XML 42 R28.htm IDEA: XBRL DOCUMENT v3.22.4
Leases
12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Leases

(20) LEASES

Lessee

 

The Company has operating leases, which primarily consist of office space in buildings, ATM locations, storage facilities, parking lots, equipment and land on which it owns certain buildings.

 

Rental expense on all operating leases, including those rented on a monthly or temporary basis were as follows (Dollars in thousands):

 

Year Ending December 31:

 

 

 

2022

 

$

1,865

 

2021

 

 

1,560

 

2020

 

 

1,894

 

 

 

A right of use lease asset included in accrued interest receivable and other assets on the consolidated balance sheet totaled $5.6 million at December 31, 2022 compared to $5.0 million at December 31, 2021, and a related lease liability included in accrued interest payable and other liabilities on the consolidated balance sheet totaled $5.4 million at December 31, 2022 compared to $4.9 million at December 31, 2021. As of December 31, 2022, our operating leases have a weighted-average remaining lease term of 3.6 years and a weighted-average discount rate of 2.3 percent.

 

Maturity of Operating Lease Liabilities

 

The following table presents minimum future commitments by year for the Company’s operating leases. Such commitments are reflected as undiscounted values and are reconciled to the discounted present value recognized on the consolidated balance sheet.

 

 

 

December 31, 2022

 

 

 

(Dollars in thousands)

 

2023

 

$

1,716

 

2024

 

 

1,358

 

2025

 

 

1,097

 

2026

 

 

696

 

2027

 

 

341

 

Thereafter

 

 

1,011

 

Total lease payments

 

 

6,219

 

Less imputed interest

 

 

(794

)

Operating lease liability

 

$

5,425

 

 

Lessor

 

The Company is a lessor of operating leases, which primarily consist of office space in buildings and parking lots. These assets are classified on the consolidated balance sheet as premises and equipment. The Company had operating lease revenue of $5.4 million, $4.9 million and $5.3 million for the years ended December 31, 2022, 2021 and 2020, respectively. Lease revenue is included in occupancy, net on the consolidated statement of comprehensive income.

 

Future Minimum Lease Payments to be received

The Company does not have operating leases that extend beyond 2031. The following table presents the scheduled minimum future contractual rent to be received under the remaining non-cancelable term of the operating leases:

 

 

 

December 31, 2022

 

 

 

(Dollars in thousands)

 

2023

 

$

3,137

 

2024

 

 

2,874

 

2025

 

 

2,154

 

2026

 

 

1,778

 

2027

 

 

1,350

 

2028-2031

 

 

2,197

 

Total future minimum lease payments

 

$

13,490