Leases

3 Months Ended

Mar. 31, 2020

LEASES

Operating Leases as a Lessee

Our lease expense is a component of "Occupancy expense" on our condensed consolidated statements of earnings (loss). The following table presents the components of lease expense for the periods indicated:



	Three Months Ended
	March 31,
	2020			2019
	(In thousands)
Operating lease expense:
Fixed costs	$	8,245		$	8,302
Variable costs	13			24
Short-term lease costs	92			520
Sublease income	(1,016		)	(1,126		)
Net lease expense	$	7,334		$	7,720

The following table presents supplemental cash flow information related to leases for the periods indicated:



	Three Months Ended
	March 31,
	2020		2019
	(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	8,236	$	8,242
ROU assets obtained in exchange for lease obligations:
Operating leases	$	4,560	$	147,972

The following table presents supplemental balance sheet and other information related to operating leases as of the dates indicated:



	March 31, 2020			December 31, 2019
	(Dollars in thousands)
Operating leases:
Operating lease right-of-use assets, net	$	124,897		$	129,301
Operating lease liabilities	$	142,654		$	145,354

Weighted average remaining lease term (in years)	5.9			6.1
Weighted average discount rate	2.77		%	2.82		%

The following table presents the maturities of operating lease liabilities as of the date indicated:



	March 31, 2020
	(In thousands)
Period ending December 31,
2020	$	25,163
2021	31,675
2022	25,859
2023	22,992
2024	15,729
2025 and thereafter	34,522
Total operating lease liabilities	155,940
Less: Imputed interest	(13,286		)
Present value of operating lease liabilities	$	142,654

Leases

Operating Leases as a Lessor

We provide equipment financing to our customers through operating leases where we facilitate the purchase of equipment leased to our customers. The equipment is shown on the condensed consolidated balance sheets as "Equipment leased to others under operating leases" and is depreciated to its estimated residual value at the end of the lease term, shown as "Leased equipment depreciation" in the condensed consolidated statements of earnings (loss), according to our fixed asset accounting policy. We receive periodic rental income payments under the leases, which are recorded as "Noninterest Income" in the condensed consolidated statements of earnings (loss).

The following table presents the rental payments to be received on operating leases as of the date indicated:



	March 31, 2020
	(In thousands)
Period ending December 31,
2020	$	31,434
2021	39,086
2022	33,046
2023	25,554
2024	20,903
2025 and thereafter	37,283
Total undiscounted cash flows	$	187,306