Leases

3 Months Ended

Mar. 31, 2020

Leases [Abstract]

Leases

Leases

The Company leases certain land, premises and equipment from third parties. Effective January 1, 2019, ROU assets for operating and finance leases are included in net premises and equipment and lease liabilities are included in other liabilities and other borrowed funds, respectively, on the Company’s statements of financial condition. The following table summarizes the Company’s leases:

	March 31, 2020					December 31, 2019
(Dollars in thousands)	Finance Leases			Operating Leases		Finance Leases		Operating Leases
ROU assets	$	5,618				6,537
Accumulated depreciation	(95)					(917)
Net ROU assets	$	5,523		43,371		5,620		41,453
Lease liabilities	$	5,580		45,967		5,671		43,904
Weighted-average remaining lease term	25 years			18 years		24 years		19 years
Weighted-average discount rate	2.9		%	3.6	%	3.0	%	3.7	%

Maturities of lease liabilities consist of the following:

	March 31, 2020
(Dollars in thousands)	Finance Leases		Operating Leases
Maturing within one year	$	250	4,144
Maturing one year through two years	257		4,020
Maturing two years through three years	262		3,640
Maturing three years through four years	268		3,306
Maturing four years through five years	276		3,317
Thereafter	6,727		45,687
Total lease payments	8,040		64,114
Present value of lease payments
Short-term	89		2,725
Long-term	5,491		43,242
Total present value of lease payments	5,580		45,967
Difference between lease payments and present value of lease payments	$	2,460	18,147

The components of lease expense consist of the following:

	Three Months ended
(Dollars in thousands)	March 31, 2020		March 31, 2019
Finance lease cost
Amortization of ROU assets	$	57	16
Interest on lease liabilities	41		2
Operating lease cost	1,108		913
Short-term lease cost	90		109
Variable lease cost	385		199
Sublease income	(2)		(2)
Total lease expense	$	1,679	1,237

Supplemental cash flow information related to leases is as follows:

	Three Months ended
	March 31, 2020			March 31, 2019
(Dollars in thousands)	Finance Leases		Operating Leases	Finance Leases	Operating Leases
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows	$	41	615	2	479
Financing cash flows	23		N/A	21	N/A

The Company also leases office space to third parties through operating leases. Rent income from these leases for the three months ended March 31, 2020 and 2019 was not significant.