Lease Commitments

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Lease Commitments

Lease Commitments

The Company is the lessee in various noncancellable operating leases for land, buildings, and equipment. Certain leases contain provisions for variable lease payments that are linked to the consumer price index. Lease cost for the year ended December 31, 2020 consists of:

	For the Year Ended December 31,
(In thousands)	2020		2019
Operating lease cost	$	5,738	$	5,570
Variable lease cost	1,325		1,211
Short-term lease cost	497		715
Sublease income	(684)		(618)
Total lease cost	$	6,876	$	6,878

The following table provides supplemental information related to leases as of and for the year ended December 31, 2020:

	As of and For the Year Ended December 31,
(In thousands, except for weighted average data)	2020			2019
Operating lease right-of-use assets	$	25,538		$	26,165
Operating lease liabilities	28,959			30,098
Cash paid for amounts included in the measurement of operating lease liabilities	6,035			5,936
Right-of-use assets obtained in exchange for new operating lease obligations	2,095			1,224
Right-of-use assets obtained through bank acquisition	2,343			—
Weighted average remaining lease term for operating leases	8.5 years			8.5 years
Weighted average discount rate for operating leases	4.62		%	4.70		%

The Company’s lease agreements often include one or more options to renew at the Company’s discretion. If, at lease inception, the Company considers the exercising of a renewal option to be reasonably certain, the Company includes the extended term in the calculation of the lease liability. Maturities of lease liabilities as of December 31, 2020 are as follows:

For the Year Ended December 31, 2020	(In thousands)
2021	$	5,865
2022	5,020
2023	3,849
2024	3,855
2025	3,525
Thereafter	12,075
Total undiscounted cash flows	34,189
Less: Net present value adjustment	(5,230)
Total	$	28,959