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Note 10 - Leases | 6 Months Ended
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Jun. 30, 2020
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 Right-of-Use (“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 June 30, 2020. Accounting Policy Elections - The Company has elected the package of practical expedients that permits the Company to not reassess its 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 the Company's leases. The ROU assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. The Company uses its incremental borrowing rate to determine the present value of its lease liabilities. The following table presents the operating lease related assets and liabilities recorded on the Condensed Consolidated Balance Sheet, and the weighted-average remaining lease terms and discount rates as of June 30, 2020 and December 31, 2019:
|  | June 30, 2020 |  |  | December 31, 2019 |
|  | ($ In millions) |
Operating Leases: |  |  |  |  |  |  |  |
ROU assets |  | $ | 34.2 |  |  | $ | 34.0 |
Lease liabilities |  | $ | 36.4 |  |  | $ | 35.9 |
Weighted-average remaining lease term (in years) |  |  | 5.0 |  |  |  | 5.4 |
Weighted-average discount rate |  |  | 2.85 | % |  |  | 3.10 | %
Operating lease expense was $2.9 million and $3.4 million for the three months ended June 30, 2020 and June 30, 2019, respectively, and includes short-term leases that were immaterial. Operating lease expense was $5.8 million and $6.8 million for the six months ended June 30, 2020 and June 30, 2019, respectively, and includes short-term leases that were immaterial. Operating cash flows from operating leases were $2.4 million and $2.0 million for the three months ended June 30, 2020 and 2019, respectively. Operating cash flows from operating leases were $4.6 million and $4.1 million for the six months ended June 30, 2020 and 2019, respectively. The following table presents a maturity analysis of the Company’s operating lease liabilities as of June 30, 2020 and December 31, 2019, respectively.
|  | As of June 30, 2020 |
|  | Operating Leases |
|  | (In thousands) |
Remaining 2020 |  | $ | 4,671 |
2021 |  |  | 9,120 |
2022 |  |  | 7,983 |
2023 |  |  | 6,587 |
2024 |  |  | 4,464 |
Thereafter |  |  | 6,485 |
Total lease payments |  |  | 39,310 |
Less amount of payment representing interest |  |  | (2,902 | )
Total present value of lease payments |  | $ | 36,408 |
|  | As of December 31, 2019 |
|  | Operating Leases |
|  | (In thousands) |
2020 |  | $ | 8,764 |
2021 |  |  | 7,923 |
2022 |  |  | 6,771 |
2023 |  |  | 5,714 |
2024 |  |  | 3,852 |
Thereafter |  |  | 6,199 |
Total lease payments |  |  | 39,223 |
Less amount of payment representing interest |  |  | (3,350 | )
Total present value of lease payments |  | $ | 35,873 |

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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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