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Leases | 3 Months Ended
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Mar. 31, 2019
Leases [Abstract] |
Leases | Note 11. Leases The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use assets and operating lease liabilities in the Consolidated Statements of Condition. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most leases do not provide an implicit rate, the incremental borrowing rate (FHLB borrowing rate) is used based on the information available at adoption date in determining the present value of lease payments. The implicit rate is used when readily determinable. The operating lease ROU asset is measured at cost, which includes the initial measurement of the lease liability, prepaid rent and initial direct costs incurred by the Company, less incentives received. The lease terms include options to extend the lease when it is reasonably certain that we will exercise that option. For the vast majority of the Company’s leases, we are reasonably certain we will exercise our options to renew to the end of all renewal option periods. As such, substantially all of our future options to extend the leases have been included in the lease liability and ROU assets. Variable costs such as the proportionate share of actual costs for utilities, common area maintenance, property taxes and insurance are not included in the lease liability and are recognized in the period in which they are incurred. Amortization of the ROU assets for the three months ended March 31, 2019 was $11.7 million (included in this amount is $7.3 million that was due to the closing of certain locations). The Company has operating leases for corporate offices, branch locations and certain equipment. The Company’s leases have remaining lease terms of one year to approximately 25 years, the vast majority of which include one or more options to extend the leases for up to five years resulting in lease terms up to 40 years. The components of lease expense were as follows:
(in thousands) |  | For the Three Months Ended March 31, 2019 |
Components of Lease Expense: |  |  |  |
Operating lease cost |  | $ | 7,348 |
Sublease income |  |  | (22 | )
Total lease cost |  | $ | 7,326 |
Supplemental cash flow information related to the leases for the following period:
(in thousands) |  | For the Three Months Ended March 31, 2019 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from operating leases |  | $ | 7,348 |
Supplemental balance sheet information related to the leases for the following period:
(in thousands, except lease term and discount rate) |  | March 31, 2019 |
Operating Leases: |  |  |  |
Operating lease right-of-use assets |  | $ | 312,948 |
Operating lease liabilities |  |  | 312,628 |
Weighted average remaining lease term |  |  | 17.4 years |
Weighted average discount rate |  |  | 3.25 | %
Maturities of lease liabilities:
(in thousands) |  |  |
2019 |  | $ | 21,836 |
2020 |  |  | 28,319 |
2021 |  |  | 27,677 |
2022 |  |  | 26,971 |
2023 |  |  | 26,541 |
Thereafter |  |  | 291,362 |
Total lease payments |  |  | 422,706 |
Less: imputed interest |  |  | (110,078 | )
Total present value of lease liabilities |  | $ | 312,628 |
As previously disclosed in the Company’s 2018 Form 10-K under the prior guidance of ASC 840, at December 31, 2018, the Company was obligated under various non-cancelable operating lease and license agreements with renewal options on properties used primarily for branch operations. The agreements contain periodic escalation clauses that provide for increases in the annual rents, commencing at various times during the lives of the agreements, which are primarily based on increases in real estate taxes and cost-of-living indices. The remaining projected minimum annual rental commitments under these agreements, exclusive of taxes and other charges, are summarized as follows:
(in thousands) |  |  |
2019 |  | $ | 30,322 |
2020 |  |  | 23,399 |
2021 |  |  | 19,736 |
2022 |  |  | 16,552 |
2023 and thereafter |  |  | 55,525 |
Total minimum future rentals |  | $ | 145,534 |

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- Definition Tabular disclosure for lessee's operating leases. Includes, but is not limited to, description of lessee's operating lease, existence and terms of renewal or purchase options and escalation clauses, restrictions imposed by lease, such as those concerning dividends, additional debt, and further leasing, rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=115931803&loc=d3e12069-110248 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=77902758&loc=d3e41502-112717 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=77902758&loc=d3e41499-112717 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 55 -Paragraph 40 -Subparagraph (Note 1,3) -URI http://asc.fasb.org/extlink&oid=82846649&loc=d3e38371-112697 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84164451&loc=d3e36991-112694 + Details
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