Leases

6 Months Ended

Jun. 30, 2019

Leases [Abstract]

Lessee, Operating Leases [Text Block]

Leases

The Company’s lease commitments consist primarily of leased locations under various non-cancellable operating leases that expire between 2019 and 2043. The majority of the leases contain renewal options and provisions for increases in rental rates based on an agreed upon index or predetermined escalation schedule.

The following table shows the details of the Company’s operating lease right-of-use asset and the associated lease liability for the period indicated:

Item	Balance Sheet Location	June 30, 2019
		(in thousands)
Operating lease asset	Other assets	$	47,875
Operating lease liability	Other liabilities	$	53,875

At June 30, 2019, the Company’s operating leases have a weighted-average remaining lease term of 7.7 years and a weighted average discount rate of 3.2%. Cash paid for amounts included in the measurement of operating lease liabilities was $5.6 million for the six months ended June 30, 2019. Right-of-use assets obtained in exchange for new operating lease liabilities during the six months ended June 30, 2019 was $3.6 million.

The following table shows the components of net lease costs:

		Three Months Ended June 30,			Six Months Ended June 30,
Item	Statement of Income Location	2019			2019
		(in thousands)
Operating lease cost (1)	Occupancy	$	2,765		$	5,585
Variable lease cost	Occupancy	517			1,023
Sublease income	Occupancy	(306		)	(621		)
Net lease cost		$	2,976		$	5,987

__________

(1) Includes short-term lease costs, which are immaterial.

The following table shows future minimum payments for operating leases for the remaining six months of 2019 and subsequent years:

	Year ending December 31,
	(in thousands)
2019	$	5,494
2020	10,244
2021	9,223
2022	8,611
2023	7,332
Thereafter	20,448
Total future minimum lease payments	61,352
Amounts representing interest	(7,477		)
Present value of minimum lease payments	$	53,875

Future minimum lease payments for the Company’s operating leases as of December 31, 2018, prior to the adoption of the new lease guidance were as follows:

	Year Ending December 31,
	(in thousands)
2019	$	10,947
2020	9,766
2021	8,729
2022	8,102
2023	6,796
Thereafter	18,703
Total minimum payments	$	63,043