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Right-Of-Use Assets and Lease Liabilities | 12 Months Ended
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Dec. 31, 2021
Leases [Abstract] |
RIGHT-OF-USE ASSETS AND LEASE LIABILITIES | RIGHT-OF-USE ASSETS AND LEASE LIABILITIES We have 48 lease contracts, including 45 operating leases and three finance leases at December 31, 2021. These leases are for our branch, loan production and support services facilities. Included in the lease expense for premises are leases with one S&T director, which totaled approximately $0.2 million for each of the three years 2021, 2020 and 2019. The following table presents our lease expense for finance and operating leases for the years ended December 31:
(dollars in thousands) |  | 2021 |  | 2020 |  | 2019
Operating lease expense(1) |  | $ | 5,135 |  |  | $ | 5,711 |  |  | $ | 4,221 |
Amortization of ROU assets - finance leases(1) |  | 224 |  |  | 224 |  |  | 101 |
Interest on lease liabilities - finance leases (2) |  | 74 |  |  | 84 |  |  | 74 |
Total Lease Expense |  | $ | 5,433 |  |  | $ | 6,019 |  |  | $ | 4,396 |
(1) Included in occupancy expense in our Consolidated Statements of Net Income. (2) Included in borrowings interest expense in our Consolidated Statements of Net Income.
The following table presents our ROU assets, weighted average term and the discount rates for finance and operating leases as of December 31:
(dollars in thousands) |  |  |  | 2021 |  | 2020
Operating Leases |  |  |  |  |  |
ROU assets |  |  |  | $ | 44,067 |  |  | $ | 46,245 |
Operating cash flows |  |  |  | $ | 6,570 |  |  | $ | 6,489 |
Finance Leases |  |  |  |  |  |
ROU assets |  |  |  | $ | 1,055 |  |  | $ | 1,278 |
Operating cash flows |  |  |  | $ | 74 |  |  | $ | 84 |
Financing cash flows |  |  |  | $ | 194 |  |  | $ | 180 |
Weighted Average Lease Term - Years |  |  |  |  |  |
Operating leases |  |  |  | 18.9 |  | 18.7
Finance leases |  |  |  | 12.4 |  | 12.1
Weighted Average Discount Rate |  |  |  |  |  |
Operating leases |  |  |  | 5.82 | % |  | 5.90 | %
Finance leases |  |  |  | 5.91 | % |  | 5.81 | %
During 2021, we entered into one new operating lease increasing the right-of-use asset and the related liability values by $3.0 million. During 2020, two operating leases were considered abandoned due to branch closures and the right-of-use asset values were reduced by $0.5 million to zero and the related liabilities were reduced by $0.2 million. We recognized additional expense of $0.3 million at the date of abandonment for these leases. The following table presents the maturity analysis of lease liabilities for finance and operating leases as of December 31, 2021:
(dollars in thousands) |  |  |  |  |  |
Maturity Analysis |  | Finance | Operating |  | Total
2022 |  | $ | 225 |  |  | $ | 4,707 |  |  | $ | 4,932 |
2023 |  | 129 |  |  | 4,519 |  |  | 4,648 |
2024 |  | 130 |  |  | 4,512 |  |  | 4,642 |
2025 |  | 132 |  |  | 4,544 |  |  | 4,676 |
2026 |  | 133 |  |  | 4,574 |  |  | 4,707 |
Thereafter |  | 1,012 |  |  | 64,040 |  |  | 65,052 |
Total |  | 1,761 |  |  | 86,896 |  |  | 88,657 |
Less: Present value discount |  | (561) |  |  | (36,830) |  |  | (37,391) |
Lease Liabilities |  | $ | 1,200 |  |  | $ | 50,066 |  |  | $ | 51,266 |
RIGHT-OF-USE ASSETS AND LEASE LIABILITIES | RIGHT-OF-USE ASSETS AND LEASE LIABILITIES We have 48 lease contracts, including 45 operating leases and three finance leases at December 31, 2021. These leases are for our branch, loan production and support services facilities. Included in the lease expense for premises are leases with one S&T director, which totaled approximately $0.2 million for each of the three years 2021, 2020 and 2019. The following table presents our lease expense for finance and operating leases for the years ended December 31:
(dollars in thousands) |  | 2021 |  | 2020 |  | 2019
Operating lease expense(1) |  | $ | 5,135 |  |  | $ | 5,711 |  |  | $ | 4,221 |
Amortization of ROU assets - finance leases(1) |  | 224 |  |  | 224 |  |  | 101 |
Interest on lease liabilities - finance leases (2) |  | 74 |  |  | 84 |  |  | 74 |
Total Lease Expense |  | $ | 5,433 |  |  | $ | 6,019 |  |  | $ | 4,396 |
(1) Included in occupancy expense in our Consolidated Statements of Net Income. (2) Included in borrowings interest expense in our Consolidated Statements of Net Income.
The following table presents our ROU assets, weighted average term and the discount rates for finance and operating leases as of December 31:
(dollars in thousands) |  |  |  | 2021 |  | 2020
Operating Leases |  |  |  |  |  |
ROU assets |  |  |  | $ | 44,067 |  |  | $ | 46,245 |
Operating cash flows |  |  |  | $ | 6,570 |  |  | $ | 6,489 |
Finance Leases |  |  |  |  |  |
ROU assets |  |  |  | $ | 1,055 |  |  | $ | 1,278 |
Operating cash flows |  |  |  | $ | 74 |  |  | $ | 84 |
Financing cash flows |  |  |  | $ | 194 |  |  | $ | 180 |
Weighted Average Lease Term - Years |  |  |  |  |  |
Operating leases |  |  |  | 18.9 |  | 18.7
Finance leases |  |  |  | 12.4 |  | 12.1
Weighted Average Discount Rate |  |  |  |  |  |
Operating leases |  |  |  | 5.82 | % |  | 5.90 | %
Finance leases |  |  |  | 5.91 | % |  | 5.81 | %
During 2021, we entered into one new operating lease increasing the right-of-use asset and the related liability values by $3.0 million. During 2020, two operating leases were considered abandoned due to branch closures and the right-of-use asset values were reduced by $0.5 million to zero and the related liabilities were reduced by $0.2 million. We recognized additional expense of $0.3 million at the date of abandonment for these leases. The following table presents the maturity analysis of lease liabilities for finance and operating leases as of December 31, 2021:
(dollars in thousands) |  |  |  |  |  |
Maturity Analysis |  | Finance | Operating |  | Total
2022 |  | $ | 225 |  |  | $ | 4,707 |  |  | $ | 4,932 |
2023 |  | 129 |  |  | 4,519 |  |  | 4,648 |
2024 |  | 130 |  |  | 4,512 |  |  | 4,642 |
2025 |  | 132 |  |  | 4,544 |  |  | 4,676 |
2026 |  | 133 |  |  | 4,574 |  |  | 4,707 |
Thereafter |  | 1,012 |  |  | 64,040 |  |  | 65,052 |
Total |  | 1,761 |  |  | 86,896 |  |  | 88,657 |
Less: Present value discount |  | (561) |  |  | (36,830) |  |  | (37,391) |
Lease Liabilities |  | $ | 1,200 |  |  | $ | 50,066 |  |  | $ | 51,266 |

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