Premises and Equipment

6 Months Ended

Jun. 30, 2022

Property, Plant and Equipment [Abstract]

Premises and Equipment

NOTE 4 – PREMISES AND EQUIPMENT

The Company leases certain premises and equipment under operating leases. At June 30, 2022, the Company had lease liabilities totaling $11.7 million and right-of-use assets totaling $10.8 million related to these leases. Lease liabilities and right-of-use assets are reflected in other liabilities and other assets, respectively. At June 30, 2022, the weighted average remaining lease term for operating leases was 8.5 years and the weighted average discount rate used in the measurement of operating lease liabilities was 3.37%.

Lease costs were as follows (in thousands):

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Operating lease cost	$	557	$	511	$	1,090	$	1,074
Short-term lease cost		—		—		—		—
Variable lease cost		—		—		—		—
Total lease cost	$	557	$	511	$	1,090	$	1,074

There were no sale and leaseback transactions, leveraged leases, or lease transactions with related parties during the three or six months ended June 30, 2022 or 2021.

A maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total operating lease liability is as follows (in thousands):

	June 30, 2022
Lease payments due:
2022	$	937
2023		1,834
2024		1,543
2025		1,549
2026		1,537
2027 and thereafter		6,252
Total undiscounted cash flows		13,652
Discount on cash flows		(1,919	)
Total lease liability	$	11,733