Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Lessee, Operating Leases

LEASE COMMITMENTS

We lease certain office facilities and office equipment under operating leases. Rent expense for all operating leases totaled $904,000 in 2021, $606,000 in 2020 and $306,000 in 2019. In accordance with ASU No. 2016-02, Leases (Topic 842) and its related amendments we recognize certain operating leases on our balance sheet as lease right-of-use assets (reported as a component of other assets) and related lease liabilities (reported as a component of other liabilities).

The components of total lease expense in 2021, 2020 and 2019 were as follows:

Dollars in thousands	2021		2020		2019
Amortization of lease right-of-use assets	$	858	$	540	$	130
Short-term lease expense	46		66		176
Total	$	904	$	606	$	306

Right-of-use lease assets totaled $6.4 million and $5.5 million at December 31, 2021 and 2020, respectively, and are reported as a component of other assets on our accompanying consolidated balance sheets. The related lease liabilities totaled $6.6 million and $5.6 million at December 31, 2021 and 2020, respectively, and are reported as a component of other liabilities in the accompanying consolidated balance sheets. Lease payments under operating leases that were applied to our operating lease liability totaled $732,000, $358,000 and $95,000 during 2021, 2020 and 2019, respectively. The following table reconciles future undiscounted lease payments due under non-cancelable operating leases (those amounts subject to recognition) to the aggregate operating lessee lease liability as of December 31, 2021:

Future Lease Payments
Dollars in thousands
2022	$	948
2023	829
2024	808
2025	756
2026	714
Thereafter	2,965
Total undiscounted operating lease liability	$	7,020
Imputed interest	(453)
Total operating lease liability included in the accompanying balance sheet	$	6,567

The weighted average remaining lease term was 9 years and 12 years at December 31, 2021 and 2020, respectively, and the weighted average discount rate was 1.46 percent and 1.57 percent at December 31, 2021 and 2020, respectively.