Premises and Equipment

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

PREMISES AND EQUIPMENT

Premises and Equipment

Premises and equipment consisted of the following:


(Dollars in thousands)	December 31, 2021		December 31, 2020
Land	$	12,992	$	12,992
Buildings	52,558		51,377
Leasehold improvements	35,235		25,203
Automobiles and aircraft	9,820		15,542
Furniture, fixtures and equipment	35,091		29,204
	145,696		134,318
Accumulated depreciation	(39,967)		(30,914)
	$	105,729	$	103,404

Depreciation expense was $12,037,000, $10,720,000 and $8,135,000 for the years ended December 31, 2021, 2020 and 2019, respectively.

Leases

The Company leases certain premises and equipment under operating leases. At December 31, 2021 and 2020, the Company had lease liabilities totaling $35,828,000 and $19,148,000, respectively, and right-of-use assets totaling $32,826,000 and $18,118,000, respectively, related to these leases. Lease liabilities and right-of-use assets are reflected in other liabilities and other assets, respectively. For the years ended December 31, 2021 and 2020, the weighted average remaining lease term for operating leases was 8.4 years and 7.2 years, respectively, and the weighted average discount rate used in the measurement of operating lease liabilities was 2.0% and 3.2%, respectively.

Lease costs were as follows:


	Year Ended December 31,
(Dollars in thousands)	2021		2020		2019
Operating lease cost	$	4,538	$	5,290	$	4,377
Short-term lease cost	—		—		—
Variable lease cost	443		422		333
Total lease cost	$	4,981	$	5,712	$	4,710

There were no sale and leaseback transactions, leveraged leases, or lease transactions with related parties during the year ended December 31, 2021. At December 31, 2021, the Company did not have any leases that had not yet commenced, but will create significant rights and obligations for the Company.

A maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total operating lease liability is as follows:


(Dollars in thousands)	December 31, 2021
Lease payments due:
Within one year	$	5,066
After one but within two years	4,854
After two but within three years	4,580
After three but within four years	4,600
After four but within five years	4,440
After five years	15,410
Total undiscounted cash flows	38,950
Discount on cash flows	(3,122)
Total lease liability	$	35,828