Leases

6 Months Ended

Jun. 30, 2021

Leases

Leases

16) Leases

The Company recognizes the following for all leases, at the commencement date: (1) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (2) a right-of-use (“ROU”) asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. The Company is impacted as a lessee of the offices and real estate used for operations. The Company's lease agreements include options to renew at the Company's option. No lease extensions are reasonably certain to be exercised, therefore it was not considered in the calculation of the ROU asset and lease liability. As of June 30, 2021, operating lease ROU assets, included in other assets, and lease liabilities, included in other liabilities, totaled $36,601,000.

The following table presents the quantitative information for the Company’s leases for the periods indicated:

		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2021		2020		2021		2020
	(Dollars in thousands)
Operating Lease Cost (Cost resulting from lease payments)	$	1,621	$	1,733	$	3,292	$	3,502
Operating Lease - Operating Cash Flows (Fixed Payments)	$	1,220	$	1,379	$	2,406	$	2,570
Operating Lease - ROU assets	$	36,601	$	37,137	$	36,601	$	37,137
Operating Lease - Liabilities	$	36,601	$	37,137	$	36,601	$	37,137
Weighted Average Lease Term - Operating Leases		7.79 yrs		8.50 years		7.79 yrs		8.50 years
Weighted Average Discount Rate - Operating Leases		4.48%		4.53%		4.48%		4.53%

The following maturity analysis shows the undiscounted cash flows due on the Company’s operating lease liabilities:

	(Dollars in thousands)
2021 remaining	$	2,998
2022		6,353
2023		5,724
2024		5,341
2025		4,929
Thereafter		19,011
Total undiscounted cash flows		44,356
Discount on cash flows		(7,755)
Total lease liability	$	36,601