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Leases
 12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
Leases
LEASES
The following table presents lease assets and liabilities as of December 31, 2020 and 2019:
(Dollars in thousands)ClassificationDecember 31, 2020December 31, 2019
Assets:
Operating Other assets$68,048 $77,115 
Finance Premises and equipment6,478 8,820 
Total leased assets$74,526 $85,935 
Liabilities:
OperatingOther liabilities$68,343 $76,746 
FinanceOther borrowings6,308 8,230 
Total lease liabilities$74,651 $84,976 
The following table presents lease costs for the years ended December 31, 2020 and 2019. Variable lease cost primarily represents variable payments such as common area maintenance and utilities recognized in the period in which the expense was incurred. Certain of our lease agreements also include rental payments adjusted periodically for inflation. While lease liabilities are not remeasured as a result of these changes, these adjustments are treated as variable lease costs and recognized in the period in which the expense is incurred.
(Dollars in thousands)Classification20202019
Lease cost:
Operating lease cost (1)
Occupancy expense$15,023 $16,094 
Finance lease cost:
Amortization of leased assetsEquipment expense2,168 1,975 
Interest on lease liabilitiesInterest expense - Other borrowings220 259 
Variable lease costOccupancy expense3,231 2,394 
Sublease incomeOccupancy expense(350)(390)
Net lease cost$20,292 $20,332 
(1) Operating lease cost includes short-term lease cost, which is immaterial.
The following table presents lease liability maturities in the next five years and thereafter:
(Dollars in thousands)Operating LeasesFinance LeasesTotal
2020$12,865 $2,159 $15,024 
202111,757 1,876 13,633 
20229,980 993 10,973 
20238,146 617 8,763 
20245,223 635 5,858 
Thereafter32,045 431 32,476 
Total lease payments$80,016 $6,711 $86,727 
Less: Interest11,673 403 12,076 
Present value of lease liabilities$68,343 $6,308 $74,651 
The following table presents the remaining weighted average lease terms and discount rates as of December 31, 2020:
Weighted average remaining lease term (years):December 31, 2020
Operating9.2
Finance4.0
Weighted average discount rate:
Operating3.14 %
Finance3.08 
The following table presents supplemental cash flow information related to leases for the years ended December 31, 2020 and 2019:
Year ended December 31
(Dollars in thousands)20202019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$14,237 $15,703 
Operating cash flows from finance leases220 259 
Financing cash flows from finance leases1,922 1,850 
Right-of-use assets obtained in exchange for new operating lease liabilities4,595 17,837 
Right-of-use assets obtained in exchange for new finance lease liabilities— 1,886 
Leases
LEASES
The following table presents lease assets and liabilities as of December 31, 2020 and 2019:
(Dollars in thousands)ClassificationDecember 31, 2020December 31, 2019
Assets:
Operating Other assets$68,048 $77,115 
Finance Premises and equipment6,478 8,820 
Total leased assets$74,526 $85,935 
Liabilities:
OperatingOther liabilities$68,343 $76,746 
FinanceOther borrowings6,308 8,230 
Total lease liabilities$74,651 $84,976 
The following table presents lease costs for the years ended December 31, 2020 and 2019. Variable lease cost primarily represents variable payments such as common area maintenance and utilities recognized in the period in which the expense was incurred. Certain of our lease agreements also include rental payments adjusted periodically for inflation. While lease liabilities are not remeasured as a result of these changes, these adjustments are treated as variable lease costs and recognized in the period in which the expense is incurred.
(Dollars in thousands)Classification20202019
Lease cost:
Operating lease cost (1)
Occupancy expense$15,023 $16,094 
Finance lease cost:
Amortization of leased assetsEquipment expense2,168 1,975 
Interest on lease liabilitiesInterest expense - Other borrowings220 259 
Variable lease costOccupancy expense3,231 2,394 
Sublease incomeOccupancy expense(350)(390)
Net lease cost$20,292 $20,332 
(1) Operating lease cost includes short-term lease cost, which is immaterial.
The following table presents lease liability maturities in the next five years and thereafter:
(Dollars in thousands)Operating LeasesFinance LeasesTotal
2020$12,865 $2,159 $15,024 
202111,757 1,876 13,633 
20229,980 993 10,973 
20238,146 617 8,763 
20245,223 635 5,858 
Thereafter32,045 431 32,476 
Total lease payments$80,016 $6,711 $86,727 
Less: Interest11,673 403 12,076 
Present value of lease liabilities$68,343 $6,308 $74,651 
The following table presents the remaining weighted average lease terms and discount rates as of December 31, 2020:
Weighted average remaining lease term (years):December 31, 2020
Operating9.2
Finance4.0
Weighted average discount rate:
Operating3.14 %
Finance3.08 
The following table presents supplemental cash flow information related to leases for the years ended December 31, 2020 and 2019:
Year ended December 31
(Dollars in thousands)20202019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$14,237 $15,703 
Operating cash flows from finance leases220 259 
Financing cash flows from finance leases1,922 1,850 
Right-of-use assets obtained in exchange for new operating lease liabilities4,595 17,837 
Right-of-use assets obtained in exchange for new finance lease liabilities— 1,886