Leases Leases

12 Months Ended

Dec. 31, 2020

Leasing

The Company enters into leases, as lessee, primarily for office space, banking centers, and certain other operational assets. These leases are generally classified as operating leases, however, an insignificant amount are classified as finance leases. The Company's operating leases generally have lease terms for periods of 5 to 20 years with various renewal options. The Company does not have any material sub-lease agreements.

The following table summarizes lessee information related to the Company’s operating ROU assets and lease liability:


	At December 31, 2020
(In thousands)	Operating Leases		Consolidated Balance Sheet Line Item Location
ROU lease assets	$	127,481	Premises and equipment, net
Lease liabilities	158,280		Operating lease liabilities

The components of operating lease cost and other related information are as follows:


(In thousands)	At or for the Years ended December 31,
	2020		2019
Lease Cost:
Operating lease costs	$	30,339	$	29,908
Variable lease costs	5,577		4,889
Sublease income	(557)		(577)
Total operating lease cost	$	35,359	$	34,220
Other Information:
Cash paid for amounts included in the measurement of lease liabilities	$	31,212	$	31,223
ROU lease assets obtained in exchange for new operating lease liabilities	9,211		22,948

The undiscounted scheduled maturities reconciled to total operating lease liabilities are as follows:


(In thousands)	At December 31, 2020
2021	$	28,142
2022	27,069
2023	24,335
2024	21,321
2025	19,332
Thereafter	62,253
Total operating lease liability payments	182,452
Less: Present value adjustment	24,172
Lease liabilities	$	158,280

Weighted-average remaining lease term - operating leases, in years	8.04
Weighted-average discount rate - operating leases	3.19		%

Refer to Note 5: Loans and Leases for information relating to leases included within the equipment financing portfolio in which the Company is lessor.