Leases

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Leases

10. Leases

The Company’s lease agreements have maturity dates ranging from April 2022 to September 2044, some of which include options for multiple five and ten year extensions. The weighted average remaining life of the lease term for these leases was 13.72 years as of March 31, 2022 and 14.21 years as of December 31, 2021. The weighted average discount rate for leases was 2.55% as of March 31, 2022 and 2.57% as of December 31, 2021.

The total operating lease costs were $542,000 and $664,000 for the three months ended March 31, 2022 and March 31, 2021, respectively. The right-of-use asset, included in other assets, was $15.6 million and $15.4 million at March 31, 2022 and December 31, 2021, respectively. The lease liabilities, included in other liabilities, were $16.3 million and $16.1 million as of March 31, 2022 and December 31, 2021, respectively.

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

(in thousands)	March 31, 2022
Remainder of 2022	$	2,526
2023		2,023
2024		1,632
2025		1,408
2026		1,173
Thereafter		11,772
Total undiscounted minimum lease payments		20,534
Present value adjustment		(4,187	)
Total lease liabilities	$	16,347