14. LEASES

Effective January 1, 2019, the Company adopted ASU 2016-02 and ASU 2018-11 which outline new guidance on the accounting for leases. The Company enters into lease agreements for real estate that is primarily used for office space in the ordinary course of business. These leases are accounted for as operating leases, whereby lease expense is recognized on a straight-line basis over the term of the lease. Most leases include an option to extend or renew the lease term. The exercise of the renewal is at the Company's discretion. The operating lease liability includes lease payments related to options to extend or renew the lease term if the Company is reasonably certain of exercise those options. The Company, in determining the present value of lease payments utilizes either the rate implicit in the lease if that rate is readily determinable or the Company's incremental secured borrowing rate commensurate with terms of the underlying lease.

Supplemental information related to operating leases is as follows for the periods indicated:


	Three Months Ended
(Dollars in thousands)	March 31,
Lease expense incurred:	2019
Operating lease cost	$	5,187


	At March 31,
(Dollars in thousands)	2019
Operating lease right of use assets	$	66,430
Operating lease liabilities		73,529


	Three Months Ended
	March 31,
(Dollars in thousands)	2019
Operating cash flows from operating leases	$	4,431

	At March 31,
	2019
Weighted average remaining operating lease term	5.5 years
Weighted average discount rate on operating leases	4.48%

Maturities of the existing lease liabilities are expected to occur as follows:


(Dollars in thousands)
Remainder of 2019	$	14,326
2020		18,365
2021		9,469
2022		9,180
2023		8,919
2024		8,619
Thereafter		18,297
Undiscounted lease payments		87,175
Less: present value adjustment		13,646
Total operating lease liability	$	73,529

The amount of operating lease liabilities is not separately presented in the consolidated financial statements but is included in other liabilities. Disclosures regarding minimum lease payments under previous lease accounting guidance can be found in the Company's 2018 Form 10-K.