LEASES

3 Months Ended

Mar. 31, 2022

A lease provides the lessee the right to control the use of an identified asset for a period of time in exchange for consideration. The Company has primarily entered into operating leases for branches and office space. Most of the Company's leases contain renewal options, which the Company is reasonably certain to exercise. Including renewal options, the Company's leases range from 6 to 31 years. Operating lease right-of-use assets and lease liabilities are included in other assets and accrued interest and other liabilities on the Company's unaudited condensed consolidated balance sheets.

The Company uses its incremental borrowing rate to determine the present value of the lease payments, as the rate implicit in the Company's leases is not readily determinable. Lease agreements that contain non-lease components are generally accounted for as a single lease component, while variable costs, such as common area maintenance expenses and property taxes, are expensed as incurred.

The following table summarizes the Company's operating leases at March 31, 2022 and December 31, 2021:


	March 31, 2022			December 31, 2021
Operating lease ROU assets	$	10,305		$	10,515
Operating lease ROU liabilities	10,937			11,119
Weighted-average remaining lease term (in years)	14.4			14.6
Weighted-average discount rate	4.1		%	4.1		%

The following table presents information related to the Company's operating leases for the three months ended March 31, 2022 and 2021:


	Three Months Ended
		March 31, 2022		March 31, 2021
Cash paid for operating lease liabilities		$	294	$	343
Operating lease expense		394		403

The following table presents expected future maturities of the Company's lease liabilities as of March 31, 2022:


2022	$	868
2023	1,216
2024	1,246
2025	1,269
2026	1,302
Thereafter	9,687
	15,588
Less: imputed interest	4,651
Total lease liabilities	$	10,937