LEASES

12 Months Ended

Dec. 31, 2021

The Company leases certain office space and equipment under operating leases. These leases have original terms ranging from one 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 December 31, 2021, the Company had the following related to operating leases:


	As of
	December 31, 2021
	(In thousands)
Right-of-use assets	$	25,457
Lease liabilities	26,696

The following table is a summary of the Company’s components of net lease cost for the year ended December 31, 2021 and 2020:


	Year Ended December 31,
	2021		2020
	(In thousands)
Operating lease cost	$	3,034	$	1,486
Finance lease cost	19		15
Variable lease cost	219		79
Total lease cost	$	3,272	$	1,580

As of December 31, 2021, the weighted average remaining lease term for operating leases was 12.2 years and the weighted average discount rate used in the measurement of lease liabilities was 1.97%. As of December 31, 2020, the weighted average remaining lease term for operating leases was 12.9 years and the weighted average discount rate used in the measurement of lease liabilities was 1.95%. Cash payments for lease liabilities totaled $2.72 million and $1.57 million for the years ended December 31, 2021 and 2020.

Future undiscounted lease payments for operating leases with initial terms of one year or more as of December 31, 2021 are as follows:


	(In thousands)
2022	$	2,995
2023	2,786
2024	2,699
2025	2,309
2026	2,300
Thereafter	17,265
Total undiscounted lease payments	30,354
Less: imputed interest	(3,658)
Total	$	26,696