LEASE COMMITMENTS AND CONTINGENCIES

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

LEASE COMMITMENTS AND CONTINGENCIES

20.  LEASE COMMITMENTS AND CONTINGENCIES

The Company’s operating leases are primarily comprised of a corporate office lease with a remaining lease term of approximately three years. The corporate office lease includes an option to extend for up to five years, however the extension term was not included in the operating lease liability calculation. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company recognizes lease expense for these leases on a straight-line basis over the lease term. The lease cost for the three and six months ended June 30, 2022 and 2021 was $0.8 million and $1.6 million, and $0.7 million and $1.6 million, respectively.

Supplemental information related to leases as of and for the six months ended June 30, 2022 was as follows:

Operating Leases	Classification	June 30, 2022
Assets	(dollars in thousands)
Operating lease right-of-use assets	Other assets	$	9,221
Liabilities
Operating lease liabilities (1)	Other liabilities	$	11,969
Lease term and discount rate
Weighted average remaining lease term		3.2 years
Weighted average discount rate (1)		2.9%
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases		$	1,931
(1) As the Company’s leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at adoption date in determining the present value of lease payments.

The following table provides details related to maturities of lease liabilities:

	Maturity of Lease Liabilities
Years ending December 31,	(dollars in thousands)
2022 (remaining)	$	1,931
2023	3,862
2024	3,862
2025	2,896
Total lease payments	$	12,551
Less imputed interest	582
Present value of lease liabilities	$	11,969

Contingencies

From time to time, the Company is involved in various claims and legal actions arising in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters will not have a material effect on the Company’s consolidated financial statements. There were no material contingencies at June 30, 2022 and December 31, 2021.