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Leases

12 Months Ended

Dec. 31, 2019

15. Leases

The following table summarizes the operating lease ROU assets and liabilities at and for the period indicated:


	At or for the
	twelve months ended
(Dollars in thousands)	December 31, 2019

Operating lease ROU assets	$	41,254

Operating lease liabilities	$	49,367

Lease Cost
Operating lease cost	$	7,575
Short-term lease cost		136
Variable lease cost		1,020
Total lease cost	$	8,731


Other information
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	8,051
Right-of-use assets obtained in exchange for new operating lease liabilities	$	1,576
Weighted-average remaining lease term-operating leases		7.5 years
Weighted average discount rate-operating leases		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:
2020	$	8,113
2021		7,675
2022		7,260
2023		7,397
2024		7,425
Thereafter		19,148
Total minimum payments required		57,018
Less: implied interest		7,651
Total lease obligations	$	49,367

Under the Legacy GAAP the Company’s minimum annual rental payments for 2018 Bank facilities due under non-cancelable leases are as follows:


	Minimum Rental
	(In thousands)
Years ended December 31:
2019	$	7,605
2020		7,977
2021		7,214
2022		6,822
2023		6,961
Thereafter		23,655
Total minimum payments required	$	60,234