Leases

6 Months Ended

Jun. 30, 2019

Leases

Leases

Note 7 — Leases

As of June 30, 2019, we had operating ROU assets of $84.5 million and operating lease liabilities of $85.0 million. We maintain operating leases on land and buildings for our operating centers, branch facilities and ATM locations. Most leases include one or more options to renew, with renewal terms extending up to 25 years. The exercise of renewal options is based on the sole judgment of management and what they consider to be reasonably certain given the environment today. Factors in determining whether an option is reasonably certain of exercise include, but are not

limited to, the value of leasehold improvements, the value of renewal rate compared to market rates, and the presence of factors that would cause a significant economic penalty to us if the option is not exercised. Leases with an initial term of 12 months or less are not recorded on the balance sheet and instead are recognized in lease expense on a straight-line basis over the lease term. We do not sublease any portion of these locations to third parties.

	Three Months Ended		Six Months Ended
(Dollars in thousands)	June 30,		June 30,
	2019		2019
Lease Expense Components:
Operating lease expense	$	2,173	$	4,319
Short-term lease expense		132		276
Variable lease expense		117		186
Total lease expense	$	2,422	$	4,781
Supplemental Cash Flow and Other Information Related to Leases:
Cash paid for amounts included in the measurement of lease liabilities - operating leases	$	1,918	$	3,808
Initial ROU assets recorded in exchange for new lease liabilities - operating leases	$	2,994	$	4,950
Weighted - average remaining lease term (years) - operating leases				14.40
Weighted - average discount rate - operating leases				4.0%
			June 30,
			2019
Supplemental Balance Sheet Information Related to Leases
Operating lease ROU assets (premises and equipment)			$	84,464
Operating lease liabilities (other liabilities)			$	84,968
Maturity Analysis of Lease Liabilities:
Year Ending December 31,
2019 (excluding the six months ended June 30, 2019)			$	3,796
2020				7,531
2021				7,989
2022				8,007
2023				8,021
Thereafter				78,176
Total				113,520
Less: Imputed Interest				(28,552)
Lease Liability			$	84,968

As of June 30, 2019, we did not maintain any finance leases, leases with related parties, and we determined that the number and dollar amount of our equipment leases was immaterial. As of June 30, 2019, we have additional operating leases that have not yet commenced of $4.9 million. These operating leases will commence in fiscal year 2019 with lease terms of 15 years. Disclosures for prior periods under the previous accounting guidance were on an annual basis only, therefore are not included for the June 30, 2019 interim reporting period.