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Leases
12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
Leases

(20) LEASES

Lessee

 

The Company has operating leases, which primarily consist of office space in buildings, ATM locations, storage facilities, parking lots, equipment and land on which it owns certain buildings.

 

Rental expense on all operating leases, including those rented on a monthly or temporary basis were as follows (Dollars in thousands):

 

Year Ending December 31:

 

 

 

2021

 

$

1,560

 

2020

 

 

1,894

 

2019

 

 

1,633

 

 

 

A right of use lease asset included in accrued interest receivable and other assets on the balance sheet totaled $5.0 million at December 31, 2021 compared to $4.4 million at December 31, 2020, and a related lease liability included in accrued interest payable and other liabilities on the balance sheet totaled $4.9 million at December 31, 2021 compared to $4.3 million at December 31, 2020. As of December 31, 2021, our operating leases have a weighted-average remaining lease term of 3.5 years and a weighted-average discount rate of 2.6 percent.

 

 

Maturity of Operating Lease Liabilities

 

The following table presents minimum future commitments by year for the Company’s operating leases. Such commitments are reflected as undiscounted values and are reconciled to the discounted present value recognized on the balance sheet.

 

 

 

December 31, 2021

 

 

 

(Dollars in thousands)

 

2022

 

$

1,405

 

2023

 

 

1,027

 

2024

 

 

664

 

2025

 

 

608

 

2026

 

 

508

 

Thereafter

 

 

1,396

 

Total lease payments

 

 

5,608

 

Less imputed interest

 

 

(732

)

Operating lease liability

 

$

4,876

 

 

Lessor

 

The Company is a lessor of operating leases, which primarily consist of office space in buildings and parking lots. These assets are classified on the balance sheet as premises and equipment. The Company had operating lease revenue of $4.9 million, $5.3 million and $6.1 million for the years ended December 31, 2021, 2020 and 2019, respectively. Lease revenue is included in occupancy, net on the consolidated statement of comprehensive income.

 

Future Minimum Lease Payments to be received

The Company does not have operating leases that extend beyond 2030. The following table presents the scheduled minimum future contractual rent to be received under the remaining non-cancelable term of the operating leases:

 

 

 

December 31, 2021

 

 

 

(Dollars in thousands)

 

2022

 

$

3,375

 

2023

 

 

2,636

 

2024

 

 

2,574

 

2025

 

 

1,946

 

2026

 

 

1,547

 

2027-2030

 

 

2,921

 

Total future minimum lease payments

 

$

14,999