LEASES

3 Months Ended

Mar. 31, 2019

NOTE 12 – LEASES

The Company leases real estate properties for its network of bank branches, financial centers and corporate offices. All of the Company’s leases are currently classified as operating. Most lease agreements include one or more options to renew, with renewal terms that can extend the original lease term from one to twenty years or more. The Company does not sublease any of its leased real estate properties.

As of March 31, 2019, ROU assets and lease liabilities totaled $75.5 million and $83.0 million, respectively. For the three months ended March 31, 2019, the Company recognized total operating lease expense in the amount of $2.9 million. Cash paid for amounts included in the measurement of lease liabilities for the three months ended March 31, 2019 was $2.2 million and is included in Net cash provided by operating activities in our Condensed Consolidated Statements of Cash Flows. There were no new ROU assets obtained in exchange for lease obligations during the three months ended March 31, 2019.

As of March 31, 2019, the maturities of the Company’s operating lease liabilities were as follows:

(In thousands)	Amount
Maturity:
One year	$	11,193
Two years		10,682
Three years		10,147
Four years		10,110
Five years		9,997
Thereafter		48,791
Total undiscounted lease payments		100,920
Less: Present value discount		(17,929)
Lease Liability	$	82,991

As of March 31, 2019, the weighted average remaining lease term was 10.8 years and the weighted average operating discount rate to determine the operating lease liability was 3.31%.

The Company had no additional operating and finance leases that have not yet commenced at March 31, 2019. The Company does not have any lease arrangements with any of its related parties as of March 31, 2019.