LEASES (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Summary of lease-related balances

	As of December 31,
	2022			2021
Lease balances
Right of use assets	$	12,829		$	10,533
Lease liabilities	12,995			10,591
Supplemental information
Year through which lease terms extend	2037			2031
Weighted average remaining lease term (in years)	8.90			6.47
Weighted average discount rate	3.45		%	2.16		%

Schedule of lease costs and other lease information

The following table represents lease costs and cash flows related to leases for the periods presented (dollars in thousands):

	Years Ended December 31,
	2022		2021		2020
Lease costs
Operating lease costs	$	2,495	$	2,464	$	2,524
Variable lease costs	365		540		416
Short-term lease costs	22		49		35
Total lease cost1	$	2,882	$	3,053	$	2,975
Cash flows related to leases
Cash paid for amounts included in the measurement of lease liabilities:
Operating lease cash flows – Fixed payments	$	3,080	$	2,417	$	2,526
Operating lease cash flows – Liability reduction	2,285		2,217		2,289
Right of use assets obtained during the period in exchange for operating lease liabilities2	6,206		5,818		743

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1.Lease costs are included in net occupancy and equipment expense in the Consolidated Statements of Income.

2.The year ended December 31, 2021, includes $0.4 million related to a lease obtained in the acquisition of CAC.

Schedule of future undiscounted lease payments

Future undiscounted lease payments with initial terms of one year or more, are as follows (dollars in thousands):

	As of December 31, 2022
Rent commitments
2023	$	2,254
2024	1,942
2025	1,719
2026	1,442
2027	1,277
Thereafter	6,699
Total undiscounted cash flows	15,333
Less: Amounts representing interest	2,338
Present value of net future minimum lease payments	$	12,995

Summary of revenue recorded in connection with leases

Revenues recorded in connection with these leases and reported in other income on our Consolidated Statements of Income are summarized as follows (dollars in thousands):

	Years Ended December 31,
	2022		2021		2020
Rental income	$	707	$	566	$	228