LEASES

6 Months Ended

Jun. 30, 2019

Leases [Abstract]

LEASES

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 June 30, 2019, ROU assets and lease liabilities totaled $73.1 million and $80.6 million, respectively. For the three and six months ended June 30, 2019, the Company recognized total operating lease expense in the amount of $2.8 million and $5.7 million, respectively. Cash paid for amounts included in the measurement of lease liabilities for the three and six months ended June 30, 2019 was $2.2 million and $4.3 million, respectively 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 six months ended June 30, 2019.

As of June 30, 2019, the maturities of the Company’s operating lease liabilities were as follows:

(In thousands)	Amount
Maturity:
One year	$	11,023
Two years		10,563
Three years		10,002
Four years		10,090
Five years		9,494
Thereafter		46,671
Total undiscounted lease payments		97,843
Less: Present value discount		(17,228)
Lease Liability	$	80,615

As of June 30, 2019, the weighted average remaining lease term was 10.7 years and the weighted average operating discount rate to determine the operating lease liability was 3.31%.

The Company had one operating lease for a branch location that had not commenced at June 30, 2019. The Company does not have any lease arrangements with any of its related parties as of June 30, 2019.