LEASES

12 Months Ended

Dec. 31, 2021

LEASES

LEASES

8. LEASES

As a result of the Merger, the Company acquired $45.6 million of operating lease assets and $45.3 million of operating lease liabilities on the Merger Date

During the year ended December 31, 2021, the Company elected to terminate one if its corporate headquarters office space leases, which resulted in a decrease to the Company’s operating lease liabilities of $11.6 million, and an early termination fee of $12.0 million. The early termination fee is reported in merger expenses and transaction costs in the consolidated statements of income.  

During the year ended December 31, 2021, the Company elected to terminate three leases in connection with the combination of three branches into other locations, which resulted in a decrease to the Company’s operating lease liabilities of $3.7 million, and an early termination fee of $4.0 million.  The early termination fee is reported in branch restructuring costs in the consolidated statements of income.  

Maturities of the Company’s operating lease liabilities at December 31, 2021 are as follows:

	Rent to be
(In thousands)	Capitalized
2022	$	11,934
2023		10,694
2024		10,587
2025		10,352
2026		9,631
Thereafter		17,306
Total undiscounted lease payments		70,504
Less amounts representing interest		(4,401)
Operating lease liabilities	$	66,103

Other information related to our operating leases was as follows:

	Year Ended
	December 31,
(In thousands)	2021		2020			2019
Operating lease cost	$	14,341	$	6,522	$	6,588
Cash paid for amounts included in the measurement of operating lease liabilities		13,975		7,030		6,907

	December 31,
	2021
Weighted average remaining lease term	6.6	years
Weighted average discount rate	1.79	%