Leases (Tables)

3 Months Ended

Mar. 31, 2019

Schedule of Lease Assets and Liabilities

The following table represents the consolidated statements of condition classification of the Company’s ROU assets and lease liabilities. The Company elected not to include short-term leases (i.e., leases with initial terms of twelve months or less), or equipment leases (deemed immaterial) on the consolidated statements of condition.



(dollars in thousands)	March 31, 2019
Lease Right-of-Use Assets	Classification
Operating lease right-of-use assets	Operating Lease Right-of-Use Assets	$	104,166
Finance lease right-of-use assets	Premises and Equipment, Net	2,430
Total Lease Right-of-Use Assets		$	106,596

Lease Liabilities
Operating lease liabilities	Operating Lease Liabilities	$	111,230
Finance lease liabilities	Other Debt	10,624
Total Lease Liabilities		$	121,854

Lease cost and other information



	March 31, 2019
Weighted-average remaining lease term
Operating leases	17.5 years
Finance leases	33.8 years
Weighted-average discount rate
Operating leases	3.68	%
Finance leases	7.04	%

The following table represents lease costs and other lease information. As the Company elected, for all classes of underlying assets, not to separate lease and non-lease components and instead to account for them as a single lease component, the variable lease cost primarily represents variable payments such as common area maintenance and utilities. Variable lease cost also includes payments for ATM location leases in which payments are based on a percentage of ATM transactions (i.e., ATM surcharge fees), rather than a fixed amount.



(dollars in thousands)		Three Months Ended March 31, 2019
Lease Costs
	Operating lease cost		$	3,185
	Variable lease cost		860
	Short-term lease cost		83
	Finance lease cost
	Interest on lease liabilities ¹		187
	Amortization of right-of-use assets		18
	Sublease income		(2,226		)
Net lease cost			$	2,107

Other Information
	Cash paid for amounts included in the measurement of lease liabilities:
	Operating cash flows from operating leases		$	3,153
	Operating cash flows from finance leases		187
	Financing cash flows from finance leases		19

	Right-of-use assets obtained in exchange for new operating lease liabilities		—
	Right-of-use assets obtained in exchange for new finance lease liabilities		—


¹	Included in other debt interest expense in the Company’s consolidated statements of income. All other lease costs in this table are included in net occupancy expense.

Finance Lease, Liability, Maturity

Future minimum payments for finance leases and operating leases with initial or remaining terms of one year or more as of March 31, 2019 were as follows:



(dollars in thousands)	Finance Leases			Operating Leases
Twelve Months Ended:
March 31, 2020	$	825		$	11,702
March 31, 2021	825			10,642
March 31, 2022	825			10,572
March 31, 2023	825			9,916
March 31, 2024	825			9,028
Thereafter	23,724			103,259
Total Future Minimum Lease Payments	27,849			155,119
Amounts Representing Interest	(17,225		)	(43,889		)
Present Value of Net Future Minimum Lease Payments	$	10,624		$	111,230

Lessee, Operating Lease, Liability, Maturity

Future minimum payments for finance leases and operating leases with initial or remaining terms of one year or more as of March 31, 2019 were as follows:



(dollars in thousands)	Finance Leases			Operating Leases
Twelve Months Ended:
March 31, 2020	$	825		$	11,702
March 31, 2021	825			10,642
March 31, 2022	825			10,572
March 31, 2023	825			9,916
March 31, 2024	825			9,028
Thereafter	23,724			103,259
Total Future Minimum Lease Payments	27,849			155,119
Amounts Representing Interest	(17,225		)	(43,889		)
Present Value of Net Future Minimum Lease Payments	$	10,624		$	111,230