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LEASES (Tables)

3 Months Ended

Mar. 31, 2022

The components of operating lease cost were as follows:

(1)Includes variable lease cost and short-term lease cost.

Supplemental balance sheet information related to operating leases was as follows:


(Dollars in thousands)	March 31, 2022			December 31, 2021

Right of use assets	$	150,218		$	144,134



Lease liabilities	$	171,204		$	159,526


Lease term and discount rate

Weighted average remaining lease term (in years)	17.82			19.17

Weighted average discount rate	4.23		%	4.27		%

Maturities of operating lease liabilities were as follows:


(Dollars in thousands)	March 31, 2022
Remaining in 2022	$	15,393
2023	20,769
2024	19,442
2025	19,441
2026	15,785
After 2026	184,134
Total lease payments	274,964
Less: Interest	(103,760)
Present value of lease liabilities	$	171,204

Supplemental cash flow information related to operating leases was as follows:


	Three months ended
(Dollars in thousands)		March 31, 2022		March 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		$	5,651	$	4,382
Right of use assets obtained in exchange for new operating lease liabilities (non-cash)		13,707		—

The components of direct finance lease income are summarized in the table below:


	Three months ended
(Dollars in thousands)	March 31, 2022		March 31, 2021
Direct financing leases:
Interest income on lease receivable	$	9,737	$	4,623
Interest income on deferred fees and costs, net	(544)		(318)
Total direct financing lease net interest income	$	9,193	$	4,305

Equipment leasing receivables relate to direct financing leases. The composition of the net investment in direct financing leases was as follows:


(Dollars in thousands)	March 31, 2022		December 31, 2021
Lease receivables	$	558,662	$	399,688
Unearned income	(76,990)		(55,066)
Deferred fees and costs	8,927		7,654
Net investment in direct financing leases	$	490,599	$	352,276