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Leases | 12 Months Ended
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Dec. 31, 2021
Leases [Abstract] |
Leases | Leases The Company’s leases primarily relate to real estate property for branches and office space with terms extending from one month up to 33.5 years. At December 31, 2021, all of the Company's leases are classified as operating leases, which are required to be recognized on the consolidated statements of financial condition as a right-of-use asset and a corresponding lease liability. The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use assets and operating lease liabilities in the consolidated balance sheets. Right-of-use assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recorded at the present value of lease payments over the lease term. As the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate, at lease inception, over a similar term in determining the present value of lease payments. Certain leases include options to renew, with one or more renewal terms ranging from five to ten years. If the exercise of a renewal option is considered to be reasonably certain, the Company includes the extended term in the calculation of the right-of-use asset and lease liability. At December 31, 2021, the Company’s operating lease right-of-use assets and operating lease liabilities included in the consolidated balance sheet were $33.9 million and $39.9 million, respectively. At December 31, 2020, the Company’s operating lease right-of-use assets and operating lease liabilities included in the consolidated balance sheet were $36.7 million and $42.7 million, respectively. Operating lease expense is recognized on a straight-line basis over the lease term, while variable lease payments are recognized as incurred. Variable lease payments include common area maintenance charges, real estate taxes, repairs and maintenance costs and utilities. Operating and variable lease expenses are recorded in occupancy expense in the consolidated statements of comprehensive income. Supplemental lease information at or for the years ended December 31, 2021 and 2020 is as follows (dollars in thousands):
| At or for the Year Ended
| December 31, 2021 |  | December 31, 2020 |  | December 31, 2019
Operating lease cost | $ | 5,797 |  |  | $ | 6,160 |  |  | $ | 6,119 |
Variable lease cost | 4,092 |  |  | 3,276 |  |  | 2,813 |
Net lease cost | $ | 9,889 |  |  | $ | 9,436 |  |  | $ | 8,932 |
Cash paid for amounts included in measurement of operating lease liabilities | $ | 6,538 |  |  | $ | 6,490 |  |  | $ | 5,901 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ | 1,596 |  |  | $ | 3,568 |  |  | $ | 1,013 |
Weighted average remaining lease term (in years) | 11.84 years |  | 12.28 years |  | 12.77 years
Weighted average discount rate | 3.55 | % |  | 3.60 | % |  | 3.62 | %
The following table summarizes lease payment obligations for each of the next five years and thereafter in addition to a reconcilement to the Company's current lease liability (dollars in thousands):
Year | Amount
2022 | $ | 5,923 |
2023 | 5,803 |
2024 | 5,372 |
2025 | 5,024 |
2026 | 4,253 |
Thereafter | 24,128 |
Total lease payments | 50,503 |
Less: imputed interest | (10,652) |
Present value of lease liabilities | $ | 39,851 |
Net rental expense included in occupancy expense was approximately $5.9 million, $8.0 million, and $6.8 million for the years ended December 31, 2021, 2020, and 2019, respectively. Included in rental expense for the years ended December 31, 2020 and 2019 is approximately $1.8 million and $579,000 of accelerated rental expense related to the branch consolidations. As of December 31, 2021, the Company had not entered into any leases that have not yet commenced.

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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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