Leases

12 Months Ended

Dec. 31, 2020

NOTE 17 – LEASES

The Corporation has operating leases for certain financial centers, corporate offices and land.

The following table presents the components of lease expense, which is included in net occupancy expense on the consolidated statements of income (in thousands):


	2020		2019
Operating lease expense	$	18,481	$	18,852
Variable lease expense	2,830		2,924
Sublease income	(749)		(791)
Total lease expense	$	20,562	$	20,985

Supplemental consolidated balance sheet information related to leases was as follows as of December 31 (dollars in thousands):


Operating Leases	Balance Sheet Classification	2020			2019
ROU assets	Other assets	$	84,227		$	102,779
Lease liabilities	Other liabilities	$	96,812		$	109,608
Weighted average remaining lease term		7.5 years			8.1 years
Weighted average discount rate		2.96		%	3.05		%

The discount rate used in determining the lease liability for each individual lease was the FHLB fixed advance rate which corresponded with the remaining lease term, as of January 1, 2019, for leases that existed at adoption and as of the lease commencement or modification date for leases subsequently entered into.

Supplemental cash flow information related to operating leases was as follows (in thousands):


	2020		2019
Cash paid for amounts included in the measurement of lease liabilities	$	18,973	$	18,563
ROU assets obtained in exchange for lease obligations	2,931		117,496

Lease payment obligations for each of the next five years and thereafter, with a reconciliation to the Corporation's lease liability were as follows (in thousands):


Year	Operating Leases
2021	$	18,973
2022	18,131
2023	16,999
2024	14,852
2025	13,157
Thereafter	44,627
Total lease payments	126,739
Less: imputed interest	(29,927)
Present value of lease liabilities	$	96,812

As of December 31, 2020, the Corporation had not entered into any material leases that have not yet commenced.