Leases

3 Months Ended

Mar. 31, 2022

Note 9 – Leases

The Company’s long-term lease agreements are classified as operating leases. Certain of these leases offer the option to extend the lease term and such extensions are included in the calculation of the lease liabilities to the extent the options are reasonably assured of being exercised. The lease agreements do not provide for residual value guarantees and have no restrictions or covenants that would impact dividends or require incurring additional financial obligations.

The following tables present information about the Company’s leases as of and for the periods stated.


(Dollars in thousands)	March 31, 2022
Lease liabilities	$	8,038
Right-of-use asset	$	6,766
Weighted average remaining lease term (years)	6.45
Weighted average discount rate		1.87	%


	For the three months ended
(Dollars in thousands)	March 31, 2022		March 31, 2021
Operating lease cost	$	555	$	646
Total lease cost	$	555	$	646
Cash paid for amounts included in the measurement of lease liabilities	$	736	$	646

The following table presents a maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total of operating lease liabilities as of the date stated.


(Dollars in thousands)	March 31, 2022
Nine months ending December 31, 2022	$	1,340
Twelve months ending December 31, 2023		1,504
Twelve months ending December 31, 2024		1,180
Twelve months ending December 31, 2025		966
Twelve months ending December 31, 2026		887
Thereafter		2,458
Total undiscounted cash flows		8,335
Discount		(297	)
Lease liabilities	$	8,038