Operating Leases (Tables)

3 Months Ended

Mar. 31, 2020

Operating Leases [Abstract]

Other Information Related to Leases

Other information related to leases was as follows:

(dollars in thousands)	Three months ended March 31,
	2020		2019
Operating lease cost	$	1,995	$	1,891
Variable lease cost		480		466
Total Lease costs	$	2,475	$	2,357

Supplemental Cash Flows Information

(dollars in thousands)	Three months ended March 31,
	2020			2019
Supplemental cash flows information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,995			1,949
Right-of-use assets obtained in exchange for lease obligations:		-			53,029
Weighted average remaining lease term	9.2 years			9.8 years
Weighted average discount rate		3.25	%		3.30	%

Future Minimum Lease Payments

Future minimum lease payments under non-cancellable leases as of March 31, 2020 were as follows:

(dollars in thousands)
Year ending December 31,
2020(a)	$	6,039
2021		8,033
2022		7,533
2023		7,227
2024		7,100
Thereafter		28,361
Total lease payments	$	64,293
Less: Interest		9,295
Present value of lease liabilities	$	54,998

^(a) Excluding three months ended March 31, 2020.

Minimum Lease Payments

The following table presents the minimum annual lease payments under the terms of these leases, exclusive of renewal provisions at December 31, 2019:

(dollars in thousands)
Year ending December 31,
2020	$	8,039
2021		8,033
2022		7,533
2023		7,227
2024		7,100
Thereafter		28,361
Total lease payments	$	66,293
Less: Interest		9,740
Present value of lease liabilities	$	56,553