XML 62 R26.htm IDEA: XBRL DOCUMENT
v3.19.3

LEASE COMMITMENTS AND CONTINGENCIES | 9 Months Ended
--- | ---
Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract] |
LEASE COMMITMENTS AND CONTINGENCIES |
20. LEASE COMMITMENTS AND CONTINGENCIES
The Company adopted ASU 2016-02, Leases (Topic 842) on January 1, 2019 with no impact to retained earnings or other components of equity. The Company’s operating leases are primarily comprised of a corporate office lease with a remaining lease term of six years. The corporate office lease includes an option to extend for up to five years, however the extension term was not included in the operating lease liability calculation. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company recognizes lease expense for these leases on a straight-line basis over the lease term. The lease cost for the three and nine months ended September 30, 2019 was $0.8 million and $2.4 million, respectively. Supplemental information related to leases as of and for the nine months ended September 30, 2019 was as follows:
| Operating Leases | Classification | September 30, 2019
| Assets | (dollars in thousands)
| Operating lease right-of-use assets | Other assets | $ | 16,427 |
| Liabilities
| Operating lease liabilities (1) | Other liabilities | $ | 21,217 |
| Lease term and discount rate
| Weighted average remaining lease term |  | 5.9 years
| Weighted average discount rate (1) |  | 2.9%
| Cash paid for amounts included in the measurement of lease liabilities
| Operating cash flows from operating leases |  | $ | 2,784 |
| (1) As the Company’s leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at adoption date in determining the present value of lease payments.
The following table provides details related to maturities of lease liabilities:
| Maturity of Lease Liabilities
Years ending December 31, | (dollars in thousands)
2019 (remaining) | $ | 928 |
2020 | 3,799 |
2021 | 3,918 |
2022 | 3,862 |
2023 | 3,862 |
Later years | 6,757 |
Total lease payments | $ | 23,126 |
Less imputed interest | 1,909 |
Present value of lease liabilities | $ | 21,217 |
Contingencies From time to time, the Company is involved in various claims and legal actions arising in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters will not have a material effect on the Company’s consolidated financial statements. There were no material contingencies at September 30, 2019 and December 31, 2018.

X
- References No definition available. + Details
Name: | us-gaap_CommitmentsAndContingenciesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration