Operating Leases

12 Months Ended

Dec. 31, 2021

Note 5. Operating Leases

The Company has operating leases on a number of its branches, certain regional headquarters and other properties to limit its exposure to ownership risks such as fluctuations in real estate prices and obsolescence. The Company leases real estate with lease terms generally from five to 20 years, some of which have renewal options from one to 20 years. As these extension options are not generally considered reasonably certain of renewal, they are not included in the lease term. The Company is not a lessee in any contracts classified as finance leases.

The following tables present supplemental information pertaining to operating leases at and for the years ended December 31, 2021 and 2020.

		Year ended December 31,
(dollars in thousands)		2021				2020
Cash paid for amounts included in the measurement of lease liabilities for operating leases	$		17,591		$		16,617
Right of use assets obtained in exchange for lease liabilities			141				4,799

		December 31,
		2021				2020
Weighted average remaining lease term (in years)			12.56				12.90
Weighted average discount rate			3.37	%			3.44	%

The following table sets forth the maturities of the Company’s lease liabilities and the present value discount at December 31, 2021.

(dollars in thousands)
2022	$	16,726
2023		15,318
2024		13,071
2025		12,480
2026		11,365
Thereafter		84,929
Total	$	153,889
Present value discount		(31,810)
Lease liability	$	122,079

The following table sets forth the components of the Company’s lease expense for the years ended December 31, 2021 and 2020.

		Years ended December 31,
(in thousands)		2021		2020
Operating lease expense	$	17,757	$	18,994
Short-term lease expense		135		165
Variable lease expense		105		97
Sublease income		(320)		(138)
Total	$	17,677	$	19,118

At December 31, 2021, the Company had not entered into any material leases that had not yet commenced.