LEASES

3 Months Ended

Mar. 31, 2022

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 one year to 40 years. Operating lease liabilities and right-of-use 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 March 31, 2022, the Company had the following related to operating leases:

	March 31, 2022				December 31, 2021
	(In thousands)
Right-of-use assets	$	24,811			$	25,457
Lease liabilities	26,083				26,696
Weighted average remaining lease term for operating leases			12.0 years		12.2 years
Weighted average discount rate used in the measurement of lease liabilities			1.98	%	1.97		%

The following table is a summary of the Company’s components of net lease cost for the three months ended March 31, 2022 and 2021. The variable lease cost primarily represents variable payments such as common area maintenance and utilities.

	Three Months Ended
	March 31, 2022		March 31, 2021
	(In thousands)
Operating lease cost	770		747
Finance lease cost	6		6
Variable lease cost	54		26
Total lease cost included as a component of occupancy and equipment	$	830	$	779

The following table presents supplemental cash flow information related to operating leases:

	Three Months Ended
	March 31, 2022		March 31, 2021
	(In thousands)
Cash paid for amounts included in the measurement of operating lease liabilities:
Operating cash flows from operating leases	$	757	$	406
Operating lease liabilities arising from obtaining right-of-use assets (non-cash):
Operating leases	$	—	$	—

Future undiscounted lease payments for operating leases with initial terms of one year or more as of March 31, 2022 are as follows:

    

Through March 31,	(In thousands)
2023	$	2,983
2024	2,732
2025	2,609
2026	2,299
2027	2,264
Thereafter	16,725
Total undiscounted lease payments	29,612
Less: imputed interest	(3,529)
Total	$	26,083