XML 55 R39.htm IDEA: XBRL DOCUMENT v3.20.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Leases [Abstract]    
Lessee, Operating Lease, Liability, Maturity [Table Text Block]
The maturities of operating leases are included in the table below.
(in thousands)
Operating Leases(1)
2021$6,078 
20225,305 
20234,715 
20243,454 
20252,025 
After 202514,453 
Total lease payments$36,030 
Less: Interest(2)
6,813 
Present value of lease liabilities$29,217 
        (1) Excludes $2.9 million of legally binding minimum lease payments for operating leases signed but not yet commenced.
        (2) Calculated using the interest rate for each lease.
  
Lease, Cost [Table Text Block]
The following table presents the average lease term and discount rate of operating leases.
December 31, 2020December 31, 2019
Weighted-average remaining lease term11.3 years11.7 years
Weighted-average discount rate3.29 %3.67 %
  
Schedule of Supplemental Cash Flow Information Related to Operating Leases [Table Text Block]
Supplemental cash flow information related to operating leases is included in the table below.
For the Year Ended December 31
(in thousands)20202019
Operating cash paid toward lease liabilities$6,213 5,989 
Leased assets obtained in exchange for new lease liabilities$7,482 3,958 
  
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]   Future minimum lease payments as of December 31, 2018 are shown below, which include leases that have not yet commenced.
(in thousands)
Year Ended December 31Total
2019$5,763 
20204,817 
20214,055 
20223,598 
20233,273 
After15,161 
Total minimum lease payments$36,667 
Components of Lease Income [Table Text Block]
The following table provides the components of lease income.
For the Year Ended December 31
(in thousands)20202019
Direct financing and sales-type leases25,380 24,062 
Operating leases(1)
8,589 7,951 
Total lease income$33,969 $32,013 
(1) Includes rent from Tower Properties, a related party, of $76 thousand and $75 thousand for the year ended December 31, 2020 and 2019, respectively.
  
Net Investment in Sales-type and Direct Financing Leases [Table Text Block]
The following table presents the components of the net investments in direct financing and sales-type leases.
(in thousands)December 31, 2020December 31, 2019
Lease payment receivable$729,649 $738,809 
Unguaranteed residual assets64,211 53,408 
Total net investments in direct financing and sales-type leases$793,860 $792,217 
Deferred origination cost3,581 3,609 
Total net investment included within business loans$797,441 $795,826 
  
Schedule of Maturity of Lease Receivables [Table Text Block]
The maturities of lease receivables are included in the table below.
(in thousands)Direct Financing and Sale-Type LeasesOperating LeasesTotal
2021$229,175 $7,729 $236,904 
2022187,212 14,148 201,360 
2023119,628 5,845 125,473 
202487,937 5,113 93,050 
202556,777 3,168 59,945 
After 2025106,940 6,055 112,995 
Total lease receipts787,669 $42,058 $829,727 
Less: Net present value adjustment58,020 
Present value of lease receipts$729,649