Lease Commitments

12 Months Ended

Dec. 31, 2021

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 consists of:

	For the Year Ended December 31,
(In thousands)	2021		2020		2019
Operating lease cost	$	5,872	$	5,738	$	5,570
Variable lease cost	996		1,325		1,211
Short-term lease cost	564		497		715
Sublease income	(601)		(684)		(618)
Total lease cost	$	6,831	$	6,876	$	6,878

The following table provides supplemental information related to leases:

	As of and For the Year Ended December 31,
(In thousands, except for weighted average data)	2021			2020
Operating lease right-of-use assets	$	35,256		$	25,538
Operating lease liabilities	38,330			28,959
Cash paid during the year for amounts included in the measurement of operating lease liabilities	11,117			6,035
Right-of-use assets recorded during the year in exchange for new or renewed operating lease obligations	12,459			2,095
Right-of-use assets obtained during the year through bank acquisition	2,606			2,343
Weighted average remaining lease term for operating leases	8.3 years			8.5 years
Weighted average discount rate for operating leases	4.25		%	4.62		%

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, 2021 are as follows:

	(In thousands)
2022	$	6,597
2023	6,166
2024	6,032
2025	5,561
2026	4,869
Thereafter	15,505
Total undiscounted cash flows	44,730
Less: Net present value adjustment	(6,400)
Total	$	38,330