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LEASES
 12 Months Ended
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)202120202019
Operating lease expense$6,972 $6,024 $6,622 
Variable lease expense366 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)202120202019
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)20212020
Operating leases:
Operating lease right-of-use assets$35,442 $19,633 
Operating lease liabilities40,675 20,647 
December 31,
20212020
Weighted-average remaining lease term (in years):
Operating leases5.46 years6.60 years
Weighted-average discount rate:
Operating leases1.76 %2.78 %
Maturities of operating lease liabilities at December 31, 2021 were as follows:
($ in thousands)Operating
Leases
2022$9,366 
20238,802 
20248,093 
20256,312 
20264,421 
Thereafter6,093 
Total lease payments43,087 
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)202120202019
Operating lease expense$6,972 $6,024 $6,622 
Variable lease expense366 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)202120202019
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)20212020
Operating leases:
Operating lease right-of-use assets$35,442 $19,633 
Operating lease liabilities40,675 20,647 
December 31,
20212020
Weighted-average remaining lease term (in years):
Operating leases5.46 years6.60 years
Weighted-average discount rate:
Operating leases1.76 %2.78 %
Maturities of operating lease liabilities at December 31, 2021 were as follows:
($ in thousands)Operating
Leases
2022$9,366 
20238,802 
20248,093 
20256,312 
20264,421 
Thereafter6,093 
Total lease payments43,087 
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.