LEASES (Tables)

9 Months Ended

Sep. 30, 2020

LEASES

Schedule of balance sheet information associated with operating leases

	September 30,			December 31,
	2020			2019
	(dollars in thousands)
Right-of-use assets (1)	$	36,034		$	41,698
Lease liabilities (1)	$	41,410		$	46,391
Weighted average lease term		35.4	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 September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(in thousands)
Operating lease cost	$	674	$	749	$	2,167	$	2,558
Short-term lease cost (1)		298		294		881		907
Total lease cost	$	972	$	1,043	$	3,048	$	3,465

(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 September 30, 2020 (in thousands):

2020	$	508
2021		2,024
2022		2,144
2023		2,195
2024		2,045
2025 and thereafter		83,230
Total operating lease payments		92,146
Less: Imputed interest		(50,736)
Present value of operating lease liabilities	$	41,410