Effective January 1, 2019, the Company adopted the amended provisions of Financial Accounting Standards Codification Topic 842, “Leases,” using the modified retrospective approach, impacting the reporting and disclosures for operating leases. The core principle of Topic 842 is that a lessee should recognize in the statement of financial position a liability representing the present value of future lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset over the lease term, as well as the disclosure of key information about operating leasing arrangements. Refer to Note 1 – Summary of Significant Accounting Policies for a description of the Company’s policy and transition elections.

The Company has operating leases on a number of its branches, certain regional headquarters and other properties to limit its exposure to ownership risks such as fluctuations in real estate prices and obsolescence. The Company leases real estate with lease terms generally from five to 20 years, some of which have renewal options from one to 20 years. As these extension options are not generally considered reasonably certain of renewal, they are not included in the lease term. The Company is not a lessee in any contracts classified as finance leases.

The following tables present supplemental information pertaining to operating leases at and for the year ended December 31, 2019.

(dollars in thousands)	Year Ended December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities for operating leases	$	16,027
Right of use assets obtained in exchange for lease liabilities		121,066

	December 31, 2019
Weighted average remaining lease term (in years)		12.95
Weighted average discount rate		3.53	%

The following table sets forth the maturities of the Company’s lease liabilities and the present value discount at December 31, 2019.

(dollars in thousands)
2019	$	16,382
2020		15,947
2021		15,551
2022		13,973
2023		11,877
Thereafter		89,677
Total		163,407
Present value discount		(35,704	)
Lease liability	$	127,703

The following table sets forth the components of the Company’s lease expense for the year ended December 31, 2019.

(in thousands)	December 31, 2019
Operating lease expense	$	18,075
Short-term lease expense		462
Variable lease expense		46
Sublease income		(322	)
Total	$	18,261

The Company elected the optional transition method to not restate prior periods. Rental expense under ASC 840 approximated $18.2 million and $17.0 million for the years ended December 31, 2018 and 2017, respectively.