Leases

12 Months Ended

Dec. 31, 2021

11.

LEASES

Right-of-use (ROU) assets are included in the other assets line item and lease liabilities are included in the other liabilities line item of the consolidated balance sheet. We determine if a contract contains a lease at inception and recognize operating lease ROU assets and operating lease liabilities based on the present value of the future minimum lease payments at the commencement date. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments. Lease agreements may include options to extend or terminate. The options are exercised at our discretion and are included in operating lease liabilities if it is reasonably certain the option will be exercised. Lease agreements have lease and non-lease components, which are accounted for as a single lease component. Operating lease cost for future minimum lease payments is recognized on a straight-line basis over the lease term. Variable lease cost is expensed in the period in which the obligation is incurred. Sublease income is recognized on a straight-line basis over the sublease term.

The components of lease expense and other lease information as of and during the years ended December 31, 2021, 2020 and 2019 are as follows:

(in thousands)	2021			2020			2019
Operating lease cost	$	5,131		$	5,504		$	5,772
Variable lease cost		1,433			1,346			1,850
Sublease income		(508	)		(262	)		—
Total lease cost	$	6,056		$	6,588		$	7,622

Cash paid for amounts included in measurement of lease liabilities
Operating cash flows from operating leases	$	5,738		$	5,963		$	5,711

ROU assets obtained in exchange for new operating lease liabilities	$	4,828		$	81		$	1,388

Reduction to ROU assets resulting from reduction to lease liabilities	$	1,042		$	18		$	1,279

Other non-cash reductions to ROU assets	$	48		$	1,192		$	—

(in thousands)	2021			2020
Operating lease ROU assets	$	14,765		$	16,200
Operating lease liabilities	$	16,905		$	19,072
Weighted-average remaining lease term - operating leases	4.52		years	3.87		years
Weighted-average discount rate - operating leases	2.02		%	2.32		%

Future minimum lease payments under non-cancellable leases as of December 31, 2021 were as follows:

(in thousands)	2021
2022	$	5,353
2023		4,826
2024		2,844
2025		1,481
2026		884
Thereafter		2,283
Total future minimum lease payments	$	17,671
Less imputed interest		(766	)
Total operating lease liability	$	16,905