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Leases | 9 Months Ended
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Sep. 30, 2019
Lessee Disclosure [Abstract] |
Leases | Leases Effective January 1, 2019, the Company adopted new accounting guidance regarding Leases (Topic 842). As of September 30, 2019, the Company leased eight branch offices for which the land and buildings are leased and nine branch offices for which the land is leased but the building is owned. The Company also leases one loan production office and office space for several operational departments. All of the Company’s leases have historically qualified as operating leases under prior accounting guidance, and therefore, were not previously recognized on the Company’s Consolidated Balance Sheets. The lease agreements have maturity dates ranging from January 2021 through May 2076, some of which include options for multiple five- and ten-year extensions. The weighted average remaining life of the lease term for these leases was 19.80 years as of September 30, 2019. The discount rate that was determined for each lease was based on the Company’s incremental borrowing rate at lease inception, on a collateralized basis, over a similar term. For operating leases existing prior to January 1, 2019, the rate for the remaining lease term as of January 1, 2019 was used. The weighted average discount rate for leases was 3.30% as of September 30, 2019. Total operating lease expense was $1.9 million for the nine months ended September 30, 2019. The right-of-use assets, included in premises and equipment, and lease liabilities, included in other liabilities, were $20.6 million and $20.7 million as of September 30, 2019, respectively. Estimated lease payments for the Company’s operating leases with initial terms of one year or more as of September 30, 2019 were as follows.
($ in thousands) | Maturity Analysis of Lease Liabilities
October 1 to December 31, 2019 | $ | 583 |
2020 | 2,504 |
2021 | 2,329 |
2022 | 1,941 |
2023 | 1,848 |
Thereafter | 21,145 |
Total estimated lease payments | 30,350 |
Less effect of discounting | (9,607 | )
Present value of estimated lease payments (lease liability) | $ | 20,743 |
Future obligations for minimum rentals under noncancealable operating leases at December 31, 2018 were as follows:
($ in thousands) | Future obligations for minimum rentals under noncancelable operating leases
2019 | $ | 2,268 |
2020 | 1,973 |
2021 | 1,344 |
2022 | 869 |
2023 | 768 |
Thereafter | 4,082 |
Total estimated lease payments | $ | 11,304 |

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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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