LEASES (Notes)

12 Months Ended

Dec. 31, 2019

LEASES

The Company adopted the new lease accounting standard ("the lease standard") under Accounting Standards Codification Topic 842 ("ASC 842") using the modified retrospective transition method with an effective date as of January 1, 2019. Therefore, periods prior to that date were not restated, and accordingly disclosures are not presented on a comparable basis. The Company elected the package of practical expedients, which permits the Company not to reassess prior conclusions about lease identifications, lease classification and initial direct costs. The Company did not elect to apply the hindsight practical expedient pertaining to using hindsight knowledge as of the effective date when determining lease terms and impairment.

As of December 31, 2019, the Company has entered into 94 noncancelable operating lease agreements for office space, space for ATM locations and certain branch locations, several of which contain renewal options to extend lease terms for a period of 1 to 10 years. The Company has no financing leases outstanding and no leases with residual value guarantees.

As of December 31, 2019, the Company does not have any material sub-lease agreements.

The Company's right-of-use asset related to operating leases was $56.6 million at December 31, 2019 and is recognized in the Company's Consolidated Balance Sheet in other assets.

The following table provides information related to the Company's lease cost:



	For the year ended
	December 31, 2019
	(Dollars in thousands)
Operating lease cost	$10,718
Short-term lease cost	116
Variable lease cost	—
Total lease cost	$10,834

As of December 31, 2019, the weighted average remaining lease term for operating leases was 6.43 years and the weighted average discount rate used in the measurement of operating lease liabilities was 2.75%.

The following table sets forth the undiscounted cash flows of base rent related to operating leases outstanding at December 31, 2019 with payments scheduled over the next five years and thereafter, including a reconciliation to the operating lease liability recognized in the Company's Consolidated Balance Sheet in other liabilities:



	(Dollars in thousands)
2020	$	11,752
2021	11,052
2022	10,438
2023	8,528
2024	7,121
Thereafter	14,900
Total minimum lease payments	63,791
Less: amount representing interest	5,489
Present value of future minimum lease payments	$	58,302