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v3.22.2.2

Leases (Tables) | 9 Months Ended
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Sep. 30, 2022
Leases [Abstract] |
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
| September 30, 2022 |  | December 31, 2021
Lease balances |  |  |
Right of use assets | $ | 10,202 |  |  | $ | 10,533 |
Lease liabilities | 10,311 |  |  | 10,591 |
Supplemental information |  |  |
Year through which lease terms extend | 2037 |  | 2031
Weighted average remaining lease term (in years) | 8.61 |  | 6.47
Weighted average discount rate | 2.91 | % |  | 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 September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Lease costs |  |  |  |  |  |  |
Operating lease costs | $ | 563 |  |  | $ | 656 |  |  | $ | 1,762 |  |  | $ | 1,828 |
Variable lease costs | 214 |  |  | 94 |  |  | 436 |  |  | 394 |
Short-term lease costs | 5 |  |  | 9 |  |  | 15 |  |  | 43 |
Total lease cost 1 | $ | 782 |  |  | $ | 759 |  |  | $ | 2,213 |  |  | $ | 2,265 |
Cash flows related to leases |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |
Operating lease cash flows – Fixed payments | $ | 1,076 |  |  | $ | 620 |  |  | $ | 2,445 |  |  | $ | 1,756 |
Operating lease cash flows – Liability reduction | 464 |  |  | 569 |  |  | 1,741 |  |  | 1,610 |
Right of use assets obtained during the period in exchange for operating lease liabilities | 1,127 |  |  | 3,408 |  |  | 1,182 |  |  | 5,018 |
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 September 30, 2022
Rent commitments |
Remainder of 2022 | $ | 539 |
2023 | 1,857 |
2024 | 1,573 |
2025 | 1,349 |
2026 | 1,059 |
2027 | 886 |
Thereafter | 4,626 |
Total undiscounted cash flows | 11,889 |
Less: Amounts representing interest | 1,578 |
Present value of net future minimum lease payments | $ | 10,311 |
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 September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Rental income | $ | 146 |  |  | $ | 208 |  |  | $ | 519 |  |  | $ | 339 |

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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 https://asc.fasb.org/extlink&oid=128292326&loc=SL77918686-209980 + Details
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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 https://asc.fasb.org/extlink&oid=128292326&loc=SL77918701-209980 + Details
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