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, 2020

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, 2020			December 31, 2019
Right-of-use assets	$	10,452		$	13,292
Lease liabilities	$	10,645		$	13,350
Weighted average remaining lease term		4.9			5.5
Weighted average discount rate		3.25	%		3.18	%

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

	2020			2019
Operating lease cost	$	3,476		$	3,421
Short-term lease cost		45			65
Variable lease cost		151			154
Sublease income		(93	)		(70	)
Net lease cost	$	3,579		$	3,570

The following table reconciles future undiscounted lease payments due under non-cancelable leases to the aggregate lease liability as of December 31, 2020:

	(In Thousands)
2021	$	3,024
2022		2,508
2023		2,453
2024		2,052
2025		1,129
Thereafter		2,504
Total lease payments	$	13,670
Less: imputed interest	$	(3,024	)
Present value of operating lease liabilities	$	10,646