Leases (Tables)

6 Months Ended

Jun. 30, 2020

Lessee, Summary of Right-of-Use Assets and Lease Liabilities

The following table summarizes operating lease ROU assets and operating lease liabilities and their corresponding balance sheet location:


(amounts in thousands)	Classification	June 30, 2020		December 31, 2019
ASSETS
Operating lease ROU assets	Other assets	$	20,570	$	20,232
LIABILITIES
Operating lease liabilities	Other liabilities	$	21,725	$	21,358

Lease, Cost

The following table summarizes operating lease cost and its corresponding income statement location for the periods presented:


		Three Months Ended June 30,						Six Months Ended June 30,
(amounts in thousands)	Classification	2020		2019		2020		2019
Operating lease cost ⁽¹⁾	Occupancy expenses	$	1,474	$	1,462	$	2,954	$	2,931

(1) There were no variable lease costs for the three and six months ended June 30, 2020 and 2019, and sublease income for operating leases is immaterial.

Maturities of Non-cancelable Operating Lease Liabilities

Maturities of non-cancelable operating lease liabilities were as follows at June 30, 2020:


(amounts in thousands)	June 30, 2020
2020	$	2,794
2021	5,357
2022	4,744
2023	3,702
2024	2,613
Thereafter	3,001
Total minimum payments	22,211
Less: interest	486
Present value of lease liabilities	$	21,725

Summary of Lease Term and Discount Rate for Operating Leases

The following table summarizes the weighted average remaining lease term and discount rate for Customers' operating leases at June 30, 2020 and December 31, 2019:

(amounts in thousands)

June 30, 2020

December 31, 2019

Weighted average remaining lease term (years)

Operating leases

5.1 years

5.0 years

Weighted average discount rate

Operating leases

2.96

2.90

Lessor, Lease Receivables and Investment in Operating Leases and their Corresponding Balance Sheet Location

The following table summarizes lease receivables and investment in operating leases and their corresponding balance sheet location at June 30, 2020 and December 31, 2019:


(amounts in thousands)	Classification	June 30, 2020		December 31, 2019
ASSETS
Direct financing leases
Lease receivables	Loans and leases receivable	$	96,924	$	91,762
Guaranteed residual assets	Loans and leases receivable	7,730		7,435
Unguaranteed residual assets	Loans and leases receivable	3,271		1,260
Deferred initial direct costs	Loans and leases receivable	666		721
Unearned income	Loans and leases receivable	(11,569)		(11,300)
Net investment in direct financing leases		$	97,022	$	89,878

Operating leases
Investment in operating leases	Other assets	$	116,850	$	107,850
Accumulated depreciation	Other assets	(21,310)		(14,251)
Deferred initial direct costs	Other assets	1,148		1,052
Net investment in operating leases		96,688		94,651
Total lease assets		$	193,710	$	184,529