Leases

12 Months Ended

Dec. 31, 2022

(19) Leases

We have operating leases for our executive office operations and other real estate leases of office space and finance leases for certain office equipment. Our leases have remaining lease terms of 1 year to 8 years, some of which include options to extend the leases for up to 10 years, and some of which include options to terminate the leases within 1 year, exercisable at the Company’s discretion. Operating lease right-of-use assets and operating lease liabilities are presented separately in our consolidated balance sheets. As of December 31, 2022 and December 31, 2021, finance lease right-of-use assets of $0.7 million and $1.0 million, respectively, and finance lease liabilities of $0.8 million and $1.0 million, respectively, were recorded within Other assets and Other liabilities within our consolidated balance sheets. The Company determines its lease liabilities, which are measured at the present value of future lease payments, using the Company’s incremental secured borrowing rate that is commensurate with the term of the underlying lease or the rate implicit in the lease if readily determinable.

The components of lease expense were as follows:


	Year ended December 31,
	2022		2021		2020
	(In thousands)
Operating lease cost
Operating lease cost	$	9,686	$	8,620	$	7,638
Variable lease cost (includes taxes, common area maintenance and insurance)		1,099		980		725
Finance lease cost
Depreciation of finance lease assets		271		280		280
Interest on lease liabilities		55		60		56
Total lease cost	$	11,111	$	9,940	$	8,699

Other information related to leases was as follows:


	December 31, 2022		December 31, 2021		December 31, 2020
	(In thousands)
Supplemental Cash Flows Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases (1)	$	9,960	$	8,878	$	7,737
Operating cash flows used in finance leases (1)		55		60		56
Financing cash flows used in finance leases		262		264		274

(1)

Included in change in other operating assets and liabilities, net in the accompanying consolidated statements of cash flows.


	December 31, 2022			December 31, 2021
	(In thousands)
Weighted Average Remaining Lease Term
Operating leases	6 years			6 years
Finance leases	3 years			4 years

Weighted Average Discount Rate
Operating leases		4.2	%		4.1	%
Finance leases		6.0	%		6.2	%

Future minimum lease payments under non-cancellable leases were as follows:


	Operating Leases		Finance Leases
Year Ended December 31,	(In thousands)
2023	$	10,009	$	302
2024		9,745		269
2025		8,446		192
2026		8,199		78
2027		8,098		-
Thereafter		7,290		-
Total minimum rental commitments for operating leases		51,787		841
Less imputed interest		5,792		66
Total lease liabilities	$	45,995	$	775