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Leasing (Notes) | 3 Months Ended
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Mar. 31, 2020
Leases [Abstract] |
Leasing | Leasing In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” and subsequent amendments, which replaced existing lease guidance in GAAP and requires lessees to recognize right-of-use (ROU) assets and lease liabilities on the Consolidated Statement of Condition for leases greater than twelve months and disclose key information about leasing arrangements. We adopted the standard on January 1, 2019 using the modified retrospective method and used the effective date as our date of initial application. There were no adjustments to “Retained earnings” on adoption. The new standard provides a number of optional practical expedients for transition. We elected the package of practical expedients under the transition guidance which permitted us not to reassess under the new standard our prior conclusions for lease identification and lease classification on expired or existing contracts and whether initial direct costs previously capitalized would qualify for capitalization under FASB Accounting Standards Codification (ASC) 842. We did not elect the hindsight practical expedient to determine the reasonably certain lease term for existing leases. The new standard also provides practical expedients and recognition exemptions for an entity’s ongoing accounting policy elections. We are committed under short and long-term lease agreements for branch and ATM locations. Some of these agreements contain variable payment provisions that depend on an index or rate, initially measured using the index or rate at the lease commencement date, and are therefore not included in our future minimum lease payments. These variable lease agreements include usage-based payments for utilities, taxes, janitorial services and building maintenance. Our long-term lease agreements do not contain any material restrictive covenants. Our property leases have remaining terms of less than 1 year to 22 years. Some of these leases may include options to extend the leases for up to 29 years, and some may include options to terminate the leases within 30 days. The Company’s lease agreements often include one or more options to renew at the Company’s discretion. If at lease inception, the Company considers the exercising of a renewal option to be reasonably certain, the Company will include the extended term in the calculation of the ROU asset and lease liability. Operating lease amounts included in the Consolidated Statement of Condition are as follows:
(In thousands) |  | March 31, 2020 | December 31, 2019
Assets | Classification |  |
ROU assets | Other assets | $ | 33,231 |  | $ | 33,501 |
Liabilities |  |  |
Current lease liabilities | Other liabilities | $ | 3,188 |  | $ | 3,256 |
Non-current lease liabilities | Other liabilities | 32,450 |  | 32,666 |
Total lease liabilities |  | $ | 35,638 |  | $ | 35,922 |
The components of operating lease expense, primarily included in “Net occupancy expense of premises,” were as follows:
(In thousands) | Three Months Ended March 31, 2020 | Three Months Ended March 31, 2019
Lease Costs |  |
Operating lease cost | $ | 1,174 |  | $ | 1,142 |
Variable lease cost | 164 |  | 96 |
Short-term lease cost | 0 |  | 0 |
Sublease income | (8 | ) | (8 | )
Total lease cost | $ | 1,330 |  | $ | 1,230 |
At March 31, 2020, we did not have any material finance lease assets or liabilities. Other information related to operating leases was as follows:
(In thousands) | Three Months Ended March 31, 2020 | Three Months Ended March 31, 2019
Cash paid for amounts included in the measurement of lease liabilities: |  |
Operating cash flows from operating leases | $ | 1,189 |  | $ | 1,159 |
Weighted-average remaining lease term on operating leases | 13.72 years |  | 14.12 years |
Weighted-average discount rates on operating leases | 3.53 | % | 3.53 | %
ROU assets obtained in exchange for lease liabilities | 549 |  | 35,706 |
Future minimum lease payments under operating leases were as follows:
(In thousands) | Operating Leases
Nine Months 2020 | $ | 3,326 |
2021 | 4,163 |
2022 | 4,117 |
2023 | 3,876 |
2024 | 3,742 |
2025 and subsequent years | 26,979 |
Total lease payments | $ | 46,203 |
Less: Interest | (10,565 | )
Present value of lease liabilities | $ | 35,638 |

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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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