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LEASES | 9 Months Ended
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Sep. 30, 2022
LEASES |
LEASES | 9.LEASES The Company recognizes operating lease assets and corresponding lease liabilities related to its office facilities and retail branches. The operating lease assets represent the Company’s right to use an underlying asset for the lease term, and the lease liability represents the Company’s obligation to make lease payments over the lease term. The operating lease asset and lease liability are determined at the commencement date of the lease based on the present value of the lease payments. As most of our leases do not provide an implicit rate, the Company used its incremental borrowing rate, the rate of interest to borrow on a collateralized basis for a similar term, at the lease commencement date. The Company made a policy election to exclude the recognition requirements of ASU 2016-02 to short-term leases, those leases with original terms of 12 months or less. Short-term lease payments are recognized in the income statement on a straight-line basis over the lease term. Certain leases may include one or more options to renew. The exercise of lease renewal options is typically at the Company’s discretion and are included in the operating lease liability if it is reasonably certain that the renewal option will be exercised. Certain real estate leases may contain lease and non-lease components, such as common area maintenance charges, real estate taxes, and insurance, which are generally accounted for separately and are not included in the measurement of the lease liability since they are generally able to be segregated. The Company does not sublease any of its leased properties. The Company does not lease properties from any related parties. Maturities of the Company’s operating lease liabilities at September 30, 2022 are as follows:
​ | ​ | ​ | ​
​ | ​ | Rent to be
(In thousands) |  | Capitalized
2022 |  | $ | 2,999
2023 |  | ​ | 11,188
2024 |  | ​ | 11,098
2025 |  | ​ | 10,880
2026 |  | ​ | 10,177
Thereafter |  | ​ | 17,671
Total undiscounted lease payments |  | ​ | 64,013
Less amounts representing interest |  | ​ | (3,761)
Operating lease liabilities | ​ | $ | 60,252
​ Other information related to the Company’s operating leases was as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended |  | Nine Months Ended
​ | ​ | September 30, | ​ | September 30,
(In thousands) |  | 2022 |  | 2021 |  | 2022 |  | 2021
Operating lease cost | ​ | $ | 3,336 | ​ | $ | 4,012 | ​ | $ | 9,869 | ​ | $ | 11,178
Cash paid for amounts included in the measurement of operating lease liabilities | ​ | ​ | 3,253 | ​ | ​ | 3,724 | ​ | ​ | 9,232 | ​ | ​ | 10,496
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | September 30, |  | ​ | December 31, |
​ |  | ​ | 2022 |  | ​ | 2021 |
Weighted average remaining lease term |  | ​ | 6.1 | years | ​ | 6.6 | years
Weighted average discount rate |  | ​ | 1.89 | % | ​ | 1.79 | %
​

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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 https://asc.fasb.org/subtopic&trid=77888251 + Details
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