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LEASES | 9 Months Ended
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Sep. 30, 2021
Leases [Abstract] |
LEASES | 13. LEASES The Company maintains certain property and equipment under direct financing and operating leases. As of September 30, 2021, the Company's operating lease ROU asset and operating lease liability totaled $10.3 million and $10.6 million, respectively. As of December 31, 2020, the Company's operating lease ROU asset and operating lease liability totaled $9.4 million and $9.7 million, respectively. A weighted average discount rate of 2.82 percent and 3.11 percent was used in the measurement of the ROU asset and lease liability as of September 30, 2021 and December 31, 2020, respectively. The Company's leases have remaining lease terms between two months to 15 years, with a weighted average lease term of 6.31 years at September 30, 2021. The Company's leases had remaining lease terms between one month to 16 years, with a weighted average lease term of 6.01 years, at December 31, 2020. The Company’s lease agreements may include options to extend or terminate the lease. The Company’s decision to exercise renewal options is based on an assessment of its current business needs and market factors at the time of the renewal. Total operating lease costs were $697,000 and $789,000 for the three months ended September 30, 2021 and 2020, respectively. The variable lease costs were $75,000 and $82,000 for the three months ended September 30, 2021 and 2020, respectively. Total operating lease costs were $2.1 million and $2.4 million for the nine months ended September 30, 2021 and 2020, respectively. The variable lease costs were $242,000 and $259,000 for the nine months ended September 30, 2021 and 2020, respectively. The following is a schedule of the Company's operating lease liabilities by contractual maturity as of September 30, 2021:
(In thousands) |  |  |  |
2021 |  | $ | 691 |
2022 |  |  | 2,560 |
2023 |  |  | 2,163 |
2024 |  |  | 1,719 |
2025 |  |  | 1,463 |
Thereafter |  |  | 3,151 |
Total lease payments |  |  | 11,747 |
Less: imputed interest |  |  | 1,103 |
Total present value of lease payments |  | $ | 10,644 |
The following table shows the supplemental cash flow information related to the Company’s direct finance and operating leases for the nine months ended September 30, 2021 and 2020:
|  | For the Nine Months Ended |
(In thousands) |  | 2021 |  |  | 2020 |
Right-of-use asset obtained in exchange for lease obligation |  | $ | 2,772 |  |  | $ | 455 |
Operating cash flows from operating leases |  |  | 1,844 |  |  |  | 2,139 |
Operating cash flows from direct finance leases |  |  | 229 |  |  |  | 261 |
Financing cash flows from direct finance leases |  |  | 561 |  |  |  | 561 |

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- Definition Lessee, operating and financing leases. + References No definition available. + Details
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