Leases

9 Months Ended

Sep. 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 September 30, 2021, operating lease ROU assets, included in other assets, and lease liabilities, included in other liabilities, totaled $35,707,000.

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

		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2021		2020		2021		2020
	(Dollars in thousands)
Operating Lease Cost (Cost resulting from lease payments)	$	1,621	$	1,664	$	4,913	$	5,166
Operating Lease - Operating Cash Flows (Fixed Payments)	$	1,432	$	1,463	$	3,837	$	4,032
Operating Lease - ROU assets	$	35,707	$	37,000	$	35,707	$	37,000
Operating Lease - Liabilities	$	35,707	$	37,000	$	35,707	$	37,000
Weighted Average Lease Term - Operating Leases		7.59 yrs		8.45 yrs		7.59 yrs		8.45 yrs
Weighted Average Discount Rate - Operating Leases		4.48%		4.54%		4.48%		4.54%

The following maturity analysis shows the undiscounted cash flows due on the Company’s operating lease liabilities as of September 30, 2021:

	(Dollars in thousands)
2021 remaining	$	1,567
2022		6,353
2023		5,724
2024		5,341
2025		4,929
Thereafter		19,011
Total undiscounted cash flows		42,925
Discount on cash flows		(7,218)
Total lease liability	$	35,707