Leases Leases (Tables)

9 Months Ended

Sep. 30, 2022

Other information related to operating leases for the three-month and the nine-month periods ended September 30, 2022 and 2021 follows:


	Three Months Ended				Nine Months Ended
(in thousands)	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
Lease cost
Operating lease cost	$	811	$	705	$	2,286	$	2,124
Sublease income	(63)		(63)		(189)		(189)
Total lease cost	$	748	$	642	$	2,097	$	1,935

Other information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	766	$	777	$	2,307	$	2,329
ROU assets obtained in exchange for new operating lease liabilities	$	88	$	367	$	4,270	$	547
Reductions to ROU assets resulting from reductions to lease obligations	$	(697)	$	(695)	$	(2,090)	$	(2,074)

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

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


(in thousands)	September 30, 2022
Three months ending December 31, 2022	$	763
2023	3,306
2024	2,179
2025	1,860
2026	1,806
Thereafter	8,885
Total undiscounted minimum lease payments	$	18,799
Present value adjustment	(2,385)
Total lease liabilities	$	16,414

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. This lease is expected to commence during the fourth quarter of 2022, and therefore, was not recognized as of December 31, 2021 or September 30, 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 as of the lease commencement date, but does not presently expect that either of the five-year renewal periods will be exercised.