LEASES

3 Months Ended

Mar. 31, 2020

Leases [Abstract]

Leases

NOTE 14 – 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 March 31, 2020, ROU assets and lease liabilities totaled $67.5 million and $75.1 million, respectively. For the three months ended March 31, 2020, the Company recognized total operating lease expense in the amount of $2.7 million. Cash paid for amounts included in the measurement of lease liabilities for the three months ended March 31, 2020 was $2.1 million and is included in net cash provided by operating activities in our Condensed Consolidated Statements of Cash Flows. The Company added two locations from the acquisition of Rembert Pendleton Jackson during the current quarter. The associated new ROU asset obtained in exchange for lease obligations totaled $0.3 million.

As of March 31, 2020, the maturities of the Company’s operating lease liabilities were as follows:

(In thousands)	Amount
Maturity:
One year	$	8,136
Two years		10,421
Three years		10,101
Four years		10,120
Five years		8,402
Thereafter		42,730
Total undiscounted lease payments		89,910
Less: Present value discount		(14,786)
Lease Liability	$	75,124

As of March 31, 2020, the weighted average remaining lease term was 10.2 years and the weighted average operating discount rate used to determine the operating lease liability was 3.27%.

The Company had no additional operating or finance leases that have not yet commenced operations at March 31, 2020. The Company does not have any lease arrangements with any of its related parties as of March 31, 2020.