LEASES (Tables)

6 Months Ended

Jun. 30, 2019

LEASES

Lease Balance Sheet Location

The following table presents the classification of the right-of-use asset and corresponding liability within the condensed consolidated balance sheet. The Company elected to not include short-term leases with initial terms of twelve months or less, on the condensed consolidated balance sheet.

		June 30,
		2019
Lease Right-of-Use Assets	Classification
Operating lease right-of-use assets	Other assets	$	11,591
Lease Liabilities	Classification
Operating lease liabilities	Other liabilities	$	15,063

The Company’s operating lease agreements typically include an option to renew the lease at the Company’s discretion. To the extent the Company is reasonably certain it will exercise the renewal option at the inception of the lease, the Company will include the extended term in the calculation of the right-of-use asset and lease liability. ASC 842 requires the use of the rate implicit in the lease when it is readily determinable. As this rate is typically not readily determinable, at the inception of the lease, the Company uses its collateralized incremental borrowing rate over a similar term. The amount of the right-of-use asset and lease liability are impacted by the discount rate used to calculate the present value of the minimum lease payments over the term of the lease.

	June 30,
	2019
Weighted-Average Remaining Lease Term
Operating leases	5.26	years
Weighted-Average Discount Rate
Operating leases	3.70	%

Lease Costs

The following table represents the Company’s net lease costs.

	Three Months Ended		Six Months Ended
	June 30, 2019		June 30, 2019
Lease Costs
Operating lease cost	$	789	$	1,572
Variable lease cost		385		773
Sublease income		(100)		(199)
Lease costs, net	$	1,074	$	2,146

Summary of Minimum Lease Payments

The following table presents a maturity analysis of the Company’s operating lease liabilities on an annual basis for each of the first five years and total amounts thereafter as of June 30, 2019.

	Operating Leases
Twelve Months Ended
June 30, 2020	$	3,707
June 30, 2021		3,061
June 30, 2022		2,709
June 30, 2023		2,567
June 30, 2024		2,248
Thereafter		2,319
Total Future Minimum Lease Payments	$	16,611
Less: Imputed interest		(1,548)
Present Value of Net Future Minimum Lease Payments	$	15,063

Schedule of Minimum Lease Payments Due

The following presents minimum lease payments due pursuant to the leases as of December 31, 2018 for the years indicated.

Year	Operating Leases
2019	$	3,570
2020		3,374
2021		2,815
2022		2,675
2023		2,358
Thereafter		3,446
	$	18,238