Leases (Tables)

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Schedule of operating lease terms

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

	Mar 31, 2021		Dec 31, 2020
Weighted average discount rate	3.35	%	3.34	%
Range of lease expiration dates	4 months - 20 years		7 months - 20 years
Range of lease renewal options	1 year - 5 years		1 year - 5 years
Weighted average remaining lease term	13.2 years		13.4 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 March 31, 2021, including a reconciliation to the present value of operating lease liabilities recognized in the Unaudited Consolidated Balance Sheets:

(Dollars in thousands)
April 1, 2021 to December 31, 2021	$2,932
2022	3,889
2023	3,828
2024	3,617
2025	2,879
2026 and thereafter	22,046
Total operating lease payments (1)	39,191
Less: interest	8,217
Present value of operating lease liabilities (2)	$30,974

(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)
Three months ended March 31,	2021	2020
Lease Expense:
Operating lease expense	$1,005	$951
Variable lease expense	15	13
Total lease expense (1)	$1,020	$964
Cash Paid:
Cash paid reducing operating lease liabilities	$989	$934

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