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LEASES (Tables)

3 Months Ended

Mar. 31, 2020

LEASES

Schedule of balance sheet information associated with operating leases

​	​	​	​	​	​	​	​
​	​	March 31,		​	December 31,		​
​		2020		​	2019		​
​	​	(dollars in thousands)					​
Right-of-use assets (1)	​	$	41,532	​	$	41,698	​
Lease liabilities (1)	​	$	46,406	​	$	46,391	​
​	​	​	​	​	​	​	​
Weighted average lease term	​	​	35.6	years	​	35.9	years
Weighted average discount rate	​	​	4.74	%	​	4.74	%

​

(1) Right-of-use assets and lease liabilities are included in Other assets, net and Accounts payable, accrued expenses and other liabilities, respectively, on the Company’s consolidated balance sheets.

Summary of lease cost

​

​	​	​	​	​	​	​	​
​	​	Three Months Ended March 31,					​
​		2020			2019		​
​	​	(in thousands)					​
Operating lease cost	​	$	746	​	$	980	​
Short-term lease cost (1)	​		308	​	​	296	​
Total lease cost	​	$	1,054	​	$	1,276	​

​

(1) Represents automobile leases that have a lease term of 12 months. The Company has made an accounting policy election not to apply the recognition requirements of ASC 842 to this asset class. The lease cost associated with these leases is recognized on a straight-line basis over the related lease term.

Schedule of future operating lease liability maturities

The following table represents the future operating lease liability maturities as of March 31, 2020 (in thousands):

​

​	​	​	​	​
2020		$	1,730	​
2021	​		2,327	​
2022	​		2,461	​
2023	​		2,523	​
2024	​		2,373	​
2025 and thereafter	​		91,241	​
Total operating lease payments	​		102,655	​
Less: Imputed interest	​	​	(56,249)	​
Present value of operating lease liabilities	​	$	46,406	​
​	​	​	​	​

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- Definition

Tabular disclosure of lessee's right-of-use assets and lease liabilities and other supplemental balance sheet information.

+ References

No definition available.

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- Definition

Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918686-209980

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- References

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X

- Definition

Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918701-209980

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