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Leases (Tables)

6 Months Ended

Jun. 30, 2021

Summary of lease-related balances

The following table summarizes lease-related information and balances the Company reported in its unaudited Consolidated Balance Sheets for the periods presented (dollars in thousands):


	As of
	June 30,			December 31,
	2021			2020
Lease balances
Right of use assets	$	8,228		$	7,714
Lease liabilities		8,280			7,757

Supplemental information
Year through which lease terms extend		2031			2032
Weighted average remaining lease term (in years)		5.28			5.93
Weighted average discount rate		2.38	%		2.82	%

Schedule of lease costs and other lease information

The following tables represents lease costs and other lease information for the periods presented (dollars in thousands):


		Three Months Ended June 30,						Six Months Ended June 30,
		2021			2020			2021			2020
Lease costs
Operating lease costs		$	608		$	635		$	1,172		$	1,255
Variable lease costs			126			131			300			302
Short-term lease costs			16			15			34			30
Total lease cost		$	750		$	781		$	1,506		$	1,587

Cash flows related to leases
Cash paid for amounts included in the measurement of lease liabilities:
Operating lease cash flows – Fixed payments		$	590		$	612		$	1,136		$	1,223
Operating lease cash flows – Liability reduction			546			534			1,041			1,064
Right of use assets obtained during the period in exchange for operating lease liabilities⁽¹⁾			1,462			—			1,610			128

(1)

The three and six months ended June 30, 2021, include $371 related to a lease obtained in the acquisition of CAC.

Schedule of future undiscounted lease payments

Rent commitments were as follows (dollars in thousands):


		As of
		June 30,
		2021
Rent commitments
Remainder of 2021		$	1,129
2022			1,945
2023			1,724
2024			1,289
2025			1,050
Thereafter			1,708
Amounts representing interest			(565)
Present value of net future minimum lease payments		$	8,280