LEASES

9 Months Ended

Sep. 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 September 30, 2019, ROU assets and lease liabilities totaled $71.3 million and $78.8 million, respectively. For the three and nine months ended September 30, 2019, the Company recognized total operating lease expense in the amount of $2.9 million and $8.6 million, respectively. Cash paid for amounts included in the measurement of lease liabilities for the three and nine months ended September 30, 2019 was $2.4 million and $6.7 million, respectively and is included in net cash provided by operating activities in our Condensed Consolidated Statements of Cash Flows. The Company had one branch location that commenced operations during the current quarter. The associated new ROU asset obtained in exchange for lease obligations totaled $0.4 million.

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

(In thousands)	Amount
Maturity:
One year	$	10,720
Two years		10,425
Three years		9,995
Four years		10,118
Five years		9,039
Thereafter		44,587
Total undiscounted lease payments		94,884
Less: Present value discount		(16,085)
Lease Liability	$	78,799

As of September 30, 2019, the weighted average remaining lease term was 10.6 years and the weighted average operating discount rate used to determine the operating lease liability was 3.29%.

The Company had no additional operating or finance leases that have not yet commenced operations at September 30, 2019. The Company does not have any lease arrangements with any of its related parties as of September 30, 2019.