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LEASES | 12 Months Ended
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Dec. 31, 2021
Leases [Abstract] |
LEASES | LEASES The Company leases certain office space and equipment under operating leases. These leases have original terms ranging from one year to 40 years. Operating lease liabilities and ROU assets are recognized at the lease commencement date based on the present value of the future minimum lease payments over the lease term. As of December 31, 2021, the Company had the following related to operating leases:
|  | As of
|  | December 31, 2021
|  | (In thousands)
Right-of-use assets |  | $ | 25,457 |
Lease liabilities |  | 26,696 |
The following table is a summary of the Company’s components of net lease cost for the year ended December 31, 2021 and 2020:
| Year Ended December 31,
2021 |  | 2020
| (In thousands)
Operating lease cost | $ | 3,034 |  |  | $ | 1,486 |
Finance lease cost | 19 |  |  | 15 |
Variable lease cost | 219 |  |  | 79 |
Total lease cost | $ | 3,272 |  |  | $ | 1,580 |
As of December 31, 2021, the weighted average remaining lease term for operating leases was 12.2 years and the weighted average discount rate used in the measurement of lease liabilities was 1.97%. As of December 31, 2020, the weighted average remaining lease term for operating leases was 12.9 years and the weighted average discount rate used in the measurement of lease liabilities was 1.95%. Cash payments for lease liabilities totaled $2.72 million and $1.57 million for the years ended December 31, 2021 and 2020. Future undiscounted lease payments for operating leases with initial terms of one year or more as of December 31, 2021 are as follows:
|  | (In thousands)
2022 |  | $ | 2,995 |
2023 |  | 2,786 |
2024 |  | 2,699 |
2025 |  | 2,309 |
2026 |  | 2,300 |
Thereafter |  | 17,265 |
Total undiscounted lease payments |  | 30,354
Less: imputed interest |  | (3,658) |
Total |  | $ | 26,696 |

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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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