| LEASES 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 | |
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