Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Schedule of Lease Terms

The following table presents information regarding the Corporation’s operating leases:

At December 31,	2020		2019
Weighted average discount rate	3.34	%	3.67	%
Range of lease expiration dates	7 months - 20 years		4 months - 21 years
Range of lease renewal options	1 year - 5 years		1 year - 5 years
Weighted average remaining lease term	13.4 years		14.0 years

Schedule of Remaining Operating Lease Payments, Inclusive of Renewal Options

The following table presents the undiscounted annual lease payments under the terms of the Corporation’s operating leases at December 31, 2020, including a reconciliation to the present value of operating lease liabilities recognized in the Consolidated Balance Sheets:

(Dollars in thousands)
Years ending December 31:	2021	$3,922
	2022	3,890
	2023	3,830
	2024	3,618
	2025	2,879
	2026 and thereafter	22,046
Total operating lease payments (1)		40,185
Less: interest		8,468
Present value of operating lease liabilities (2)		$31,717

(1)Includes $2.1 million related to options to extend lease terms that are reasonably certain of being exercised.

(2)Includes short-term operating lease liabilities of $2.9 million.

Schedule of Total Lease Expense

The following table presents the components of total lease expense and operating cash flows:

(Dollars in thousands)
Year ended December 31,	2020	2019
Lease Expense:
Operating lease expense	$3,921	$3,724
Variable lease expense	56	49
Total lease expense (1)	$3,977	$3,773
Cash Paid:
Cash paid reducing operating lease liabilities	$3,791	$3,586

(1)Included in net occupancy expenses in the Consolidated Income Statement.