Premises and Equipment

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Premises and Equipment

Premises and Equipment

Premises and equipment, net of accumulated depreciation, consist of the following:

(Dollars in thousands)	December 31, 2021		December 31, 2020
Land	$	75,110	56,842
Buildings and construction in progress	292,371		259,389
Furniture, fixtures and equipment	113,650		102,749
Leasehold improvements	14,935		13,364
Accumulated depreciation	(173,647)		(159,555)
Net premises and equipment, excluding ROU assets	322,419		272,789
ROU assets	50,178		52,546
Net premises and equipment	$	372,597	325,335

Leases

The Company leases certain land, premises and equipment from third parties. ROU assets for operating and finance leases are included in net premises and equipment and lease liabilities are included in other liabilities and other borrowed funds, respectively, on the Company’s statements of financial condition. The following table summarizes the Company’s leases:

	December 31, 2021					December 31, 2020
(Dollars in thousands)	Finance Leases			Operating Leases		Finance Leases		Operating Leases
ROU assets	$	5,995				5,999
Accumulated depreciation	(516)					(273)
Net ROU assets	$	5,479		44,699		5,726		46,820
Lease liabilities	$	5,781		47,901		5,891		49,675
Weighted-average remaining lease term	23 years			16 years		24 years		17 years
Weighted-average discount rate	2.6		%	3.4	%	2.6	%	3.4	%

Maturities of lease liabilities consist of the following:

	December 31, 2021
(Dollars in thousands)	Finance Leases		Operating Leases
Maturing within one year	$	266	5,355
Maturing one year through two years	272		4,329
Maturing two years through three years	280		3,982
Maturing three years through four years	285		3,859
Maturing four years through five years	292		3,753
Thereafter	6,443		43,694
Total lease payments	7,838		64,972
Present value of lease payments
Short-term	118		1,455
Long-term	5,663		46,446
Total present value of lease payments	5,781		47,901
Difference between lease payments and present value of lease payments	$	2,057	17,071

The components of lease expense consist of the following:

	Year ended
(Dollars in thousands)	December 31, 2021	December 31, 2020
Finance lease cost
Amortization of ROU assets	245	235
Interest on lease liabilities	151	159
Operating lease cost	5,668	4,807
Short-term lease cost	353	331
Variable lease cost	1,018	1,270
Sublease income	(42)	(12)
Total lease expense	7,393	6,790

Supplemental cash flow information related to leases is as follows:

	Year ended
	December 31, 2021			December 31, 2020
(Dollars in thousands)	Finance Leases		Operating Leases	Finance Leases	Operating Leases
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows	$	151	3,381	159	2,742
Financing cash flows	110		N/A	93	N/A

______________________________

N/A - Not applicable

The Company also leases office space to third parties through operating leases. Rent income from these leases for the year ended December 31, 2021 and 2020 was not significant.