LEASES (Tables)

9 Months Ended

Sep. 30, 2019

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.


		September 30,
		2019
Lease Right-of-Use Assets	Classification
Operating lease right-of-use assets	Other assets	$	10,959

Lease Liabilities	Classification
Operating lease liabilities	Other liabilities	$	14,284

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.


	September 30,
	2019
Weighted-Average Remaining Lease Term
Operating leases	5.08	years

Weighted-Average Discount Rate
Operating leases	3.70	%

Lease Costs

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


	Three Months Ended		Nine Months Ended
	September 30, 2019		September 30, 2019
Lease Costs
Operating lease cost	$	810	$	2,382
Variable lease cost		395		1,168
Sublease income		(99)		(298)
Lease costs, net	$	1,106	$	3,252

Summary of Minimum Lease Payments

The Company recognized lease costs of $1.1 million and $3.4 million for the three and nine months ended September 30, 2018.

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 September 30, 2019.


	Operating Leases
Twelve Months Ended
September 30, 2020	$	3,601
September 30, 2021		2,941
September 30, 2022		2,683
September 30, 2023		2,462
September 30, 2024		2,241
Thereafter		1,768
Total future minimum lease payments	$	15,696
Less: Imputed interest		(1,412)
Present value of net future minimum lease payments	$	14,284

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