LEASES (Tables)

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Net Investment in Sales-Type and Direct Financing Lease

Total net investment in sales-type and direct financing leases consists of the following (dollars in thousands):

	June 30, 2022		December 31, 2021
Sales-type and direct financing leases:
Lease receivables, net of unearned income and deferred selling profit	$	244,356	$	199,423
Unguaranteed residual values, net of unearned income and deferred selling profit		11,414		8,911
Total net investment in sales-type and direct financing leases	$	255,770	$	208,334

Lessee Lease Portfolio and Other Supplemental Lease Information

The tables below provide information about the Company’s lessee lease portfolio and other supplemental lease information (dollars in thousands):

	June 30, 2022						December 31, 2021
	Operating			Finance			Operating			Finance
ROU assets	$	32,947		$	6,047		$	40,653		$	6,506
Lease liabilities		45,769			8,888			50,742			9,477
Lease Term and Discount Rate of Operating leases:
Weighted-average remaining lease term (years)		6.56			6.58			6.75			7.08
Weighted-average discount rate (1)		2.60	%		1.17	%		2.57	%		1.17	%

⁽¹⁾An incremental borrowing rate is used based on information available at commencement date of lease or at remeasurement date

Other Lease Information

	Six months ended June 30,
	2022		2021
Cash paid for amounts included in measurement of lease liabilities:
Operating Cash Flows from Finance Leases	$	53	$	60
Operating Cash Flows from Operating Leases		5,756		5,988
Financing Cash Flows from Finance Leases		589		566
ROU assets obtained in exchange for lease obligations:
Operating leases	$	424	$	2,164

Lease Cost

	Three months ended June 30,				Six months ended June 30,
		2022		2021		2022		2021
Net Operating Lease Cost	$	2,230	$	2,532	$	4,542	$	5,081
Finance Lease Cost:
Amortization of right-of-use assets		230		230		459		459
Interest on lease liabilities		26		30		53		60
Total Lease Cost	$	2,486	$	2,792	$	5,054	$	5,600

Maturities of Lessor and Lessee Arrangements Outstanding

The maturities of lessor and lessee arrangements outstanding at June 30, 2022 are presented in the table below (dollars in thousands):

	June 30, 2022
	Lessor		Lessee
		Sales-type and Direct Financing	Operating		Finance
For the remaining six months of 2022	$	32,605	$	5,560	$	650
2023		60,499		10,313		1,325
2024		57,677		9,206		1,358
2025		43,809		7,055		1,392
2026		29,998		4,640		1,427
Thereafter		42,578		13,449		3,088
Total undiscounted cash flows		267,166		50,223		9,240
Less: Adjustments (1)		22,810		4,454		352
Total (2)	$	244,356	$	45,769	$	8,888

⁽¹⁾ Lessor – unearned income and unearned guaranteed residual value; Lessee – imputed interest

⁽²⁾ Represents lease receivables for lessor arrangements and lease liabilities for lessee arrangements