Leases Leases (Tables)

3 Months Ended

Mar. 31, 2022

Other information related to operating leases for the three months ended March 31, 2022 and 2021 follows:


	Three Months Ended
(in thousands)	March 31, 2022		March 31, 2021
Lease cost
Operating lease cost	$	724	$	721
Sublease income	(63)		(63)
Total lease cost	$	661	$	658

Other information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	773	$	782
ROU assets obtained in exchange for new operating lease liabilities	$	—	$	—
Reductions to ROU assets resulting from reductions to lease obligations	$	(698)	$	(694)

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

Undiscounted cash flows included in lease liabilities have expected contractual payments as follows:


(in thousands)	March 31, 2022
Nine months ending December 31, 2022	$	2,271
2023	2,966
2024	1,880
2025	1,540
2026	1,452
Thereafter	4,496
Total undiscounted minimum lease payments	$	14,605
Present value adjustment	(1,037)
Total lease liabilities	$	13,568

In September 2021, the Company entered into a noncancellable operating lease for an additional retail office for an initial term of 12 years, with two five-year renewal options. The lease commences on July 1, 2022, and therefore, is not recognized as of December 31, 2021 or March 31, 2022. The fixed payments due on an undiscounted basis over the noncancellable 12-year period of the lease are $3.5 million. The Company will assess the lease term at the lease commencement date, but does not presently expect that either of the five-year renewal periods will be exercised.

In December 2021, the Company entered into a noncancellable operating lease for an additional retail office for an initial term of 10 years, with two five-year renewal options. The lease is expected to commence sometime between June 2022 and September 2022, and therefore, is not recognized as of December 31, 2021 or March 31, 2022. The fixed payments due on an undiscounted basis over the noncancellable 10-year period of the lease are $3.5 million. The Company will assess the lease term at the lease commencement date, but does not presently expect that either of the five-year renewal periods will be exercised.