LEASES

9 Months Ended

Sep. 30, 2021

Leases [Abstract]

LEASES

LEASES

Leases and Lease Obligations:

The Company leases certain office space and equipment under operating leases. These leases have original terms ranging from 1 year to 40 years. Operating lease liabilities and ROU assets are recognized at the lease commencement date based on the present value of the future minimum lease payments over the lease term.

As of September 30, 2021, the Company had the following related to operating leases:

	As of
	September 30, 2021
	(In thousands)
Right-of-use assets	$	26,101
Lease liabilities	$	27,293

The following table is a summary of the Company’s components of net lease cost for the three and nine months ended September 30, 2021 and 2020:

	Three Months Ended				Nine Months Ended
	September 30, 2021		September 30, 2020		September 30, 2021		September 30, 2020
	(In thousands)
Operating lease cost	$	751	$	505	$	2,264	$	1,111
Finance lease cost	6		6		17		10
Variable lease cost	58		23		161		66
Total lease cost	$	815	$	534	$	2,442	$	1,187

As of September 30, 2021, the weighted average remaining lease term for operating leases was 12.3 years and the weighted average discount rate used in the measurement of lease liabilities was 1.96%. Cash payments for lease liabilities totaled $653 thousand and $1.91 million, respectively for the three and nine months ended September 30, 2021 and $399 thousand and $1.15 million for the three and nine months ended September 30, 2020.

Future undiscounted lease payments for operating leases with initial terms of one year or more as of September 30, 2021 are as follows:

    

	(In thousands)
2022	$	2,971
2023	2,862
2024	2,708
2025	2,401
2026	2,321
Thereafter	17,821
Total undiscounted lease payments	31,084
Less: imputed interest	(3,791)
Total	$	27,293