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Leases | 6 Months Ended
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Jun. 30, 2022
Leases [Abstract] |
Leases | 7. 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 Company’s operating lease obligations are for branch office facilities. The components of lease expense and other lease information as of and during the three and six-month periods ended June 30, 2022 and 2021 were as follows:
|  | For the Three Months |  |  | For the Six Months |
|  | Ended June 30, |  |  | Ended June 30, |
(in thousands) |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Operating lease cost |  | $ | 1,256 |  |  | $ | 1,328 |  |  | $ | 2,414 |  |  | $ | 2,679 |
Variable lease cost |  |  | 349 |  |  |  | 357 |  |  |  | 695 |  |  |  | 741 |
Sublease income |  |  | (139 | ) |  |  | (123 | ) |  |  | (277 | ) |  |  | (246 | )
Total lease cost |  | $ | 1,466 |  |  | $ | 1,562 |  |  | $ | 2,832 |  |  | $ | 3,174 |
Cash paid for amounts included in measurement of lease liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating cash outflows from operating leases |  | $ | 1,278 |  |  | $ | 1,477 |  |  | $ | 2,600 |  |  | $ | 2,965 |
ROU assets obtained in exchange for new operating lease liabilities |  | $ | 2,431 |  |  | $ | 206 |  |  | $ | 2,431 |  |  | $ | 265 |
Reduction to ROU assets resulting from reduction to lease liabilities |  | $ | — |  |  | $ | 1,191 |  |  | $ | — |  |  | $ | 1,250 |
Other non-cash reductions to ROU assets |  | $ | — |  |  | $ | — |  |  | $ | 73 |  |  | $ | — |
(in thousands) |  | June 30, 2022 |  | December 31, 2021
Operating lease ROU assets |  | $ | 14,881 |  |  |  | $ | 14,765 |  |
Operating lease liabilities |  | $ | 16,902 |  |  |  | $ | 16,905 |  |
Weighted-average remaining lease term - operating leases |  | 4.40 |  | years |  | 4.52 |  | years
Weighted-average discount rate - operating leases |  |  | 2.08 |  | % |  |  | 2.02 |  | %
Future minimum lease payments under non-cancellable leases as of June 30, 2022 were as follows:
(in thousands) |  | June 30, 2022 |
2022 |  | $ | 2,778 |
2023 |  |  | 5,529 |
2024 |  |  | 3,552 |
2025 |  |  | 2,138 |
2026 |  |  | 1,285 |
2027 |  |  | 826 |
Thereafter |  |  | 1,589 |
Total future minimum lease payments |  | $ | 17,697 |
Less imputed interest |  |  | (795 | )
Total operating lease liability |  | $ | 16,902 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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