Leases

9 Months Ended

Sep. 30, 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 13.44 years as of September 30, 2022 and 14.21 years as of December 31, 2021.

The weighted average discount rate for leases was 2.49% as of September 30, 2022 and 2.57% as of December 31, 2021.

The total operating lease costs were $540,000 and $1.6 million for the three and nine months ended September 30, 2022, respectively, and $560,000 and $1.8 million for the three and nine months ended September 30, 2021, respectively. The right-of-use asset, included in other assets, was $15.2 million and $15.4 million at September 30, 2022 and December 31, 2021, respectively. The lease liabilities, included in other liabilities, were $15.8 million and $16.1 million as of September 30, 2022 and December 31, 2021, respectively.

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

(In Thousands)	September 30, 2022
Remainder of 2022	$	2,523
2023		2,087
2024		1,693
2025		1,470
2026		1,308
Thereafter		11,853
Total undiscounted minimum lease payments		20,934
Present value adjustment		(5,100	)
Total lease liabilities	$	15,834