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Leases (Tables)

3 Months Ended

Mar. 31, 2022

Leases

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					​
​	March 31,		​	December 31,		​
​	2022			2021
Lease balances	​	​	​	​	​	​
Right of use assets	$	9,014	​	$	10,533	​
Lease liabilities	​	9,067	​	​	10,591	​
​	​	​	​	​	​	​
Supplemental information	​	​	​	​	​	​
Year through which lease terms extend	​	2031	​	​	2031	​
Weighted average remaining lease term (in years)	​	6.27	​	​	6.47	​
Weighted average discount rate	​	2.04	%	​	2.16	%

Schedule of lease costs and other lease information

​

The following table represents lease costs and cash flows related to leases for the periods presented (dollars in thousands):

​

​	​	​	​	​	​	​
​	​	Three Months Ended March 31,
​		2022			2021
Lease costs	​	​	​	​	​	​
Operating lease costs	​	$	617	​	$	564
Variable lease costs	​	​	128	​	​	174
Short-term lease costs	​	​	4	​	​	18
Total lease cost (1)	​	$	749	​	$	756
​	​	​	​	​	​	​
Cash flows related to leases	​	​	​	​	​	​
Cash paid for amounts included in the measurement of lease liabilities:	​	​	​	​	​	​
Operating lease cash flows – Fixed payments	​	$	631	​	$	546
Operating lease cash flows – Liability reduction	​	​	585	​	​	495
Right of use assets obtained during the period in exchange for operating lease liabilities	​	​	55	​	​	148

(1) Lease costs are included in net occupancy and equipment expense in the unaudited Consolidated Statements of Income.

Schedule of future undiscounted lease payments

​

The Company was obligated under noncancelable operating leases for office space and other commitments, as follows (dollars in thousands):

​

​	​	​	​
​	​	As of
​		March 31, 2022
Rent commitments	​	​	​
Remainder of 2022	​	$	1,684
2023	​		1,889
2024	​	​	1,429
2025	​	​	1,194
2026	​	​	945
Thereafter	​	​	2,509
Total undiscounted cash flows	​	​	9,650
Less: Amounts representing interest	​	​	583
Present value of net future minimum lease payments	​	$	9,067

​

Summary of revenue recorded in connection with leases

.  Revenues recorded in connection with these leases and reported in other income on our unaudited Consolidated Statements of Income are summarized as follows (dollars in thousands):

​

​	​	​	​	​	​	​
​	​	Three Months Ended March 31,
​		2022			2021
Rental income	​	$	230	​	$	44

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Tabular disclosure of lease-related balances reported in the consolidated balance sheets.

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- Definition

Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=123408670&loc=SL77918686-209980

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- Definition

Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=123408670&loc=SL77918701-209980

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Tabular disclosure of components of income from operating lease.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 30
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=124258985&loc=SL77919372-209981

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 50
-Paragraph 6A
-URI http://asc.fasb.org/extlink&oid=124502072&loc=SL77927221-108306

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