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LEASES | 6 Months Ended
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Jun. 30, 2023
Leases [Abstract] |
LEASES | LEASES The Company leases certain office space, land and equipment under operating leases. These leases have original terms ranging from one year to 40 years. Operating lease liabilities and right-of-use assets are recognized at the lease commencement date based on the present value of the future minimum lease payments over the lease term. The Company had the following related to operating leases:
| June 30, 2023 |  | December 31, 2022
| (Dollars in thousands)
Right-of-use assets |  | $ | 26,594 |  |  | $ | 25,906 |
Lease liabilities |  | 28,130 |  |  | 27,324 |
Weighted average remaining lease term for operating leases |  | 10.7 years |  | 11.3 years
Weighted average discount rate used in the measurement of lease liabilities |  | 2.39 | % |  | 2.19 | %
The following table is a summary of the Company’s components of net lease cost for the three and six months ended June 30, 2023 and 2022. The variable lease cost primarily represents variable payments such as common area maintenance and utilities.
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
|  | (In thousands)
Operating lease cost |  | $ | 875 |  |  | $ | 770 |  |  | $ | 1,715 |  |  | $ | 1,540 |
Finance lease cost |  | — |  |  | 6 |  |  | 4 |  |  | 12 |
Variable lease cost |  | 70 |  |  | 59 |  |  | 127 |  |  | 113 |
Total lease cost included as a component of occupancy and equipment |  | $ | 945 |  |  | $ | 835 |  |  | $ | 1,846 |  |  | $ | 1,665 |
The following table presents supplemental cash flow information related to operating leases:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
|  | (In thousands)
Cash paid for amounts included in the measurement of operating lease liabilities: |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 813 |  |  | $ | 768 |  |  | $ | 1,702 |  |  | $ | 1,525 |
Operating lease liabilities arising from obtaining right-of-use assets (non-cash): |  |  |  |  |  |  |  |
Operating leases |  | $ | 982 |  |  | $ | — |  |  | $ | 2,088 |  |  | $ | — |
Future undiscounted lease payments for operating leases with initial terms of one year or more as of June 30, 2023 are as follows:
Through June 30, |  | (In thousands)
2024 |  | $ | 3,391 |
2025 |  | 3,208 |
2026 |  | 3,031 |
2027 |  | 2,957 |
2028 |  | 2,804 |
Thereafter |  | 16,585 |
Total undiscounted lease payments | 31,976
Less: imputed interest |  | (3,846) |
Total |  | $ | 28,130 |

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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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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