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Note 8 - Leases | 9 Months Ended
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Sep. 30, 2019
Notes to Financial Statements |
Lessee, Operating Leases [Text Block] | 8. Leases The Company has 20 operating leases for branches (including headquarters) and office spaces, nine operating leases for vehicles, and one operating lease for equipment. Our leases have remaining lease terms ranging from five months to 13 years, none of which has a renewal option reasonably certain of exercise, which has been reflected in the Company’s calculation of lease term. The Company has elected the short-term lease recognition exemption such that the Company will not recognize ROU assets or lease liabilities for leases with a term of less than 12 months from the commencement date. The Company has one agreement that qualifies as a short-term lease with expense totaling approximately $34,000 and $102,000 for the three months and the nine months ended September 30, 2019, respectively, included in Professional services on the Consolidated Statements of Income. The Company has $0.2 million and $0.6 million in variable lease payments, which include insurance and real estate tax expenses, for the three months and nine months ended September 30, 2019, respectively. At September 30, 2019, the weighted-average remaining lease term for our operating leases is approximately eight years and the weighted average discount rate is 3.8%. Our lease agreements do not contain any residual value guarantees. At September 30, 2019, the Company is evaluating the lease portfolio to assess present and future contracts, including but not limited to, real estate, vehicles and equipment.
|  | At or for the |  |  | At or for the |
|  | three months ended |  |  | nine months ended |
(Dollars in thousands) |  | September 30, 2019 |  |  | September 30, 2019 |
Operating lease ROU assets |  | $ | 42,400 |  |  | $ | 42,400 |
Operating lease liabilities |  | $ | 50,626 |  |  | $ | 50,626 |
Lease Cost |  |  |  |  |  |  |  |
Operating lease cost |  | $ | 1,891 |  |  | $ | 5,676 |
Short-term lease cost |  |  | 34 |  |  |  | 102 |
Variable lease cost |  |  | 267 |  |  |  | 757 |
Total lease cost |  | $ | 2,192 |  |  | $ | 6,535 |
Other information |  |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 2,002 |  |  | $ | 6,052 |
Right-of-use assets obtained in exchange for new operating lease liabilities |  | $ | 1,253 |  |  | $ | 1,295 |
Weighted-average remaining lease term-operating leases (years) |  |  | 7.7 |  |  |  | 7.7 |
Weighted average discount rate-operating leases |  |  | 3.8 | % |  |  | 3.8 | %
The Company’s minimum annual rental payments for Bank facilities due under non-cancelable leases are as follows:
|  | Minimum Rental |
|  | (In thousands) |
Years ended December 31: |  |  |  |
2019 |  | $ | 1,694 |
2020 |  |  | 8,397 |
2021 |  |  | 7,644 |
2022 |  |  | 7,229 |
2023 |  |  | 7,366 |
Thereafter |  |  | 26,378 |
Total minimum payments required |  |  | 58,708 |
Less: implied interest |  |  | 8,082 |
Total lease obligations |  | $ | 50,626 |
Certain leases have escalation clauses for operating expenses and real estate taxes. The Company’s non-cancelable operating lease agreements expire through 2032.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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