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Note 10 - Leases | 9 Months Ended
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Sep. 30, 2019
Notes to Financial Statements |
Lessee, Operating Leases [Text Block] | 10. Leases The Company determines if a contract arrangement is a lease at inception and primarily enters into operating lease contracts for its branch locations, office space and certain equipment. As part of its property lease agreements, the Company may seek to include options to extend or terminate at lease when it is reasonably certain that the Company will exercise those options. The ROU lease asset also includes any lease payments made and lease incentives. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company does not possess any leases that have variable lease payments or residual value guarantees as of September 30, 2019. Accounting Policy Elections - The Company has elected the package of practical expedients that permits the Company to not reassess our prior conclusions about lease identification, lease classification and initial direct costs. The Company also elected all of the new standard’s available transition practical expedients, including the short-term lease recognition exemption that includes not recognizing ROU assets or lease liabilities for existing short-term leases, and the practical expedient to not separate lease and non-lease components for all of our leases. Significant Assumptions - The Company uses its incremental borrowing rate to determine the present value of its lease liabilities. The Company calculated a weighted average borrowing rate of 3.14% and a weighted average remaining lease term of 5.47 years as of September 30, 2019. As of September 30, 2019, the Company recorded a ROU asset of $34.5 million, net of accumulated amortization of $6.2 million. Operating lease expense was $3.3 million and $10.1 million for the three and nine months ended September 30, 2019, respectively, and includes short-term leases that were immaterial. Operating cash flows from operating leases were $2.1 million and $6.2 million for the three and nine months ended September 30, 2019, respectively. The below maturity schedule represents the undiscounted lease payments for the 5-year period and thereafter as of September 30, 2019.
|  | As of September 30, 2019 |
|  | Operating Leases |
|  | (In thousands) |
Remaining 2019 |  | $ | 2,114 |
2020 |  |  | 8,543 |
2021 |  |  | 7,635 |
2022 |  |  | 6,428 |
2023 |  |  | 5,426 |
Thereafter |  |  | 9,531 |
Total lease payments |  |  | 39,677 |
Less amount of payment representing interest |  |  | (3,535 | )
Total present value of lease payments |  | $ | 36,142 |
The following table shows future minimum payments under operating leases with terms in excess of one year as of December 31, 2018.
|  | As of December 31, 2018 |
|  | Operating Leases |
|  | (In thousands) |
2019 |  | $ | 8,835 |
2020 |  |  | 7,220 |
2021 |  |  | 6,406 |
2022 |  |  | 5,406 |
2023 |  |  | 4,208 |
Thereafter |  |  | 4,899 |
Total minimum lease payments |  | $ | 36,974 |

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- 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
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