Leases (Notes)

12 Months Ended

Dec. 31, 2021

LEASES

The Company has banking and limited-service facilities, datacenters, and certain equipment leased under agreements. Most of the leases expire between 2022 and 2027 and include one or more renewal options for up to 5 years. One lease expires in 2031. All leases are classified as operating leases.


	For the twelve months ended
($ in thousands)	December 31, 2021		December 31, 2020
Operating lease cost	$	4,877	$	3,207
Short-term lease cost	833		201


Total lease cost	$	5,710	$	3,408

Payments on operating leases included in the measurement of lease liabilities during the twelve months ended December 31, 2021 and 2020 totaled $5.2 million and $3.3 million, respectively. Right-of-use assets obtained in exchange for lease obligations totaled $5.7 million and $1.6 million during the twelve months ended December 31, 2021 and 2020, respectively. The additions in 2021 and 2020 were primarily from the First Choice acquisition and Seacoast acquisition, respectively. In 2021, an impairment of $1.1 million was recognized on right-of-use assets concurrent with the announced closure of certain leased locations. For further discussion see “Note 8 - Fixed Assets.”

Supplemental balance sheet information related to leases is as follows:


($ in thousands)	December 31, 2021			December 31, 2020
Operating lease right-of-use assets, included in other assets	$	13,483		$	13,636
Operating lease liabilities, included in other liabilities	14,865			14,152

Operating leases
Weighted average remaining lease term	4 years			5 years
Weighted average discount rate	2.0		%	2.5		%

Maturities of operating lease liabilities are as follows:


($ in thousands)
Year	Amount
2022	$	5,191
2023	3,688
2024	2,670
2025	1,326
2026	1,138
Thereafter	1,566
Total operating lease liabilities, payments	15,579
Less: present value adjustment	714
Operating lease liabilities	$	14,865

Lessor income was $1.9 million and $1.8 million during the twelve months ended December 31, 2021, and 2020, respectively.