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Leases | 12 Months Ended
--- | ---
Dec. 31, 2021
Leases [Abstract] |
Leases | LEASES Leases under which BancShares is a Lessee The following table presents lease assets and liabilities as of December 31, 2021 and 2020:
(Dollars in thousands) | Classification | December 31, 2021 |  | December 31, 2020
Assets: |  |  |  |
Operating | Other assets | $ | 63,207 |  |  | $ | 68,048 |
Finance | Premises and equipment | 4,310 |  |  | 6,478 |
Total leased assets |  | $ | 67,517 |  |  | $ | 74,526 |
Liabilities: |  |  |  |
Operating | Other liabilities | $ | 64,431 |  |  | $ | 68,343 |
Finance | Other borrowings | 4,311 |  |  | 6,308 |
Total lease liabilities |  | $ | 68,742 |  |  | $ | 74,651 |
The following table presents lease costs for the years ended December 31, 2021 and 2020. Variable lease cost primarily represents variable payments such as common area maintenance and utilities recognized in the period in which the expense was incurred. Certain of our lease agreements also include rental payments adjusted periodically for inflation. While lease liabilities are not remeasured as a result of these changes, these adjustments are treated as variable lease costs and recognized in the period in which the expense is incurred.
(Dollars in thousands) | Classification | 2021 |  | 2020
Lease cost: |  |  |  |
Operating lease cost (1) | Occupancy expense | $ | 13,993 |  |  | $ | 15,023 |
Finance lease cost: |  |  |  |
Amortization of leased assets | Equipment expense | 2,168 |  |  | 2,168 |
Interest on lease liabilities | Interest expense - Other borrowings | 162 |  |  | 220 |
Variable lease cost | Occupancy expense | 3,110 |  |  | 3,231 |
Sublease income | Occupancy expense | (355) |  |  | (350) |
Net lease cost |  | $ | 19,078 |  |  | $ | 20,292 |
(1) Operating lease cost includes short-term lease cost, which is immaterial. |  |  |
The following table presents lease liability maturities in the next five years and thereafter:
(Dollars in thousands) | Operating Leases |  | Finance Leases |  | Total
2022 | $ | 12,840 |  |  | $ | 1,876 |  |  | $ | 14,716 |
2023 | 11,162 |  |  | 993 |  |  | 12,155 |
2024 | 9,356 |  |  | 617 |  |  | 9,973 |
2025 | 6,462 |  |  | 635 |  |  | 7,097 |
2026 | 5,450 |  |  | 431 |  |  | 5,881 |
Thereafter | 29,236 |  |  | — |  |  | 29,236 |
Total lease payments | $ | 74,506 |  |  | $ | 4,552 |  |  | $ | 79,058 |
Less: Interest | 10,075 |  |  | 241 |  |  | 10,316 |
Present value of lease liabilities | $ | 64,431 |  |  | $ | 4,311 |  |  | $ | 68,742 |
The following table presents the remaining weighted average lease terms and discount rates as of December 31, 2021:
Weighted average remaining lease term (years): | December 31, 2021
Operating | 8.9
Finance | 3.5
Weighted average discount rate: |
Operating | 3.00 | %
Finance | 3.12 |
The following table presents supplemental cash flow information related to leases 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: |  |  |
Operating cash flows from operating leases | $ | 13,054 |  |  | $ | 14,237 |
Operating cash flows from finance leases | 162 |  |  | 220 |
Financing cash flows from finance leases | 1,997 |  |  | 1,922 |
Right-of-use assets obtained in exchange for new operating lease liabilities | 6,535 |  |  | 4,595 |
Leases under which BancShares is a Lessor BancShares provides equipment financing using a variety of loan and lease structures. Typical items financed and leased include commercial equipment and vehicles. The following table presents the components of the investment in direct or sales type financing leases, included in loans in the consolidated balance sheets as of December 31, 2021 and 2020:
(Dollars in thousands) | Year ended December 31
| 2021 |  | 2020
Total minimum lease payment to be received | $ | 261,469 |  |  | $ | 335,385 |
Estimated unguaranteed residual value of leased assets | 24,472 |  |  | 19,428 |
Gross investment in direct or sales type financing leases | 285,941 |  |  | 354,813 |
Unearned income | (18,262) |  |  | (23,970) |
Initial direct costs | 783 |  |  | 548 |
Total net investment | $ | 268,462 |  |  | $ | 331,391 |
At December 31, 2021, future minimum lease payments to be received under direct or sales type financing leases were as follows:
Years ending December 31 |
2022 | $ | 96,974 |
2023 | 70,635 |
2024 | 46,407 |
2025 | 28,065 |
2026 | 13,630 |
Thereafter | 5,758 |
Future minimum lease payments | $ | 261,469 |
Leases | LEASES Leases under which BancShares is a Lessee The following table presents lease assets and liabilities as of December 31, 2021 and 2020:
(Dollars in thousands) | Classification | December 31, 2021 |  | December 31, 2020
Assets: |  |  |  |
Operating | Other assets | $ | 63,207 |  |  | $ | 68,048 |
Finance | Premises and equipment | 4,310 |  |  | 6,478 |
Total leased assets |  | $ | 67,517 |  |  | $ | 74,526 |
Liabilities: |  |  |  |
Operating | Other liabilities | $ | 64,431 |  |  | $ | 68,343 |
Finance | Other borrowings | 4,311 |  |  | 6,308 |
Total lease liabilities |  | $ | 68,742 |  |  | $ | 74,651 |
The following table presents lease costs for the years ended December 31, 2021 and 2020. Variable lease cost primarily represents variable payments such as common area maintenance and utilities recognized in the period in which the expense was incurred. Certain of our lease agreements also include rental payments adjusted periodically for inflation. While lease liabilities are not remeasured as a result of these changes, these adjustments are treated as variable lease costs and recognized in the period in which the expense is incurred.
(Dollars in thousands) | Classification | 2021 |  | 2020
Lease cost: |  |  |  |
Operating lease cost (1) | Occupancy expense | $ | 13,993 |  |  | $ | 15,023 |
Finance lease cost: |  |  |  |
Amortization of leased assets | Equipment expense | 2,168 |  |  | 2,168 |
Interest on lease liabilities | Interest expense - Other borrowings | 162 |  |  | 220 |
Variable lease cost | Occupancy expense | 3,110 |  |  | 3,231 |
Sublease income | Occupancy expense | (355) |  |  | (350) |
Net lease cost |  | $ | 19,078 |  |  | $ | 20,292 |
(1) Operating lease cost includes short-term lease cost, which is immaterial. |  |  |
The following table presents lease liability maturities in the next five years and thereafter:
(Dollars in thousands) | Operating Leases |  | Finance Leases |  | Total
2022 | $ | 12,840 |  |  | $ | 1,876 |  |  | $ | 14,716 |
2023 | 11,162 |  |  | 993 |  |  | 12,155 |
2024 | 9,356 |  |  | 617 |  |  | 9,973 |
2025 | 6,462 |  |  | 635 |  |  | 7,097 |
2026 | 5,450 |  |  | 431 |  |  | 5,881 |
Thereafter | 29,236 |  |  | — |  |  | 29,236 |
Total lease payments | $ | 74,506 |  |  | $ | 4,552 |  |  | $ | 79,058 |
Less: Interest | 10,075 |  |  | 241 |  |  | 10,316 |
Present value of lease liabilities | $ | 64,431 |  |  | $ | 4,311 |  |  | $ | 68,742 |
The following table presents the remaining weighted average lease terms and discount rates as of December 31, 2021:
Weighted average remaining lease term (years): | December 31, 2021
Operating | 8.9
Finance | 3.5
Weighted average discount rate: |
Operating | 3.00 | %
Finance | 3.12 |
The following table presents supplemental cash flow information related to leases 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: |  |  |
Operating cash flows from operating leases | $ | 13,054 |  |  | $ | 14,237 |
Operating cash flows from finance leases | 162 |  |  | 220 |
Financing cash flows from finance leases | 1,997 |  |  | 1,922 |
Right-of-use assets obtained in exchange for new operating lease liabilities | 6,535 |  |  | 4,595 |
Leases under which BancShares is a Lessor BancShares provides equipment financing using a variety of loan and lease structures. Typical items financed and leased include commercial equipment and vehicles. The following table presents the components of the investment in direct or sales type financing leases, included in loans in the consolidated balance sheets as of December 31, 2021 and 2020:
(Dollars in thousands) | Year ended December 31
| 2021 |  | 2020
Total minimum lease payment to be received | $ | 261,469 |  |  | $ | 335,385 |
Estimated unguaranteed residual value of leased assets | 24,472 |  |  | 19,428 |
Gross investment in direct or sales type financing leases | 285,941 |  |  | 354,813 |
Unearned income | (18,262) |  |  | (23,970) |
Initial direct costs | 783 |  |  | 548 |
Total net investment | $ | 268,462 |  |  | $ | 331,391 |
At December 31, 2021, future minimum lease payments to be received under direct or sales type financing leases were as follows:
Years ending December 31 |
2022 | $ | 96,974 |
2023 | 70,635 |
2024 | 46,407 |
2025 | 28,065 |
2026 | 13,630 |
Thereafter | 5,758 |
Future minimum lease payments | $ | 261,469 |

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