Leases Leases

12 Months Ended

Dec. 31, 2019

As of December 31, 2019, the Company’s lease ROU asset and related lease ROU liability were $23.0 million and $24.2 million, respectively. The Company does not have leases designated as finance leases.

The table below summarizes the net lease cost recognized during the periods presented:



	Year Ended December 31, 2019
	(In thousands)
Operating lease cost	$	4,950
Variable lease cost	876
Sublease income	(71		)
Total net lease cost	$	5,755

The tables below summarize other information related to the Company's operating leases during the periods presented:



	Year Ended December 31, 2019
	(In thousands)
Cash paid for amounts included in the measurement of lease liabilities	$	4,858
ROU assets obtained in exchange for lease liabilities, excluding adoption impact	$	1,505



	December 31, 2019
Weighted average remaining lease term of operating leases, in years	8.07
Weighted average discount rate of operating leases	3.27	%

The following table outlines lease payment obligations as outlined in the Company’s lease agreements for each of the next five years, as of December 31, 2019, and thereafter in addition to a reconcilement to the Company’s ROU liability at the date indicated:



	Year Ending December 31,
	(In thousands)
2020	$	4,842
2021	3,630
2022	3,207
2023	3,167
2024	2,810
Thereafter	10,046
Total lease payments	27,702
Implied interest	(3,484		)
ROU liability	$	24,218

As of December 31, 2019, the Company entered into a $7.7 million lease agreement to renew, restructure and add additional leased space at one of its branch locations commencing on January 1, 2021 and is not included in the lease payment obligations table above. The new agreement will replace a lease included in the table above that will terminate on December 31, 2020.

For comparative purposes as of December 31, 2018, the estimated future minimum annual rental commitments under noncancelable leases having an original or remaining term of more than one year as calculated prior to applying the modified retrospective method of ASU 2016-02 implementation were as follows:



	Year Ending December 31,
	(In thousands)
2020	$	4,766
2021	4,251
2022	2,477
2023	1,704
2024	1,568
Thereafter	1,788
	$	16,554