On January 1, 2019, the Company adopted ASU No. 2016-02, Leases. This ASU requires lessees to recognize ROU assets and related lease liabilities on their consolidated balance sheets for all arrangements with terms longer than 12 months. Operating right-of-use (“ROU”) assets represent a right to use an underlying asset for the contractual lease term. Operating lease liabilities represent an obligation to make lease payments arising from the lease. Right-of-use assets and related liabilities are recognized at commencement date based upon the present value of lease payments over the lease term.

The Company elected to adopt the optional modified retrospective transition approach, which resulted in the following initial recognition amounts on January 1, 2019:

(In thousands)
Operating right-of-use assets	$	65,902
State Bank acquisition		14,089
Total operating right-of-use assets	$	79,991
Operating lease liability	$	92,268

The Company’s operating ROU assets represent both real estate and non-real estate leases. These leases have varying terms, with most containing renewal or first-right-of-refusal options for multi-year periods and annual increases in base rates.

The components of lease cost for the three months ended March 31, 2019 were as follows:

(In thousands)
Operating lease cost	$	2,646
Variable lease cost		4
Sublease income		(417	)
Total lease cost	$	2,233

As of March 31, 2019, a right-of-use asset of $67.6 million and an operating lease liability of $79.7 million were included as part of “other assets” and “other liabilities”, respectively, on the unaudited consolidated balance sheets. Supplemental balance sheet information related to operating leases at March 31, 2019 was as follows:

(Dollars in thousands)
Weighted average remaining lease term (in years)	12.7
Weighted average discount rate	4.8	%

Supplemental cash flow information related to leases for the three months ended March 31, 2019 was as follows:

(Dollars in thousands)
Cash paid for amounts included in the measurement of lease liabilities	$	2,872
Right-of-use assets obtained in exchange for operating lease liabilities		81,601

The following table presents a maturity analysis of the Company’s operating leases as of March 31, 2019:

(In thousands)
2019	$	8,237
2020		10,667
2021		10,677
2022		9,129
2023		8,503
Thereafter		60,904
Total lease payments		108,117
Less: interest		(28,368	)
Operating lease liability	$	79,749