XML 29 R15.htm IDEA: XBRL DOCUMENT
v3.19.2

LEASES | 6 Months Ended
--- | ---
Jun. 30, 2019
Leases [Abstract] |
LEASES | 6. LEASES The Company leases branch locations, office space, land, and equipment. The Company determines if an arrangement is a lease at inception. As of June 30, 2019, all leases have been classified as operating leases with approximately 160 non-cancellable operating leases where the Company is the lessee. The Company does not have any material arrangements where the Company is the lessor or in a sublease contract. Operating leases have been reported on the Company’s Consolidated Balance Sheet as an operating ROU Asset within Other Assets and an operating lease liability within Other Liabilities. The ROU Asset represents the Company’s right to use an underlying asset over the course of the lease term and operating lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease liabilities are recognized at the commencement date based on the present value of the remaining lease payments, discounted using the incremental borrowing rate. As most of the Company’s leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating ROU Asset is recognized at commencement date based on the initial measurement of the lease liability, any lease payments made excluding lease incentives, and any initial direct costs incurred. Total lease expenses are recorded in Occupancy Expense on the Company’s Consolidated Statement of Income. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Most of the Company’s leases include one or more options to renew, however, the Company is not reasonably certain to exercise those options and therefore does not include the renewal options in the measurement of the ROU Asset and lease liabilities. Leases where the Company is a lessee are primarily for real estate leases with remaining lease terms of up to 30 years. The Company’s real estate lease agreements do not contain restrictive covenants or residual value guarantees. At June 30, 2019, the total ROU Asset was $57.1 million and total operating lease liabilities were $69.4 million. Total operating lease expenses for the three and six months ended June 30, 2019 were $3.1 million and $6.1 million, respectively. As of June 30, 2019, the Company had no operating leases that have not yet commenced and no sales leaseback transactions. Maturities of operating lease liabilities as of June 30, 2019 are as follows for the years ending (dollars in thousands):
​ | ​ | ​ | ​
For the remaining six months of 2019 |  | $ | 6,729
2020 | ​ |  | 12,329
2021 | ​ |  | 10,639
2022 | ​ |  | 9,840
2023 | ​ |  | 8,978
2024 | ​ |  | 7,718
Thereafter | ​ |  | 24,557
Total future lease payments | ​ |  | 80,790
Less: Interest | ​ |  | 11,392
Present value of lease liabilities | ​ | $ | 69,398
​ Other lease information is as follows (dollars in thousands):
​ | ​ | ​ | ​ | ​
​ |  | June 30, 2019 |
Lease Term and Discount Rate of Operating leases: |  | ​ |  | ​
Weighted-average remaining lease term (years) |  | ​ | 8.66 | ​
Weighted-average discount rate (1) |  | ​ | 3.05 | %
Cash paid for amounts included in measurement of lease liabilities: |  | ​ |  | ​
Operating Cash Flows from Operating Leases | ​ | $ | 6,880 | ​
Right-of-use assets obtained in exchange for lease obligations: | ​ |  |  | ​
Operating leases | ​ |  | 3,619 | ​
(1) | An incremental borrowing rate is used based on information available at commencement date of lease.

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
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