ServisFirst Bancshares, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Note 6 - Leases

Note 6 - Leases

12 Months Ended

Dec. 31, 2021

NOTE 6. LEASES

The Company leases space under non-cancelable operating leases for several of its banking offices and certain office equipment. The Company reports its right-of-use asset in other assets and its lease liabilities in other liabilities in its Consolidated Balance Sheet.

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

	December 31, 2021			December 31, 2020
Right-of-use assets	$	17,916		$	10,452
Lease liabilities	$	18,549		$	10,645
Weighted average remaining lease term		6.8			4.9
Weighted average discount rate		2.46	%		3.2	%

Lease costs during the years ended December 31, 2021 and 2020 were as follows (in thousands):

	2021			2020
Operating lease cost	$	4,009		$	3,476
Short-term lease cost		-			45
Variable lease cost		430			151
Sublease income		(94	)		(93	)
Net lease cost	$	4,345		$	3,579

The following table reconciles future undiscounted lease payments due under non-cancelable leases to the aggregate lease liability as of December 31, 2021:

	(In Thousands)
2022	$	4,084
2023		3,520
2024		2,566
2025		2,481
2026		1,903
Thereafter		5,509
Total lease payments	$	20,063
Less: imputed interest		(1,514	)
Present value of operating lease liabilities	$	18,549