5,992
2026		4,180
2027		2,547
Thereafter		4,333
Total lease payments		33,626
Less imputed interest		(2,535)
Total	$	31,091

Maturities of lease liabilities as of December 31, 2021 are as follows:


(000’s omitted)	Operating Leases
2022	$	8,729
2023		7,640
2024		5,920
2025		4,401
2026		3,062
Thereafter		5,846
Total lease payments		35,598
Less imputed interest		(2,765)
Total	$	32,833

Included in the Company’s operating leases are related party leases where BPAS-APS and OneGroup, subsidiaries of the Company, lease office space from 706 North Clinton, LLC (“706 North Clinton”), an entity the Company holds a 50% membership interest in through its subsidiary OPFC II. As of December 31, 2022, the operating lease right-of-use assets and operating lease liabilities associated with these related party leases total $3.6 million and $3.6 million, respectively. As of December 31, 2021, the operating lease right-of-use assets and operating lease liabilities associated with these related party leases total $4.0 million and $4.1 million, respectively. As of December 31, 2022, the weighted average remaining lease term and weighted average discount rate for the Company’s related party leases are 7.0 years and 3.68%, respectively. As of December 31, 2021, the weighted average remaining lease term and weighted average discount rate for the Company’s related party leases are 8.0 years and 3.68%, respectively.

The maturities of the Company’s related party lease liabilities as of December 31, 2022 are as follows:


(000’s omitted)	706 North Clinton, LLC
2023	$	591
2024		591
2025		605
2026		615
2027		506
Thereafter		1,221
Total lease payments		4,129
Less imputed interest		(493)
Total	$	3,636

The maturities of the Company’s related party lease liabilities as of December 31, 2021 are as follows:


(000’s omitted)	706 North Clinton, LLC
2022	$	591
2023		591
2024		591
2025		605
2026		614
Thereafter		1,727
Total lease payments		4,719
Less imputed interest		(633)
Total	$	4,086

As of December 31, 2022, the Company has four additional operating leases for office spaces that have not yet commenced with a weighted average lease term of 11.9 years. Upon commencements, lease right-of-use assets and lease liabilities of approximately $11.5 million will be recorded in the consolidated statements of condition.