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| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| LEASES | LEASES Operating Leases The Corporation leases certain branch properties under long-term, operating lease agreements. The leases expire at various dates through 2033 and generally include renewal options. As of September 30, 2023, the weighted average remaining lease term was 8.03 years with a weighted average discount rate of 3.38%. Rent expense was $0.2 million for the three months ended September 30, 2023. Rent expense was $0.7 million for the nine months ended September 30, 2023. Certain leases provide for increases in future minimum annual rent payments as defined in the lease agreements. The Corporation’s operating lease agreements contain both lease and non-lease components, which are generally accounted for separately. The Corporation’s lease agreements do not contain any residual value guarantees. Leased branch properties at September 30, 2023 and December 31, 2022 consist of the following (in thousands):
The following is a schedule by year of the undiscounted cash flows of the operating lease liabilities, excluding CAM charges, as of September 30, 2023 (in thousands):
The Corporation had one operating lease that was signed on October 19, 2023, but had not yet commenced. Finance Leases The Corporation leases certain buildings under finance leases. The lease arrangements require monthly payments through 2036. As of September 30, 2023, the weighted average remaining lease term was 9.55 years with a weighted average discount rate of 3.41%. The Corporation has included these leases in as of September 30, 2023 and December 31, 2022 as follows (in thousands):
The following is a schedule by year of future minimum lease payments under the capitalized lease, together with the present value of net minimum lease payments as of September 30, 2023 (in thousands):
As of September 30, 2023, the Corporation had no finance leases that were signed, but had not yet commenced. Related Party Transactions The Bank leases its branch located at 1365 New Scotland Road, Slingerlands, New York, under a lease agreement through July, 2029 from a former member of the Corporation's Board of Directors with monthly rent and CAM related expenses totaling $4 thousand per month. This Board member retired from the Corporation's Board of Directors as of June 7, 2022. Rent and CAM paid to this Board member while serving on the Board totaled $25 thousand for the nine month period ended September 30, 2022. The Bank leases its branch located at 2 Rush Street, Schenectady, New York, under a lease agreement through February, 2033 from a member of the Corporation's Board of Directors with monthly rent and CAM related expenses totaling $9 thousand per month. Rent and CAM related expenses paid to this Board member totaled $28 thousand and $25 thousand for the three month periods ended September 30, 2023 and 2022, respectively. Rent and CAM related expenses paid to this Board member totaled $81 thousand and $76 thousand for the nine month periods ended September 30, 2023 and 2022, respectively.
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| LEASES | LEASES Operating Leases The Corporation leases certain branch properties under long-term, operating lease agreements. The leases expire at various dates through 2033 and generally include renewal options. As of September 30, 2023, the weighted average remaining lease term was 8.03 years with a weighted average discount rate of 3.38%. Rent expense was $0.2 million for the three months ended September 30, 2023. Rent expense was $0.7 million for the nine months ended September 30, 2023. Certain leases provide for increases in future minimum annual rent payments as defined in the lease agreements. The Corporation’s operating lease agreements contain both lease and non-lease components, which are generally accounted for separately. The Corporation’s lease agreements do not contain any residual value guarantees. Leased branch properties at September 30, 2023 and December 31, 2022 consist of the following (in thousands):
The following is a schedule by year of the undiscounted cash flows of the operating lease liabilities, excluding CAM charges, as of September 30, 2023 (in thousands):
The Corporation had one operating lease that was signed on October 19, 2023, but had not yet commenced. Finance Leases The Corporation leases certain buildings under finance leases. The lease arrangements require monthly payments through 2036. As of September 30, 2023, the weighted average remaining lease term was 9.55 years with a weighted average discount rate of 3.41%. The Corporation has included these leases in as of September 30, 2023 and December 31, 2022 as follows (in thousands):
The following is a schedule by year of future minimum lease payments under the capitalized lease, together with the present value of net minimum lease payments as of September 30, 2023 (in thousands):
As of September 30, 2023, the Corporation had no finance leases that were signed, but had not yet commenced. Related Party Transactions The Bank leases its branch located at 1365 New Scotland Road, Slingerlands, New York, under a lease agreement through July, 2029 from a former member of the Corporation's Board of Directors with monthly rent and CAM related expenses totaling $4 thousand per month. This Board member retired from the Corporation's Board of Directors as of June 7, 2022. Rent and CAM paid to this Board member while serving on the Board totaled $25 thousand for the nine month period ended September 30, 2022. The Bank leases its branch located at 2 Rush Street, Schenectady, New York, under a lease agreement through February, 2033 from a member of the Corporation's Board of Directors with monthly rent and CAM related expenses totaling $9 thousand per month. Rent and CAM related expenses paid to this Board member totaled $28 thousand and $25 thousand for the three month periods ended September 30, 2023 and 2022, respectively. Rent and CAM related expenses paid to this Board member totaled $81 thousand and $76 thousand for the nine month periods ended September 30, 2023 and 2022, respectively.
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