Lease Commitments

12 Months Ended

Dec. 31, 2019

In accordance with ASU No. 2016-02 and all subsequent updates issued to clarify and improve specific areas of this ASU, as of January 1, 2019, the Company recognized a separate lease liability and right-of-use asset of approximately $199.4 million and $170.6 million, respectively, for leasing arrangements in which the Company is a lessee. The difference in the separate lease liability and right-of-use asset represents any remaining amounts related to prepayments, payment deferrals and lease incentives as of January 1, 2019. As of December 31, 2019, the separate lease liability and right-of-use asset was $197.6 million and $165.7 million, respectively. The separate liability and asset are included within accrued interest payable and other liabilities and accrued interest receivable and other assets, respectively, within the Company's Consolidated Statements of Condition. The leasing arrangements requiring recognition on the Consolidated Statements of Condition primarily related to certain banking facilities under operating lease agreements as well as other leasing arrangements in which the Company has the right-of-use of specific signage related to sponsorships and other agreements and certain automatic teller machines and other equipment. See Note 1,“Summary of Significant Accounting Policies,” for further discussion of the Company's adoption of ASU No. 2016-02.

The following tables provide a summary of lease costs and future required fixed payments related to the Company's leasing arrangements in which it is the lessee:



	Year Ended
(Dollars in thousands)	December 31, 2019
Operating lease cost	$	22,750
Finance lease cost:
Amortization of right-of-use asset	36
Interest on lease liability	64
Short-term lease cost	561
Variable lease cost	3,202
Sublease income	(598		)
Total lease cost	$	26,015

Cash paid for amounts included in the measurement of operating lease liabilities	$	23,859
Cash paid for amounts included in the measurement of finance lease liabilities	60
Right-of-use asset obtained in exchange for new operating lease liabilities	9,396
Right-of-use asset obtained in exchange for new finance lease liabilities	3,498
Weighted average remaining lease term - operating leases	13.2 years
Weighted average remaining lease term - finance leases	39.6 years
Weighted average discount rate - operating leases	4.09		%
Weighted average discount rate - finance leases	4.43		%



(In thousands)	Payments
2020	$	26,837
2021	22,403
2022	21,444
2023	19,315
2024	18,409
2025 and thereafter	152,231
Total minimum future amounts	$	260,639
Impact of measuring the lease liability on a discounted basis	(63,000		)
Total lease liability	$	197,639

In addition to the lessee arrangements discussed above, the Company also leases certain owned premises and receives rental income from such lessor agreements. Gross rental income related to the Company’s buildings totaled $9.4 million, $11.8 million and $9.8 million, in 2019, 2018 and 2017, respectively. The approximate annual gross rental receipts under noncancelable agreements for office space with remaining terms in excess of one year as of December 31, 2019, are as follows (in thousands):



	Receipts
2020	$	7,337
2021	6,370
2022	4,733
2023	3,057
2024	2,181
2025 and thereafter	4,821
Total minimum future amounts	$	28,499

Lease Commitments

The following tables provide a summary of lease costs and future required fixed payments related to the Company's leasing arrangements in which it is the lessee:



	Year Ended
(Dollars in thousands)	December 31, 2019
Operating lease cost	$	22,750
Finance lease cost:
Amortization of right-of-use asset	36
Interest on lease liability	64
Short-term lease cost	561
Variable lease cost	3,202
Sublease income	(598		)
Total lease cost	$	26,015

Cash paid for amounts included in the measurement of operating lease liabilities	$	23,859
Cash paid for amounts included in the measurement of finance lease liabilities	60
Right-of-use asset obtained in exchange for new operating lease liabilities	9,396
Right-of-use asset obtained in exchange for new finance lease liabilities	3,498
Weighted average remaining lease term - operating leases	13.2 years
Weighted average remaining lease term - finance leases	39.6 years
Weighted average discount rate - operating leases	4.09		%
Weighted average discount rate - finance leases	4.43		%



(In thousands)	Payments
2020	$	26,837
2021	22,403
2022	21,444
2023	19,315
2024	18,409
2025 and thereafter	152,231
Total minimum future amounts	$	260,639
Impact of measuring the lease liability on a discounted basis	(63,000		)
Total lease liability	$	197,639



	Receipts
2020	$	7,337
2021	6,370
2022	4,733
2023	3,057
2024	2,181
2025 and thereafter	4,821
Total minimum future amounts	$	28,499

Lease Commitments

The following tables provide a summary of lease costs and future required fixed payments related to the Company's leasing arrangements in which it is the lessee:



	Year Ended
(Dollars in thousands)	December 31, 2019
Operating lease cost	$	22,750
Finance lease cost:
Amortization of right-of-use asset	36
Interest on lease liability	64
Short-term lease cost	561
Variable lease cost	3,202
Sublease income	(598		)
Total lease cost	$	26,015

Cash paid for amounts included in the measurement of operating lease liabilities	$	23,859
Cash paid for amounts included in the measurement of finance lease liabilities	60
Right-of-use asset obtained in exchange for new operating lease liabilities	9,396
Right-of-use asset obtained in exchange for new finance lease liabilities	3,498
Weighted average remaining lease term - operating leases	13.2 years
Weighted average remaining lease term - finance leases	39.6 years
Weighted average discount rate - operating leases	4.09		%
Weighted average discount rate - finance leases	4.43		%



(In thousands)	Payments
2020	$	26,837
2021	22,403
2022	21,444
2023	19,315
2024	18,409
2025 and thereafter	152,231
Total minimum future amounts	$	260,639
Impact of measuring the lease liability on a discounted basis	(63,000		)
Total lease liability	$	197,639



	Receipts
2020	$	7,337
2021	6,370
2022	4,733
2023	3,057
2024	2,181
2025 and thereafter	4,821
Total minimum future amounts	$	28,499