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OPERATING LEASES
 12 Months Ended
Dec. 31, 2022
Leases, Operating [Abstract]  
OPERATING LEASES
18. OPERATING LEASES
 
The Company leases certain property and equipment with lease terms expiring through 2045. In some instances, a lease may contain renewal options for periods ranging from five to 15 years. All renewal options are likely to be exercised and therefore have been recognized as part of our right-of-use assets and lease liabilities in accordance with ASC 842, "Leases". Certain leases also contain variable payments that are primarily determined based on common area maintenance costs and Hawaii state tax rates. All leases are operating leases and any short-term leases are not included in the calculation of the right-of-use assets and lease liabilities. The most significant assumption related to the Company’s application of ASC 842 was the discount rate assumption. As most of the Company’s lease agreements do not provide for an implicit interest rate, the Company uses the collateralized interest rate that the Company would have to pay to borrow over a similar term to estimate the Company’s lease liability.
Total lease cost, cash flow information, weighted-average remaining lease term and weighted-average discount rate is summarized below for the periods indicated:
Year Ended December 31,
(Dollars in thousands)20222021
Lease cost:
Operating lease cost$5,495 $6,397 
Variable lease cost3,278 2,476 
Less: sublease income(48)(78)
Total lease cost$8,725 8,795 
Other information:
Operating cash flows from operating leases$(5,896)$(6,533)
Weighted-average remaining lease term - operating leases 11.22 years11.91 years
Weighted-average discount rate - operating leases3.95 %3.93 %

The following is a schedule of annual undiscounted cash flows for our operating leases and a reconciliation of those cash flows to the operating lease liabilities for the next five succeeding fiscal years and all years thereafter:

(Dollars in thousands)
Year Ending December 31, Undiscounted Cash FlowsLease Liability ExpenseLease Liability Reduction
2023$5,100 $1,328 $3,772 
20244,438 1,202 3,236 
20254,152 1,078 3,074 
20264,089 958 3,131 
20274,080 835 3,245 
Thereafter23,049 3,618 19,431 
Total $44,908 $9,019 $35,889 

In addition, the Company leases certain properties that it owns as lessor. All of these leases are operating leases. The following represents lease income related to these leases that was recognized for the periods indicated:
Year Ended December 31,
(Dollars in thousands)20222021
Total rental income recognized$2,228 2,094 

Based on the Company's leases as lessor as of December 31, 2022, estimated lease payments for the next five succeeding fiscal years and all years thereafter are as follows:

(Dollars in thousands)
Year Ending December 31,
2023$1,001 
2024835 
2025675 
2026555 
2027533 
Thereafter2,300 
Total $5,899