LEASES (Tables)

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Schedule Of Operating And Finance Lease Liabilities

Leases	Classification	March 31, 2022		December 31, 2021
Assets:
Operating lease assets	Operating lease assets	$	25,698	$	19,928
Finance lease assets	Premises and equipment, net (1)	340		358
Total leased assets		$	26,038	$	20,286
Liabilities:
Operating lease liabilities	Operating lease liabilities	$	26,955	$	21,159
Finance lease liabilities	Accrued interest payable and other liabilities	448		469
Total leased liabilities		$	27,403	$	21,628

(1) Finance lease assets are recorded net of accumulated amortization of $876 thousand as of March 31, 2022 and $858 thousand as of December 31, 2021.

Schedule Of Lease Cost

The components of the Corporation's net lease expense for the three months ended March 31, 2022 and 2021, respectively, were as follows:

		Three months ended March 31,
Lease Cost	Classification	2022		2021
Operating lease cost	Net occupancy expense	$	492	$	440
Variable lease cost	Net occupancy expense	13		17
Finance lease cost:
Amortization of leased assets	Net occupancy expense	18		18
Interest on lease liabilities	Interest expense - borrowed funds	5		6
Sublease income (1)	Net occupancy expense	(17)		(19)
Net lease cost		$	511	$	462

(1) Sublease income excludes rental income from owned properties.

Finance Lease, Liability, Maturity

The following table sets forth future minimum rental payments under noncancellable leases with initial terms in excess of one year as of March 31, 2022:

Maturity of Lease Liabilities as of March 31, 2022	Operating Leases (1)		Finance Leases		Total
2022	$	1,487	$	79	$	1,566
2023	1,919		105		2,024
2024	1,880		105		1,985
2025	1,873		105		1,978
2026	1,845		105		1,950
After 2026	30,620		0		30,620
Total lease payments	39,624		499		40,123
Less: Interest	12,669		51		12,720
Present value of lease liabilities	$	26,955	$	448	$	27,403

(1) Operating lease payments include payments related to options to extend lease terms that are reasonably certain of being exercised and exclude $6.6 million of legally binding minimum lease payments for leases signed, but not yet commenced.

Summary of Minimum Annual Rental Commitments Under Operating Lease

The following table sets forth future minimum rental payments under noncancellable leases with initial terms in excess of one year as of March 31, 2022:

Maturity of Lease Liabilities as of March 31, 2022	Operating Leases (1)		Finance Leases		Total
2022	$	1,487	$	79	$	1,566
2023	1,919		105		2,024
2024	1,880		105		1,985
2025	1,873		105		1,978
2026	1,845		105		1,950
After 2026	30,620		0		30,620
Total lease payments	39,624		499		40,123
Less: Interest	12,669		51		12,720
Present value of lease liabilities	$	26,955	$	448	$	27,403

(1) Operating lease payments include payments related to options to extend lease terms that are reasonably certain of being exercised and exclude $6.6 million of legally binding minimum lease payments for leases signed, but not yet commenced.

Schedule of Weighted Average Lease Term and Discount Rate

Lease terms and discount rates related to the Corporation's lease liabilities as of March 31, 2022 and December 31, 2021 were as follows:

Lease Term and Discount Rate	March 31, 2022		December 31, 2021
Weighted-average remaining lease term (years)
Operating leases	22.3		18.8
Finance leases	4.7		5.0
Weighted-average discount rate
Operating leases	3.42	%	3.42	%
Finance leases	4.49	%	4.49	%

Other information related to the Corporation's lease liabilities as of March 31, 2022 and 2021 was as follows:

Other Information	March 31, 2022		March 31, 2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	283	$	223