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LEASE COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
LEASE COMMITMENTS AND CONTINGENCIES
21. LEASE COMMITMENTS AND CONTINGENCIES
The Company’s operating leases are primarily comprised of a corporate office lease with a remaining lease term of approximately four 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, 2021 was $3.3 million.
Supplemental information related to leases as of and for the year ended December 31, 2021 was as follows:
Operating LeasesClassificationDecember 31, 2021
Assets(dollars in thousands)
Operating lease right-of-use assetsOther assets$10,542 
Liabilities
Operating lease liabilities (1)
Other liabilities$13,713 
Lease term and discount rate
Weighted average remaining lease term3.7 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$3,918 
(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)
2022$3,862 
20233,862 
20243,862 
20252,895 
Total lease payments$14,481 
Less imputed interest768 
Present value of lease liabilities$13,713 
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, 2021 and 2020.