LEASES

6 Months Ended

Jun. 30, 2022

Leases and Lease Obligations:

The Company leases certain office space and equipment under operating leases. These leases have original terms ranging from one year to 40 years. Operating lease liabilities and right-of-use assets are recognized at the lease commencement date based on the present value of the future minimum lease payments over the lease term.

As of June 30, 2022, the Company had the following related to operating leases:


	June 30, 2022				December 31, 2021

	(In thousands)
Right-of-use assets	$	24,163			$	25,457
Lease liabilities	25,461				26,696
Weighted average remaining lease term for operating leases			11.9 years		12.2 years
Weighted average discount rate used in the measurement of lease liabilities			1.99	%	1.97		%

The following table is a summary of the Company’s components of net lease cost for the three and six months ended June 30, 2022 and 2021. The variable lease cost primarily represents variable payments such as common area maintenance and utilities.


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021

	(In thousands)
Operating lease cost	$	770	$	765	$	1,540	$	1,512
Finance lease cost	6		6		12		12
Variable lease cost	59		67		113		93
Total lease cost included as a component of occupancy and equipment	$	835	$	838	$	1,665	$	1,617

The following table presents supplemental cash flow information related to operating leases:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021

	(In thousands)
Cash paid for amounts included in the measurement of operating lease liabilities:
Operating cash flows from operating leases	$	768	$	852	$	1,525	$	1,258
Operating lease liabilities arising from obtaining right-of-use assets (non-cash):
Operating leases	$	—	$	2,168	$	—	$	2,168

Future undiscounted lease payments for operating leases with initial terms of one year or more as of June 30, 2022 are as follows:


Through June 30,	(In thousands)
2023	$	2,939
2024	2,710
2025	2,499
2026	2,310
2027	2,227
Thereafter	16,177
Total undiscounted lease payments	28,862
Less: imputed interest	(3,401)
Total	$	25,461