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Right-Of-Use Assets and Lease Liabilities | 12 Months Ended
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Dec. 31, 2019
Leases [Abstract] |
RIGHT-OF-USE ASSETS AND LEASE LIABILITIES | RIGHT-OF-USE ASSETS AND LEASE LIABILITIES We have 51 lease contracts that we have recognized under the new lease standard, ASC Topic 842. These leases are for our branch, loan production and support services facilities. We have recognized 48 operating leases and three finance leases under the new lease accounting standard. Included in the lease expense for premises are leases with one S&T director, which totaled approximately $0.2 million for each of the three years 2019, 2018 and 2017. The following table presents our lease expense for finance and operating leases for the years ended December 31:
(dollars in thousands) |  | 2019 |  |  | 2018 |  |  | 2017 |
Operating lease expense |  | $ | 4,221 |  |  | $ | 3,850 |  |  | $ | 3,980 |
Amortization of ROU assets - finance leases |  | 101 |  |  | 44 |  |  | 43 |
Interest on lease liabilities - finance leases (1) |  | 74 |  |  | 11 |  |  | 20 |
Total Lease Expense |  | $ | 4,396 |  |  | $ | 3,905 |  |  | $ | 4,043 |
(1) Included in borrowings interest expense in our Consolidated Statements of Net Income. All other lease costs in this table are included in net occupancy expense.
The following table presents our ROU assets, weighted average term and the discount rates for finance and operating leases as of December 31, 2019:
(dollars in thousands) |  |  |  |  |  |
Operating Leases |  |  |  |  |  |
ROU assets |  |  |  |  |  | $ | 47,686 |
Operating cash flows |  |  |  |  |  | $ | 5,028 |
Finance Leases |  |  |  |  |  |
ROU assets |  |  |  |  |  | $ | 1,513 |
Operating cash flows |  |  |  |  |  | $ | 47 |
Financing cash flows |  |  |  |  |  | $ | 57 |
Weighted Average Lease Term - Years |  |  |  |  |  |
Operating leases |  |  |  |  |  | 19.18 |
Finance leases |  |  |  |  |  | 12.16 |
Weighted Average Discount Rate |  |  |  |  |  |
Operating leases |  |  |  |  |  | 5.94 | %
Finance leases |  |  |  |  |  | 5.73 | %
Leases acquired from the DNB merger were remeasured at the acquisition date resulting in a ROU asset of $10.9 million at December 31, 2019. The following table presents the maturity analysis of lease liabilities for finance and operating leases as of December 31, 2019:
(dollars in thousands) |  |  |  |  |  |
Maturity Analysis |  | Finance |  | Operating |  |  | Total |
2020 |  | $ | 267 |  |  | $ | 4,618 |  |  | $ | 4,885 |
2021 |  | 269 |  |  | 4,586 |  |  | 4,855 |
2022 |  | 225 |  |  | 4,647 |  |  | 4,872 |
2023 |  | 129 |  |  | 4,716 |  |  | 4,845 |
2024 |  | 130 |  |  | 4,760 |  |  | 4,890 |
Thereafter |  | 1,277 |  |  | 69,641 |  |  | 70,918 |
Total |  | 2,297 |  |  | 92,968 |  |  | 95,265 |
Less: Present value discount |  | (719 | ) |  | (40,461 | ) |  | (41,180 | )
Lease Liabilities |  | $ | 1,578 |  |  | $ | 52,507 |  |  | $ | 54,085 |
RIGHT-OF-USE ASSETS AND LEASE LIABILITIES | RIGHT-OF-USE ASSETS AND LEASE LIABILITIES We have 51 lease contracts that we have recognized under the new lease standard, ASC Topic 842. These leases are for our branch, loan production and support services facilities. We have recognized 48 operating leases and three finance leases under the new lease accounting standard. Included in the lease expense for premises are leases with one S&T director, which totaled approximately $0.2 million for each of the three years 2019, 2018 and 2017. The following table presents our lease expense for finance and operating leases for the years ended December 31:
(dollars in thousands) |  | 2019 |  |  | 2018 |  |  | 2017 |
Operating lease expense |  | $ | 4,221 |  |  | $ | 3,850 |  |  | $ | 3,980 |
Amortization of ROU assets - finance leases |  | 101 |  |  | 44 |  |  | 43 |
Interest on lease liabilities - finance leases (1) |  | 74 |  |  | 11 |  |  | 20 |
Total Lease Expense |  | $ | 4,396 |  |  | $ | 3,905 |  |  | $ | 4,043 |
(1) Included in borrowings interest expense in our Consolidated Statements of Net Income. All other lease costs in this table are included in net occupancy expense.
The following table presents our ROU assets, weighted average term and the discount rates for finance and operating leases as of December 31, 2019:
(dollars in thousands) |  |  |  |  |  |
Operating Leases |  |  |  |  |  |
ROU assets |  |  |  |  |  | $ | 47,686 |
Operating cash flows |  |  |  |  |  | $ | 5,028 |
Finance Leases |  |  |  |  |  |
ROU assets |  |  |  |  |  | $ | 1,513 |
Operating cash flows |  |  |  |  |  | $ | 47 |
Financing cash flows |  |  |  |  |  | $ | 57 |
Weighted Average Lease Term - Years |  |  |  |  |  |
Operating leases |  |  |  |  |  | 19.18 |
Finance leases |  |  |  |  |  | 12.16 |
Weighted Average Discount Rate |  |  |  |  |  |
Operating leases |  |  |  |  |  | 5.94 | %
Finance leases |  |  |  |  |  | 5.73 | %
Leases acquired from the DNB merger were remeasured at the acquisition date resulting in a ROU asset of $10.9 million at December 31, 2019. The following table presents the maturity analysis of lease liabilities for finance and operating leases as of December 31, 2019:
(dollars in thousands) |  |  |  |  |  |
Maturity Analysis |  | Finance |  | Operating |  |  | Total |
2020 |  | $ | 267 |  |  | $ | 4,618 |  |  | $ | 4,885 |
2021 |  | 269 |  |  | 4,586 |  |  | 4,855 |
2022 |  | 225 |  |  | 4,647 |  |  | 4,872 |
2023 |  | 129 |  |  | 4,716 |  |  | 4,845 |
2024 |  | 130 |  |  | 4,760 |  |  | 4,890 |
Thereafter |  | 1,277 |  |  | 69,641 |  |  | 70,918 |
Total |  | 2,297 |  |  | 92,968 |  |  | 95,265 |
Less: Present value discount |  | (719 | ) |  | (40,461 | ) |  | (41,180 | )
Lease Liabilities |  | $ | 1,578 |  |  | $ | 52,507 |  |  | $ | 54,085 |

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance 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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- 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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