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LEASES | 12 Months Ended
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Dec. 31, 2021
Leases [Abstract] |
LEASES | LEASES We have operating leases for corporate offices, branches and loan production offices. Our leases have remaining lease terms of one month to 17 years, some of which include options to extend the leases generally for periods of three years to five years. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. The components of lease expense were as follows:
|  | Year Ended December 31,
($ in thousands) |  | 2021 |  | 2020 |  | 2019
Operating lease expense |  | $ | 6,972 |  |  | $ | 6,024 |  |  | $ | 6,622 |
Variable lease expense |  | 366 |  |  | 279 |  |  | 356 |
Sublease income |  | — |  |  | — |  |  | (250) |
Total lease expense |  | $ | 7,338 |  |  | $ | 6,303 |  |  | $ | 6,728 |
Supplemental cash flow information related to leases was as follows:
|  | Year Ended December 31,
($ in thousands) |  | 2021 |  | 2020 |  | 2019
Cash paid for amounts included in the measurement of lease liabilities for operating leases: |  |  |  |  |  |
Operating cash flows |  | $ | 7,229 |  |  | $ | 6,812 |  |  | $ | 6,989 |
ROU assets obtained in the exchange for lease liabilities: |  |  |  |  |  |
ROU assets obtained in exchange for lease liabilities (1) |  | $ | 26,413 |  |  | $ | 3,289 |  |  | $ | 5,332 |
ROU assets recognized upon adoption of new lease standard |  | $ | — |  |  | $ | — |  |  | $ | 23,332 |
(1)Includes $9.2 million during the year ended December 31, 2021 related to the PMB Acquisition. Supplemental balance sheet information related to leases was as follows:
|  | December 31,
($ in thousands) |  | 2021 |  | 2020
Operating leases: |  |  |  |
Operating lease right-of-use assets |  | $ | 35,442 |  |  | $ | 19,633 |
Operating lease liabilities |  | 40,675 |  |  | 20,647 |
|  | December 31,
|  | 2021 |  | 2020
Weighted-average remaining lease term (in years): |  |  |  |
Operating leases |  | 5.46 years |  | 6.60 years
Weighted-average discount rate: |  |  |  |
Operating leases |  | 1.76 | % |  | 2.78 | %
Maturities of operating lease liabilities at December 31, 2021 were as follows:
($ in thousands) |  | Operating Leases |  |  |  |  |  |
2022 |  | $ | 9,366 |  |  |  |  |  |  |
2023 |  | 8,802 |  |  |  |  |  |  |
2024 |  | 8,093 |  |  |  |  |  |  |
2025 |  | 6,312 |  |  |  |  |  |  |
2026 |  | 4,421 |  |  |  |  |  |  |
Thereafter |  | 6,093 |  |  |  |  |  |  |
Total lease payments |  | 43,087 |  |  |  |  |  |  |
Less: present value discount |  | (2,412) |  |  |  |  |  |  |
Total Lease Liability |  | $ | 40,675 |  |  |  |  |  |  |
During the year ended December 31, 2021, we recognized $3.8 million in impairment of ROU assets obtained in the PMB Acquisition. This impairment related to branch and office consolidation of PMB locations and is included in merger-related costs in the accompanying consolidated statements of operations. Rental income totaled $1.3 million, $1.0 million and $1.8 million during the years ended December 31, 2021, 2020 or 2019 and is included in other income in the accompanying consolidated statements of operations. We lease certain equipment under finance leases. Finance lease obligations totaled $239 thousand and $83 thousand at December 31, 2021 and 2020. The finance lease arrangements require monthly payments through 2024. Sale-leaseback Transaction: In September 2021, the Company completed a sale-leaseback transaction for one of its branch locations. The Company sold the branch for $4.2 million and recognized a gain of $841 thousand. The Company also entered into a 5-year lease agreement for this branch and recognized a right-of-use asset and lease liability for $811 thousand.
LEASES | LEASES We have operating leases for corporate offices, branches and loan production offices. Our leases have remaining lease terms of one month to 17 years, some of which include options to extend the leases generally for periods of three years to five years. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. The components of lease expense were as follows:
|  | Year Ended December 31,
($ in thousands) |  | 2021 |  | 2020 |  | 2019
Operating lease expense |  | $ | 6,972 |  |  | $ | 6,024 |  |  | $ | 6,622 |
Variable lease expense |  | 366 |  |  | 279 |  |  | 356 |
Sublease income |  | — |  |  | — |  |  | (250) |
Total lease expense |  | $ | 7,338 |  |  | $ | 6,303 |  |  | $ | 6,728 |
Supplemental cash flow information related to leases was as follows:
|  | Year Ended December 31,
($ in thousands) |  | 2021 |  | 2020 |  | 2019
Cash paid for amounts included in the measurement of lease liabilities for operating leases: |  |  |  |  |  |
Operating cash flows |  | $ | 7,229 |  |  | $ | 6,812 |  |  | $ | 6,989 |
ROU assets obtained in the exchange for lease liabilities: |  |  |  |  |  |
ROU assets obtained in exchange for lease liabilities (1) |  | $ | 26,413 |  |  | $ | 3,289 |  |  | $ | 5,332 |
ROU assets recognized upon adoption of new lease standard |  | $ | — |  |  | $ | — |  |  | $ | 23,332 |
(1)Includes $9.2 million during the year ended December 31, 2021 related to the PMB Acquisition. Supplemental balance sheet information related to leases was as follows:
|  | December 31,
($ in thousands) |  | 2021 |  | 2020
Operating leases: |  |  |  |
Operating lease right-of-use assets |  | $ | 35,442 |  |  | $ | 19,633 |
Operating lease liabilities |  | 40,675 |  |  | 20,647 |
|  | December 31,
|  | 2021 |  | 2020
Weighted-average remaining lease term (in years): |  |  |  |
Operating leases |  | 5.46 years |  | 6.60 years
Weighted-average discount rate: |  |  |  |
Operating leases |  | 1.76 | % |  | 2.78 | %
Maturities of operating lease liabilities at December 31, 2021 were as follows:
($ in thousands) |  | Operating Leases |  |  |  |  |  |
2022 |  | $ | 9,366 |  |  |  |  |  |  |
2023 |  | 8,802 |  |  |  |  |  |  |
2024 |  | 8,093 |  |  |  |  |  |  |
2025 |  | 6,312 |  |  |  |  |  |  |
2026 |  | 4,421 |  |  |  |  |  |  |
Thereafter |  | 6,093 |  |  |  |  |  |  |
Total lease payments |  | 43,087 |  |  |  |  |  |  |
Less: present value discount |  | (2,412) |  |  |  |  |  |  |
Total Lease Liability |  | $ | 40,675 |  |  |  |  |  |  |
During the year ended December 31, 2021, we recognized $3.8 million in impairment of ROU assets obtained in the PMB Acquisition. This impairment related to branch and office consolidation of PMB locations and is included in merger-related costs in the accompanying consolidated statements of operations. Rental income totaled $1.3 million, $1.0 million and $1.8 million during the years ended December 31, 2021, 2020 or 2019 and is included in other income in the accompanying consolidated statements of operations. We lease certain equipment under finance leases. Finance lease obligations totaled $239 thousand and $83 thousand at December 31, 2021 and 2020. The finance lease arrangements require monthly payments through 2024. Sale-leaseback Transaction: In September 2021, the Company completed a sale-leaseback transaction for one of its branch locations. The Company sold the branch for $4.2 million and recognized a gain of $841 thousand. The Company also entered into a 5-year lease agreement for this branch and recognized a right-of-use asset and lease liability for $811 thousand.

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance 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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- 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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