Leases Leases (Tables)

6 Months Ended

Jun. 30, 2019

Leases [Abstract]

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

The maturities of operating leases are included in the table below.

(in thousands)	Operating Leases(a)
2019 (excluding the six months ended June 30, 2019)	$	2,885
2020	5,261
2021	4,437
2022	3,955
2023	3,633
After 2023	14,988
Total lease payments	$	35,159
Less: Interest(b)	7,542
Present value of lease liabilities	$	27,617

(a) Excludes $2.5 million of legally binding minimum lease payments for operating leases signed but not yet commenced.

(b) Calculated using the interest rate for each lease.

Lease, Cost [Table Text Block]

The following table presents the average lease term and discount rate of operating leases.

	June 30, 2019
Weighted-average remaining lease term	11.9 years
Weighted-average discount rate	3.74	%

Schedule of Supplemental Cash Flow Information Related to Operating Leases [Table Text Block]

Supplemental cash flow information related to operating leases is included in the table below.

	For the Three Months Ended June 30		For the Six Months Ended June 30
(in thousands)	2019		2019
Operating cash paid toward lease liabilities	$	1,550	$	3,041
Leased assets obtained in exchange for new lease liabilities	$	1,070	$	2,092

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

The Company adopted the new lease standard using the effective date as the date of initial application as noted above, and as required, the table below provides the disclosure for periods prior to adoption. Future minimum lease payments as of December 31, 2018 are shown below, which include leases that have not yet commenced.

(in thousands)
Year Ended December 31	Total
2019	$	5,763
2020	4,817
2021	4,055
2022	3,598
2023	3,273
After	15,161
Total minimum lease payments	$	36,667

Lessor, Components of Lease Income [Table Text Block]

The following table provides the components of lease income.

	For the Three Months Ended June 30		For the Six Months Ended June 30
(in thousands)	2019		2019
Direct financing and sales-type leases	6,034		11,896
Operating leases(a)	1,926		3,832
Total lease income	$	7,960	$	15,728

(a) Includes rent of $18 thousand and $37 thousand, respectively, from Tower Properties Company, a related party, for the three and six months ended June 30, 2019.

Net Investment in Sales-type and Direct Financing Leases [Table Text Block]

The following table presents the components of the net investments in direct financing and sales-type leases.

(in thousands)	June 30, 2019
Lease payment receivable	$	720,498
Unguaranteed residual assets	53,472
Total net investments in direct financing and sales-type leases	$	773,970
Deferred origination cost	3,118
Total net investment included within business loans	$	777,088

Lessor, Schedule of Maturity of Lease Receivables [Table Text Block]

The maturities of lease receivables are included in the table below.

(in thousands)	Direct Financing and Sale-Type Leases		Operating Leases		Total
2019 (excluding the six months ended June 30, 2019)	$	123,242	$	3,779	$	127,021
2020	190,992		7,346		198,338
2021	148,271		7,250		155,521
2022	108,230		13,557		121,787
2023	78,243		5,081		83,324
After 2023	135,256		13,084		148,340
Total lease receipts	784,234		$	50,097	$	834,331
Less: Net present value adjustment	63,736
Present value of lease receipts	$	720,498