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LEASE COMMITMENTS AND CONTINGENCIES | 12 Months Ended
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Dec. 31, 2020
Leases [Abstract] |
LEASE COMMITMENTS AND CONTINGENCIES |
21. LEASE COMMITMENTS AND CONTINGENCIES
The Company adopted ASU 2016-02, Leases (Topic 842) on January 1, 2019 with no impact to retained earnings or other components of equity. The Company’s operating leases are primarily comprised of a corporate office lease with a remaining lease term of five years. The corporate office lease includes an option to extend for up to five years, however the extension term was not included in the operating lease liability calculation. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company recognizes lease expense for these leases on a straight-line basis over the lease term. The lease cost for the year ended December 31, 2020 was $3.2 million. Supplemental information related to leases as of and for the year ended December 31, 2020 was as follows:
Operating Leases | Classification | December 31, 2020
Assets | (dollars in thousands)
Operating lease right-of-use assets | Other assets | $ | 13,167 |
Liabilities
Operating lease liabilities (1) | Other liabilities | $ | 17,184 |
Lease term and discount rate
Weighted average remaining lease term |  | 4.7 years
Weighted average discount rate (1) |  | 2.9%
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases |  | $ | 3,799 |
(1) As the Company’s leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at adoption date in determining the present value of lease payments.
The following table provides details related to maturities of lease liabilities:
| Maturity of Lease Liabilities
Years ended December 31, | (dollars in thousands)
2021 | $ | 3,918 |
2022 | 3,862 |
2023 | 3,862 |
2024 | 3,862 |
2025 | 2,895 |
Later years | — |
Total lease payments | $ | 18,399 |
Less imputed interest | 1,215 |
Present value of lease liabilities | $ | 17,184 |
Contingencies From time to time, the Company is involved in various claims and legal actions arising in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters will not have a material effect on the Company’s consolidated financial statements. There were no material contingencies at December 31, 2020 and 2019.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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