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Leases | 12 Months Ended
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Dec. 31, 2020
Leases [Abstract] |
Leases | Leases (In Thousands) The Company enters into leases in both lessor and lessee capacities. Lessor Arrangements As of December 31, 2020 and 2019, the net investment in these leases was $20,804 and $12,441, comprised of $16,012 and $10,735 in lease receivables, $7,532 and $2,739 in residual balances and $2,740 and $1,033 in deferred income, respectively. In order to mitigate potential exposure to residual asset risk, the Company utilizes first amendment or terminal rental adjustment clause leases. For the twelve months ended December 31, 2020 and 2019, the Company generated $554 and $331 in income from these leases, respectively, which is included in interest income on loans on the Consolidated Statements of Income. The maturities of the lessor arrangements outstanding at December 31, 2020 is presented in the table below.
2021 | $ | 603 |
2022 | 1,221 |
2023 | 1,602 |
2024 | 2,105 |
2025 | 398 |
Thereafter | 14,875 |
Total lease receivables | $ | 20,804 |
Lessee Arrangements As of December 31, 2020 and 2019, right-of-use assets totaled $66,023 and $84,754 and lease liabilities totaled $69,549 and $88,494, respectively. The table below provides the components of lease cost and supplemental information for the periods presented.
| Year ended December 31,
| 2020 |  | 2019
Operating lease cost (cost resulting from lease payments) | $ | 10,826 |  |  | $ | 10,149 |
Short-term lease cost | 161 |  |  | 67 |
Variable lease cost (cost excluded from lease payments) | 1,776 |  |  | 1,612 |
Sublease income | (583) |  |  | (560) |
Net lease cost | $ | 12,180 |  |  | $ | 11,268 |
Operating lease - operating cash flows (fixed payments) | 9,811 |  |  | 9,678 |
Operating lease - operating cash flows (liability reduction) | 7,187 |  |  | 8,407 |
Weighted average lease term - operating leases (in years) (at period end) | 15.99 |  | 17.39
Weighted average discount rate - operating leases (at period end) | 3.17 | % |  | 3.40 | %
Right-of-use assets obtained in exchange for new lease liabilities - operating leases | $ | 9,393 |  |  | $ | 38,881 |
The maturities of the lessee arrangements outstanding at December 31, 2020 are presented in the table below.
2021 | $ | 8,607 |
2022 | 7,960 |
2023 | 7,556 |
2024 | 7,037 |
2025 | 5,609 |
Thereafter | 54,106 |
Total undiscounted cash flows | 90,875 |
Discount on cash flows | 21,326 |
Total operating lease liabilities | $ | 69,549 |
Rental expense was $10,044, $9,159, and $6,157 for 2020, 2019, and 2018, respectively. For more information on lease accounting, see Note 1, “Significant Accounting Policies” and on lease financing receivables, see Note 3, “Non Purchased Loans.”
Leases | Leases (In Thousands) The Company enters into leases in both lessor and lessee capacities. Lessor Arrangements As of December 31, 2020 and 2019, the net investment in these leases was $20,804 and $12,441, comprised of $16,012 and $10,735 in lease receivables, $7,532 and $2,739 in residual balances and $2,740 and $1,033 in deferred income, respectively. In order to mitigate potential exposure to residual asset risk, the Company utilizes first amendment or terminal rental adjustment clause leases. For the twelve months ended December 31, 2020 and 2019, the Company generated $554 and $331 in income from these leases, respectively, which is included in interest income on loans on the Consolidated Statements of Income. The maturities of the lessor arrangements outstanding at December 31, 2020 is presented in the table below.
2021 | $ | 603 |
2022 | 1,221 |
2023 | 1,602 |
2024 | 2,105 |
2025 | 398 |
Thereafter | 14,875 |
Total lease receivables | $ | 20,804 |
Lessee Arrangements As of December 31, 2020 and 2019, right-of-use assets totaled $66,023 and $84,754 and lease liabilities totaled $69,549 and $88,494, respectively. The table below provides the components of lease cost and supplemental information for the periods presented.
| Year ended December 31,
| 2020 |  | 2019
Operating lease cost (cost resulting from lease payments) | $ | 10,826 |  |  | $ | 10,149 |
Short-term lease cost | 161 |  |  | 67 |
Variable lease cost (cost excluded from lease payments) | 1,776 |  |  | 1,612 |
Sublease income | (583) |  |  | (560) |
Net lease cost | $ | 12,180 |  |  | $ | 11,268 |
Operating lease - operating cash flows (fixed payments) | 9,811 |  |  | 9,678 |
Operating lease - operating cash flows (liability reduction) | 7,187 |  |  | 8,407 |
Weighted average lease term - operating leases (in years) (at period end) | 15.99 |  | 17.39
Weighted average discount rate - operating leases (at period end) | 3.17 | % |  | 3.40 | %
Right-of-use assets obtained in exchange for new lease liabilities - operating leases | $ | 9,393 |  |  | $ | 38,881 |
The maturities of the lessee arrangements outstanding at December 31, 2020 are presented in the table below.
2021 | $ | 8,607 |
2022 | 7,960 |
2023 | 7,556 |
2024 | 7,037 |
2025 | 5,609 |
Thereafter | 54,106 |
Total undiscounted cash flows | 90,875 |
Discount on cash flows | 21,326 |
Total operating lease liabilities | $ | 69,549 |
Rental expense was $10,044, $9,159, and $6,157 for 2020, 2019, and 2018, respectively. For more information on lease accounting, see Note 1, “Significant Accounting Policies” and on lease financing receivables, see Note 3, “Non Purchased Loans.”

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