LEASES

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

LEASES

LEASES

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 ROU 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:

	December 31,
	2022			2021
	(Dollars in thousands)
Right-of-use assets	$	25,906		$	25,457
Lease liabilities	27,324			26,696
Weighted average remaining lease term for operating leases	11.3 years			12.2 years
Weighted average discount rate used in the measurement of lease liabilities	2.19		%	1.97		%

The following table is a summary of the Company’s components of net lease cost for the year ended December 31, 2022 and 2021. The variable lease cost primarily represents variable payments such as common area maintenance and utilities.

	Year Ended December 31,
	2022		2021
	(In thousands)
Operating lease cost	$	3,137	$	3,034
Finance lease cost	23		19
Variable lease cost	228		219
Total lease cost	$	3,388	$	3,272

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

	Year Ended December 31,
	2022		2021
Cash paid for amounts included in the measurement of operating lease liabilities:
Operating cash flows from operating leases	$	3,100	$	2,721
Operating lease liabilities arising from obtaining right-of-use assets (non-cash):
Operating leases	$	2,999	$	3,197

For the year ended December 31, 2022, the Company added two new lease obligations related to the Company’s retail division in Hackensack and Union, New Jersey and one lease modification for an existing retail office.

Future undiscounted lease payments for operating leases with initial terms of one year or more as of December 31, 2022 are as follows:

	(In thousands)
2023	$	3,057
2024	3,040
2025	2,657
2026	2,657
2027	2,548
Thereafter	17,093
Total undiscounted lease payments	31,052
Less: imputed interest	(3,728)
Total	$	27,324