Leases

9 Months Ended

Sep. 30, 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				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
	(In thousands)
Operating lease expense:
Fixed costs	$	8,950	$	8,347	$	26,027	$	25,183
Variable costs	15		7		40		77
Short-term lease costs	117		126		312		849
Sublease income	(1,081)		(1,010)		(3,100)		(3,190)
Net lease expense	$	8,001	$	7,470	$	23,279	$	22,919

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


	Nine Months Ended
	September 30,
	2020		2019
	(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	25,198	$	24,674
ROU assets obtained in exchange for lease obligations:
Operating leases	$	19,027	$	172,189

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


	September 30,			December 31,
	2020			2019
	(Dollars in thousands)
Operating leases:
Operating lease right-of-use assets, net	$	121,887		$	129,301
Operating lease liabilities	$	142,016		$	145,354

Weighted average remaining lease term (in years)	5.9			6.1
Weighted average discount rate	2.61		%	2.82		%

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


	September 30, 2020
	(In thousands)
Period ending December 31,
2020	$	8,729
2021	33,834
2022	28,190
2023	25,194
2024	17,989
2025 and thereafter	39,926
Total operating lease liabilities	153,862
Less: Imputed interest	(11,846)
Present value of operating lease liabilities	$	142,016

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 equipment is tested periodically for impairment. No impairment was recorded on "Equipment leased to others under operating leases" in the three or nine months ended September 30, 2020 and 2019.

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


	September 30, 2020
	(In thousands)
Period ending December 31,
2020	$	8,573
2021	33,629
2022	31,080
2023	23,931
2024	19,486
2025 and thereafter	34,284
Total undiscounted cash flows	$	150,983

Leases