LEASES

3 Months Ended

Mar. 31, 2020

LEASES

LEASES

Note 7 – Leases

The Company has operating leases for banking centers and operating facilities. Our leases have remaining lease terms of 3 months to 13 years, some of which may include options to extend the lease terms for up to an additional 5 years. The options to extend are included if they are reasonably certain to be exercised.

The Company had operating lease right-of-use assets of $14.1 million and $14.2 million as of March 31, 2020 and December 31, 2019, respectively and operating lease liabilities of $15.0 million and $15.4 million for the same time periods, respectively.

Information related to operating leases for the three months ended March 31, 2020 and 2019 was as follows:

	Three Months Ended March 31,
(dollars in thousands)	2020			2019
Operating lease cost	$	781		$	708
Operating cash flows from leases		945			741
Right-of-use assets obtained in exchange for lease obligations		511			10,677
Weighted average remaining lease term		7.83 years			6.00 years
Weighted average discount rate		2.97	%		3.12	%

The projected minimum rental payments under the terms of the leases as of March 31, 2020 were as follows:

(dollars in thousands)	Amount
Year ending December 31:
2020 remaining	$	2,060
2021		2,966
2022		2,808
2023		2,209
2024		1,356
Thereafter		5,588
Total future minimum lease payments		16,987
Less imputed interest		(1,939)
Total operating lease liabilities	$	15,048