Leases

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Leases

LEASES

The following table presents lease assets and liabilities as of December 31, 2019:

(Dollars in thousands)	Classification	December 31, 2019
Assets:
Operating	Other assets	$	77,115
Finance	Premises and equipment	8,820
Total leased assets		$	85,935
Liabilities:
Operating	Other liabilities	$	76,746
Finance	Other borrowings	8,230
Total lease liabilities		$	84,976

The following table presents lease costs for the year ended December 31, 2019. Variable lease cost primarily represents variable payments such as common area maintenance and utilities recognized in the period in which the expense was incurred. Certain of our lease agreements also include rental payments adjusted periodically for inflation. While lease liabilities are not remeasured as a result of these changes, these adjustments are treated as variable lease costs and recognized in the period in which the expense is incurred.

(Dollars in thousands)	Classification	2019
Lease cost:
Operating lease cost (1)	Occupancy expense	$	16,094
Finance lease cost:
Amortization of leased assets	Equipment expense	1,975
Interest on lease liabilities	Interest expense - Other borrowings	259
Variable lease cost	Occupancy expense	2,394
Sublease income	Occupancy expense	(390		)
Net lease cost		$	20,332
(1) Operating lease cost includes short-term lease cost, which is immaterial.

The following table presents lease liability maturities in the next five years and thereafter:

(Dollars in thousands)	Operating Leases		Finance Leases		Total
2020	$	14,257	$	2,142	$	16,399
2021	12,688		2,159		14,847
2022	11,261		1,876		13,137
2023	9,340		993		10,333
2024	7,379		617		7,996
Thereafter	36,653		1,066		37,719
Total lease payments	$	91,578	$	8,853	$	100,431
Less: Interest	14,832		623		15,455
Present value of lease liabilities	$	76,746	$	8,230	$	84,976

The following table presents the remaining weighted average lease terms and discount rates as of December 31, 2019:

Weighted average remaining lease term (years):	December 31, 2019
Operating	10.2
Finance	4.7
Weighted average discount rate:
Operating	3.23	%
Finance	3.06

The following table presents supplemental cash flow information related to leases for the year ended December 31, 2019:

(Dollars in thousands)	2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	15,703
Operating cash flows from finance leases	259
Financing cash flows from finance leases	1,850
Right-of-use assets obtained in exchange for new operating lease liabilities	17,837
Right-of-use assets obtained in exchange for new finance lease liabilities	1,886

Leases

LEASES

The following table presents lease assets and liabilities as of December 31, 2019:

(Dollars in thousands)	Classification	December 31, 2019
Assets:
Operating	Other assets	$	77,115
Finance	Premises and equipment	8,820
Total leased assets		$	85,935
Liabilities:
Operating	Other liabilities	$	76,746
Finance	Other borrowings	8,230
Total lease liabilities		$	84,976

The following table presents lease costs for the year ended December 31, 2019. Variable lease cost primarily represents variable payments such as common area maintenance and utilities recognized in the period in which the expense was incurred. Certain of our lease agreements also include rental payments adjusted periodically for inflation. While lease liabilities are not remeasured as a result of these changes, these adjustments are treated as variable lease costs and recognized in the period in which the expense is incurred.

(Dollars in thousands)	Classification	2019
Lease cost:
Operating lease cost (1)	Occupancy expense	$	16,094
Finance lease cost:
Amortization of leased assets	Equipment expense	1,975
Interest on lease liabilities	Interest expense - Other borrowings	259
Variable lease cost	Occupancy expense	2,394
Sublease income	Occupancy expense	(390		)
Net lease cost		$	20,332
(1) Operating lease cost includes short-term lease cost, which is immaterial.

The following table presents lease liability maturities in the next five years and thereafter:

(Dollars in thousands)	Operating Leases		Finance Leases		Total
2020	$	14,257	$	2,142	$	16,399
2021	12,688		2,159		14,847
2022	11,261		1,876		13,137
2023	9,340		993		10,333
2024	7,379		617		7,996
Thereafter	36,653		1,066		37,719
Total lease payments	$	91,578	$	8,853	$	100,431
Less: Interest	14,832		623		15,455
Present value of lease liabilities	$	76,746	$	8,230	$	84,976

The following table presents the remaining weighted average lease terms and discount rates as of December 31, 2019:

Weighted average remaining lease term (years):	December 31, 2019
Operating	10.2
Finance	4.7
Weighted average discount rate:
Operating	3.23	%
Finance	3.06

The following table presents supplemental cash flow information related to leases for the year ended December 31, 2019:

(Dollars in thousands)	2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	15,703
Operating cash flows from finance leases	259
Financing cash flows from finance leases	1,850
Right-of-use assets obtained in exchange for new operating lease liabilities	17,837
Right-of-use assets obtained in exchange for new finance lease liabilities	1,886