Leases (Tables)

12 Months Ended

Dec. 31, 2019

The following table provides a summary of the components of lease expense as well as the reporting location in the Consolidated Statements of Income and Comprehensive Income for the years ended December 31, 2019 and 2018.



(In thousands)	Location in the Consolidated Statements of Income and Comprehensive Income	Year Ended December 31
(In thousands)		2019			2018
Operating lease expense ⁽¹⁾	Operating expense	$	4,485		$	5,030
Sublease income ⁽²⁾	Other income	(152		)	(148		)
Net lease expense		$	4,333		$	4,882
⁽¹⁾ Includes short-term lease costs and variable lease costs, if applicable. For the year ended December 31, 2019, no short-term lease costs were recognized and variable lease costs were nominal in amount. For the year ended December 31, 2018, short-term lease costs and variable lease costs were each nominal in amount.
⁽²⁾ Sublease income excludes rental income from owned properties of $2.5 million and $2.4 million during the years ended December 31, 2019 and 2018, respectively, which is included in other income. See “Item 2. Properties” for a listing of currently owned properties.

The following table provides supplemental lease information for operating leases on the Consolidated Balance Sheet as of December 31, 2019.



($ in thousands)	December 31, 2019
Operating lease ROU assets	$	21,074
Operating lease liabilities	$	22,051
Weighted-average remaining lease term	8.74 years
Weighted-average discount rate	3.08		%

The following table provides supplemental lease information for the Consolidated Statements of Cash Flows for the years ended December 31, 2019 and 2018.

Schedule of lease liability

The following table is a schedule of remaining future minimum lease payments for operating leases that had an initial or remaining non-cancellable lease term in excess of one year as of December 31, 2019. Operating lease payments exclude $1.5 million of total future minimum lease payments for a lease signed but not yet commenced as of December 31, 2019. This lease will commence in the first quarter of 2020 with a lease term of approximately eleven years.



(In thousands)
2020	$	4,146
2021	3,941
2022	3,054
2023	2,350
2024	1,763
Thereafter	9,959
Total future minimum lease payments	25,213
Less: Imputed interest	3,162
Total operating lease liabilities	$	22,051

Year Ended December 31

(In thousands)

Cash paid for amounts included in the measurement of lease liabilities:

Operating cash flows from operating leases