LEASES (Tables)

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Lease, Cost

The components of operating lease cost were as follows:

	Three months ended		Nine months ended
(Dollars in thousands)	September 30, 2019		September 30, 2019
Operating lease cost (1)	$	5,596	$	14,610
Sublease income	(105)		(381)
Net lease cost	$	5,491	$	14,229

⁽¹⁾Includes variable lease cost and short-term lease cost.

Balance Sheet Information

Supplemental balance sheet information related to operating leases was as follows:

(Dollars in thousands)	September 30, 2019
Assets
Right of use assets	$	165,979
Total assets	$	165,979
Liabilities
Lease liabilities	$	180,973
Total liabilities	$	180,973
Lease term and discount rate
Weighted average remaining lease term (in years)
Operating leases	19.66
Weighted average discount rate
Operating leases	4.27		%

Lease Maturity

Maturities of operating lease liabilities under ASC 842, Leases (as adopted on January 1, 2019) were as follows:

(Dollars in thousands)	September 30, 2019
2019	$	8,681
2020	16,853
2021	16,511
2022	16,463
2023	16,660
After 2023	210,453
Total lease payments	285,621
Less: Interest	(104,648)
Present value of lease liabilities	$	180,973

Maturities of Operating Lease Liabilities Under ASC 840

The minimum cash payments for operating leases under ASC 840, Leases were as follows:

(Dollars in thousands)	December 31, 2018
2019	$	11,562
2020	11,411
2021	11,132
2022	11,078
2023	11,141
After 2023	169,929
Total minimum lease payments	$	226,253

Supplemental Cash Flow information Lessee

Supplemental cash flow information related to leases was as follows:

	Nine months ended
(Dollars in thousands)	September 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	12,564
Right of use assets obtained in exchange for new operating lease liabilities (non-cash)	61,693

Direct Financing Lease

The components of direct finance lease income are summarized in the table below:

	Three months ended		Nine months ended
(Dollars in thousands)	September 30, 2019		September 30, 2019
Direct financing leases:
Interest income on lease receivable	$	2,048	$	5,826
Interest income on deferred fees and costs	63		326
Total direct financing lease income	$	2,111	$	6,152

Equipment leasing receivables relate to direct financing leases. The composition of the net investment in direct financing leases was as follows:

(Dollars in thousands)	September 30, 2019
Lease receivables	$	194,124
Unearned income	(24,427)
Deferred fees and costs	1,303
Net investment in direct financing leases	$	171,000

Lessor, Operating Lease, Payments to be Received, Maturity

At September 30, 2019, future minimum lease payments to be received for direct financing leases were as follows:

(Dollars in thousands)	Direct financing leases
2019	$	17,006
2020	62,258
2021	48,874
2022	34,025
2023	21,713
After 2023	10,248
Total lease payments	$	194,124