Leases

9 Months Ended

Sep. 30, 2022

The Company leases certain premises under operating leases. As of September 30, 2022, the Company had lease liabilities of $9,759,000 and right-of-use assets of $9,435,000. Lease liabilities and right-of-use assets are reflected in other liabilities and other assets, respectively. Presented within occupancy expense on the Consolidated Statements of Income for the three and nine months ended September 30, 2022, operating lease cost was $386,000 and $1,184,000, respectively, short-term lease cost was $51,000 and $156,000, respectively, and there was no variable lease cost. At September 30, 2022, the weighted-average remaining lease term for the operating leases was 8.4 years and the weighted-average discount rate used in the measurement of operating lease liabilities was 3.59%. Certain of the Company’s leases contain options to renew the lease; however, these renewal options are not included in the calculation of the lease liabilities as they are not reasonably certain to be exercised. See the Company’s 2021 Annual Report on Form 10-K for information regarding these commitments.

A maturity analysis of operating lease liabilities and undiscounted cash flows as of September 30, 2022 is as follows:


(In thousands)	September 30, 2022
Lease payments due
Less than 1 year	$	1,359
1-2 years	1,332
2-3 years	1,339
3-4 years	1,354
4-5 years	1,350
Over 5 years	4,561
Total undiscounted cash flows	11,295
Discount on cash flows	1,536
Total lease liability	$	9,759

There were no sale and leaseback transactions, leveraged leases, or lease transactions with related parties during the nine months ended September 30, 2022.