Leases

6 Months Ended

Jun. 30, 2021

Note 6 – Leases

The following table details the components of net lease cost for the periods presented ($ in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
Finance leases:
Amortization of right-of-use assets	$	387		$	481		$	771		$	978
Interest on lease liabilities		56			65			113			132
Operating lease cost		1,342			1,289			2,647			2,579
Short-term lease cost		110			111			229			220
Variable lease cost		311			332			618			679
Sublease income		(77	)		(63	)		(153	)		(162	)
Net lease cost	$	2,129		$	2,215		$	4,225		$	4,426

The following table details the cash payments included in the measurement of lease liabilities during the periods presented ($ in thousands):

	Six Months Ended June 30,
	2021		2020
Finance leases:
Operating cash flows included in operating activities	$	113	$	132
Financing cash flows included in payments under finance lease obligations		712		905
Operating leases:
Operating cash flows (fixed payments) included in other operating activities, net		2,267		2,493
Operating cash flows (liability reduction) included in other operating activities, net		1,954		1,949

The following table details balance sheet information, as well as weighted-average lease terms and discount rates, related to leases at June 30, 2021 and December 31, 2020 ($ in thousands):

	June 30, 2021			December 31, 2020
Finance lease right-of-use assets, net of accumulated depreciation	$	6,792		$	7,471
Finance lease liabilities		7,185			7,805
Operating lease right-of-use assets		33,201			30,901
Operating lease liabilities		34,959			32,290

Weighted-average lease term:
Finance leases	8.37 years			8.53 years
Operating leases	9.06 years			8.65 years

Weighted-average discount rate:
Finance leases		3.15	%		3.10	%
Operating leases		3.16	%		3.41	%

At June 30, 2021, future minimum rental commitments under finance and operating leases were as follows ($ in thousands):

	Finance Leases			Operating Leases
2021 (excluding the six months ended June 30, 2021)	$	828		$	2,525
2022		1,597			4,864
2023		885			4,670
2024		572			4,713
2025		584			4,752
Thereafter		3,868			18,743
Total minimum lease payments		8,334			40,267
Less imputed interest		(1,149	)		(5,308	)
Lease liabilities	$	7,185		$	34,959