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Leases
 12 Months Ended
Dec. 31, 2019
Leases [Abstract]  
Lessee, Operating Leases [Text Block]
Leases
Lease Commitments: 
The Company’s lease commitments consist primarily of leased locations under various non-cancellable operating leases that expire between 2020 and 2043. The majority of the leases contain renewal options and provisions for increases in rental rates based on an agreed upon index or predetermined escalation schedule.
The following table shows the details of the Company’s operating lease right-of-use asset and the associated lease liability for the period indicated:
Item
 
Balance Sheet Location
 
December 31, 2019
 
 
 
 
(in thousands)
Operating lease asset
 
Other assets
 
$
57,226

Operating lease liability
 
Other liabilities
 
$
63,030


At December 31, 2019, the Company’s operating leases have a weighted average remaining lease term of 7.7 years and a weighted average discount rate of 3.0%. Cash paid for amounts included in the measurement of operating lease liabilities was $11.2 million for the year ended December 31, 2019. Right-of-use assets obtained in exchange for new operating lease liabilities during the year ended December 31, 2019 were $20.6 million.
The following table shows the components of net lease costs:
Item
 
Statement of Income Location
 
Year Ended December 31, 2019
 
 
 
 
(in thousands)
Operating lease cost (1)
 
Occupancy
 
$
10,851

Variable lease cost
 
Occupancy
 
1,805

Sublease income
 
Occupancy
 
(1,182
)
Net lease cost
 
 
 
$
11,474

__________
(1) Includes short-term lease costs, which are immaterial.
Total rental expense on buildings and equipment, net of rental income of $1.2 million and $791 thousand for the years ended December 31, 2018 and 2017, respectively, was $9.6 million and $7.9 million for the years ended December 31, 2018 and 2017, respectively.
The following table shows the maturity analysis for operating leases as of December 31, 2019:
 
 
Year ending December 31,
 
 
(in thousands)
2020
 
$
11,105

2021
 
11,126

2022
 
10,689

2023
 
9,476

2024
 
6,980

Thereafter
 
21,866

Total future minimum lease payments
 
71,242

Amounts representing interest
 
(8,212
)
Present value of minimum lease payments
 
$
63,030


Future minimum lease payments for the Company’s operating leases as of December 31, 2018, prior to the adoption of the new lease guidance were as follows:
 
 
Year Ending December 31,
 
 
(in thousands)
2019
 
$
10,947

2020
 
9,766

2021
 
8,729

2022
 
8,102

2023
 
6,796

Thereafter
 
18,703

Total minimum payments
 
$
63,043


Sale-leaseback transactions:
On September 26, 2019, the Company sold one of its Washington facilities and leased back a portion of the facility utilized for branch operations. The lease term is through September 2022, with monthly payments of approximately $19 thousand. The sale-leaseback transaction resulted in a pre-tax gain of $5.9 million.
For additional detail regarding the new lease guidance, see Note 1, “Summary of Significant Accounting Policies and Reclassifications.”