LEASES

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

LEASES

Note 8 – Leases

The Company leases real estate properties for its network of bank branches, financial centers and corporate offices. All of the Company’s leases are currently classified as operating. Most lease agreements include one or more options to renew, with renewal terms that can extend the original lease term from one to twenty years or more. The Company does not sublease any of its leased real estate properties.

As of December 31, 2019, right of use (“ROU”) assets and lease liabilities totaled $69.3 million and $76.9 million, respectively. For the year ended December 31, 2019, the Company recognized total operating lease expense in the amount of $11.3 million. Cash paid for amounts included in the measurement of lease liabilities for the year ended December 31, 2019 was $8.7 million and is included in net cash provided by operating activities in the Consolidated Statements of Cash Flows. The Company had one branch location that commenced operations during the current year. The associated new ROU asset obtained in exchange for lease obligations totaled $0.4 million.

As of December 31, 2019, the maturities of the Company’s operating lease liabilities were as follows:

(In thousands)	Amount
Maturity:
One year	$	10,741
Two years		10,316
Three years		9,995
Four years		10,100
Five years		8,402
Thereafter		42,730
Total undiscounted lease payments		92,284
Less: Present value discount		(15,413)
Lease Liability	$	76,871

As of December 31, 2019, the weighted average remaining lease term was 10.4 years and the weighted average operating discount rate used to determine the operating lease liability was 3.28%.

The Company had noadditional operating or finance leases that have not yet commenced operations at December 31, 2019. The Company does not have any lease arrangements with any of its related parties as of December 31, 2019.