Operating Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Operating Leases

Operating Leases

The following table presents the balances of the ROU asset and corresponding operating lease liability as of the dates indicated (in thousands).

		December 31,
	Balance Sheet Location	2021		2020
ROU asset	Other assets	$	29,421	$	31,398
Operating lease liability	Other liabilities	31,072		33,095

During 2021, United obtained building and office space ROU assets resulting in an increase in its operating lease liability of $4.49 million. Leases assumed as part of the FinTrust and Aquesta transactions accounted for $2.87 million of the increase. During 2020, United obtained building and office space ROU assets resulting in an increase in its operating lease liability of $17.4 million. Leases assumed as part of the Three Shores transaction accounted for $15.1 million of the increase.

The table below presents the operating lease income and expense recognized for the periods indicated (in thousands).

	Income Statement Location	2021			2020			2019
Operating lease cost	Occupancy expense	$	8,186		$	6,449		$	5,067
Variable lease cost	Occupancy expense	1,066			757			449
Short-term lease cost	Occupancy expense	85			100			136
Total lease cost		$	9,337		$	7,306		$	5,652
Sublease income and rental income from owned properties under operating leases	Other noninterest income	$	976		$	1,022		$	1,160
Weighted average remaining lease term		5.40 years			5.74 years			5.33 years
Weighted average discount rate		1.58		%	1.79		%	2.79		%

As of December 31, 2021, future minimum lease payments under operating leases were as follows (in thousands):

Year
2022	$	8,197
2023	8,080
2024	4,222
2025	2,933
2026	2,756
Thereafter	6,242
Total	32,430
Less discount	(1,358)
Present value of lease liability	$	31,072