LEASES (Tables)

6 Months Ended

Jun. 30, 2020

LEASES

Schedule of balance sheet information associated with operating leases

	June 30,			December 31,
	2020			2019
	(dollars in thousands)
Right-of-use assets (1)	$	41,317		$	41,698
Lease liabilities (1)	$	46,364		$	46,391
Weighted average lease term		35.5	years		35.9	years
Weighted average discount rate		4.74	%		4.74	%

(1) Right-of-use assets and lease liabilities are included in Other assets, net and Accounts payable, accrued expenses and other liabilities, respectively, on the Company’s consolidated balance sheets.

Summary of lease cost

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
	(in thousands)
Operating lease cost	$	746	$	829	$	1,492	$	1,809
Short-term lease cost (1)		275		317		583		613
Total lease cost	$	1,021	$	1,146	$	2,075	$	2,422

(1) Represents automobile leases that have a lease term of 12 months. The Company has made an accounting policy election not to apply the recognition requirements of ASC 842 to this asset class. The lease cost associated with these leases is recognized on a straight-line basis over the related lease term.

Schedule of future operating lease liability maturities

The following table represents the future operating lease liability maturities as of June 30, 2020 (in thousands):

2020	$	1,157
2021		2,327
2022		2,461
2023		2,523
2024		2,373
2025 and thereafter		91,241
Total operating lease payments		102,082
Less: Imputed interest		(55,718)
Present value of operating lease liabilities	$	46,364