LEASES

9 Months Ended

Sep. 30, 2021

The Company leases real estate properties for its network of bank branches, financial centers and corporate offices. All of the Company’s leases are currently classified as operating. Most lease agreements include one or more options to renew, with renewal terms that can extend the original lease term from one to twenty years or more. The Company does not sublease any of its leased real estate properties.

The following table provides information regarding the Company's leases as of the dates indicated:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Components of lease expense:
Operating lease cost (resulting from lease payments)	$	3,047	$	3,154	$	9,333	$	9,281




Supplemental cash flow information related to leases:
Operating cash flows from operating leases	$	3,208	$	4,158	$	9,762	$	10,160
ROU assets obtained in the exchange for lease liabilities due to:
New leases	$	—	$	—	$	803	$	—
Acquisitions	$	—	$	—	$	—	$	7,720

					September 30, 2021		December 31, 2020
Supplemental balance sheet information related to leases:
Operating lease ROU assets					$	59,597	$	65,215
Operating lease liabilities					$	69,060	$	74,982

Other information related to leases:
Weighted average remaining lease term of operating leases					9.1 years		9.5 years
Weighted average discount rate of operating leases					2.92%		3.04%

At September 30, 2021, the maturities of the Company’s operating lease liabilities were as follows:


(In thousands)	Amount
Maturity:
Remaining 2021	$	3,169
2022	11,368
2023	11,332
2024	9,423
2025	7,596
Thereafter	37,302
Total undiscounted lease payments	80,190
Less: Present value discount	(11,130)
Lease liability	$	69,060

The Company recognized lease liabilities of $1.8 million and ROU assets of $1.5 million for two operating leases that have not yet commenced operations at September 30, 2021. One lease is expected to commence operations during the fourth quarter of 2021 and one is expected to commence operations during the first quarter of 2022. The associated ROU assets include approximately $0.2 million of tenant allowances for improvements to the spaces. The Company does not have any lease arrangements with any of its related parties as of September 30, 2021.