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Leases Leases | 12 Months Ended
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Dec. 31, 2020
Leases [Abstract] |
Leases | Leases The Company's noncancelable operating lease agreements relate to certain banking offices, back-office operational facilities, office equipment, and sublease agreements. The majority of the leases contain renewal options and provisions for increases in rental rates based on an agreed upon index or predetermined escalation schedule. As of December 31, 2020 and December 31, 2019, the Company’s operating lease ROU asset was $18.0 million and $23.0 million, respectively, and the related operating lease ROU liability was $19.3 million and $24.2 million, respectively. The Company does not have any leases designated as finance leases. The table below summarizes the net lease cost recognized during the periods presented:
| Year Ended December 31,
| 2020 |  | 2019
| (In thousands)
Operating lease cost | $ | 4,717 |  |  | $ | 4,950 |
Short-term lease cost | 49 |  |  | 95 |
Variable lease cost | 967 |  |  | 781 |
Sublease income | (55) |  |  | (71) |
Total net lease cost | $ | 5,678 |  |  | $ | 5,755 |
Comparative disclosure of rental expense of leased premises and equipment calculated under ASC 840 methodology was $6.1 million for the year ended December 31, 2018 and is included in Occupancy and equipment expense on the Consolidated Statements of Income. The tables below summarize other information related to the Company's operating leases during the periods presented:
| Year Ended December 31,
| 2020 |  | 2019
| (In thousands)
Operating cash used for amounts included in the measurement of lease liabilities | $ | 4,881 |  |  | $ | 4,858 |
ROU assets obtained in exchange for lease liabilities, excluding adoption impact | 1,265 |  |  | 1,505 |
| December 31, 2020 |  | December 31, 2019
Weighted average remaining lease term of operating leases, in years | 7.2 |  | 8.1
Weighted average discount rate of operating leases | 3.12 | % |  | 3.27 | %
The following table outlines lease payment obligations as of December 31, 2020 as outlined in the Company’s lease agreements for each of the next five years and thereafter in addition to a reconciliation to the Company’s ROU liability at the date indicated:
| Year Ending December 31,
| (In thousands)
2021 | $ | 3,547 |
2022 | 3,136 |
2023 | 3,105 |
2024 | 2,759 |
2025 | 2,508 |
Thereafter | 6,611 |
Total lease payments | 21,666 |
Implied interest | (2,391) |
ROU liability | $ | 19,275 |
During the year ended December 31, 2019, the Company entered into a $7.7 million lease agreement to renew, restructure and add additional leased space at one of its branch locations commencing on January 1, 2021. The lease agreement is not included in the lease payment obligations table above. The new agreement replaced a lease included in the table above that terminated on December 31, 2020.

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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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