LEASES

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

LEASES

LEASES

Leases and Lease Obligations:

The Company leases certain office space, land 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.

The Company had the following related to operating leases:

	September 30, 2022				December 31, 2021
	(Dollars in thousands)
Right-of-use assets	$	25,537			$	25,457
Lease liabilities	26,875				26,696
Weighted average remaining lease term for operating leases			11.5 years		12.2 years
Weighted average discount rate used in the measurement of lease liabilities			2.11	%	1.97		%

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
	(In thousands)
Operating lease cost	$	777	$	751	$	2,317	$	2,264
Finance lease cost	6		6		18		17
Variable lease cost	56		58		169		161
Total lease cost included as a component of occupancy and equipment	$	839	$	815	$	2,504	$	2,442

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

	Three Months Ended September 30,				Nine Months Ended September 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	$	747	$	653	$	2,272	$	1,915
Operating lease liabilities arising from obtaining right-of-use assets (non-cash):
Operating leases	$	2,023	$	1,029	$	2,023	$	3,197

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

    

Through September 30,	(In thousands)
2023	$	2,981
2024	2,931
2025	2,628
2026	2,553
2027	2,427
Thereafter	16,987
Total undiscounted lease payments	30,507
Less: imputed interest	(3,632)
Total	$	26,875