Leases (Tables)

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Schedule of Lease Assets and Liabilities

The Company elected not to include short-term leases (i.e., leases with initial terms of twelve months or less), or equipment leases (deemed immaterial) on the consolidated statements of condition.

(dollars in thousands)	December 31, 2019
Lease Right-of-Use Assets	Classification
Operating lease right-of-use assets	Operating Lease Right-of-Use Assets	$	100,838
Finance lease right-of-use assets	Premises and Equipment, Net	2,376
Total Lease Right-of-Use Assets		$	103,214
Lease Liabilities
Operating lease liabilities	Operating Lease Liabilities	$	108,210
Finance lease liabilities	Other Debt	10,565
Total Lease Liabilities		$	118,775

Lease cost and other information

For the Company’s only finance lease, the Company utilized its incremental borrowing rate at lease inception.

	December 31, 2019
Weighted-average remaining lease term
Operating leases		16.8 years
Finance leases		33.0 years
Weighted-average discount rate
Operating leases		3.67	%
Finance leases		7.04	%

The following table represents lease costs and other lease information. As the Company elected, for all classes of underlying assets, not to separate lease and non-lease components and instead to account for them as a single lease component, the variable lease cost primarily represents variable payments such as common area maintenance and utilities. Variable lease cost also includes payments for ATM location leases in which payments are based on a percentage of ATM transactions (i.e., ATM surcharge fees), rather than a fixed amount.

(dollars in thousands)		2019
Lease Costs
	Operating lease cost	$	12,616
	Variable lease cost	3,504
	Short-term lease cost	591
	Finance lease cost
	Interest on lease liabilities 1	747
	Amortization of right-of-use assets	72
	Sublease income	(8,281		)
Net lease cost		$	9,249
Other Information
	Cash paid for amounts included in the measurement of lease liabilities:
	Operating cash flows from operating leases	$	12,779
	Operating cash flows from finance leases	747
	Financing cash flows from finance leases	78
	Right-of-use assets obtained in exchange for new operating lease liabilities	4,101
	Right-of-use assets obtained in exchange for new finance lease liabilities	—

¹ 

Included in other debt interest expense in the Company’s consolidated statements of income. All other lease costs in this table are included in net occupancy expense.

Finance Lease, Liability, Maturity

Future minimum payments for finance leases and operating leases with initial or remaining terms of one year or more as of December 31, 2019, were as follows:

(dollars in thousands)	Finance Leases			Operating Leases
2020	$	825		$	12,003
2021	825			11,329
2022	825			10,515
2023	825			9,687
2024	825			8,235
Thereafter	23,105			100,180
Total Future Minimum Lease Payments	27,230			151,949
Amounts Representing Interest	(16,665		)	(43,739		)
Present Value of Net Future Minimum Lease Payments	$	10,565		$	108,210

Operating Lease, Liability, Maturity

Future minimum payments for finance leases and operating leases with initial or remaining terms of one year or more as of December 31, 2019, were as follows:

(dollars in thousands)	Finance Leases			Operating Leases
2020	$	825		$	12,003
2021	825			11,329
2022	825			10,515
2023	825			9,687
2024	825			8,235
Thereafter	23,105			100,180
Total Future Minimum Lease Payments	27,230			151,949
Amounts Representing Interest	(16,665		)	(43,739		)
Present Value of Net Future Minimum Lease Payments	$	10,565		$	108,210

Lease Receivable, Maturity

Future minimum rental income under operating leases, including subleases, as of December 31, 2019, were as follows:

(dollars in thousands)	Minimum Rental Income
2020	$	6,614
2021	5,129
2022	3,817
2023	2,554
2024	1,152
Thereafter	4,530
Total	$	23,796