LEASES

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

LEASES

The following table shows finance lease right of use assets and finance lease liabilities as of December 31, 2021:

(In Thousands)	Statement of Financial Condition classification	December 31, 2021		December 31, 2020
Finance lease right of use assets	Premises and equipment, net	$	7,435	$	5,257
Finance lease liabilities	Long-term borrowings	7,963		5,475

The following table shows the components of finance and operating lease expense for the year ended December 31, 2021.

(In Thousands)	2021		2020		2019
Finance Lease Cost:
Amortization of right-of-use asset	$	474	$	199	$	254
Interest expense	257		212		224
Operating lease cost	297		318		393
Total Lease Cost	$	1,028	$	729	$	871

A maturity analysis of operating and finance lease liabilities and reconciliation of the undiscounted cash flows to the total operating lease liability is as follows:

(In Thousands)	Operating		Finance
2022	$	291	$	420
2023	265		421
2024	254		427
2025	257		929
2026	260		387
2027 and thereafter	2,568		9,277
Total undiscounted cash flows	3,895		11,861
Discount on cash flows	(997)		(3,898)
Total lease liability	$	2,898	$	7,963

The following table shows the weighted average remaining lease term and weighted average discount rate for both operating and finance leases outstanding as of December 31, 2021.

	Operating		Finance
Weighted-average term (years)	17.6		24.4
Weighted-average discount rate	3.53	%	3.20	%

Leases

LEASES

The following table shows finance lease right of use assets and finance lease liabilities as of December 31, 2021:

(In Thousands)	Statement of Financial Condition classification	December 31, 2021		December 31, 2020
Finance lease right of use assets	Premises and equipment, net	$	7,435	$	5,257
Finance lease liabilities	Long-term borrowings	7,963		5,475

The following table shows the components of finance and operating lease expense for the year ended December 31, 2021.

(In Thousands)	2021		2020		2019
Finance Lease Cost:
Amortization of right-of-use asset	$	474	$	199	$	254
Interest expense	257		212		224
Operating lease cost	297		318		393
Total Lease Cost	$	1,028	$	729	$	871

A maturity analysis of operating and finance lease liabilities and reconciliation of the undiscounted cash flows to the total operating lease liability is as follows:

(In Thousands)	Operating		Finance
2022	$	291	$	420
2023	265		421
2024	254		427
2025	257		929
2026	260		387
2027 and thereafter	2,568		9,277
Total undiscounted cash flows	3,895		11,861
Discount on cash flows	(997)		(3,898)
Total lease liability	$	2,898	$	7,963

The following table shows the weighted average remaining lease term and weighted average discount rate for both operating and finance leases outstanding as of December 31, 2021.

	Operating		Finance
Weighted-average term (years)	17.6		24.4
Weighted-average discount rate	3.53	%	3.20	%