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Leases (Tables)

3 Months Ended

Mar. 31, 2020

Schedule of Right-of-Use Assets and Lease Liabilities

The following table represents the classification of the Company’s ROU assets and lease liabilities on the consolidated statements of financial condition (in thousands):



		March 31, 2020		December 31, 2019
Lease ROU Assets	Classification
Operating lease ROU asset	Other assets	$	27,037	$	18,682
Finance lease ROU asset	Premises and equipment, net	1,494		1,534
Total Lease ROU Asset		$	28,531	$	20,216

Lease Liabilities
Operating lease liability	Other liabilities	$	27,322	$	18,893
Finance lease liability	Other borrowings	1,906		1,953
Total Lease Liability		$	29,228	$	20,846

Schedule of Weighted Average Remaining Lease Term and Discount Rate



	March 31, 2020		December 31, 2019
Weighted-Average Remaining Lease Term
Operating leases	7.66 years		9.69 years
Finance lease	9.35 years		9.60 years
Weighted-Average Discount Rate
Operating leases	3.00	%	3.45	%
Finance lease	5.63	%	5.63	%

Schedule of Lease Costs and Other Lease Information

The following table represents lease expenses and other lease information (in thousands):



	Three Months Ended March 31, 2020		Three Months Ended March 31, 2019
Lease Expense
Operating Lease Expense	$	1,723	$	969
Finance Lease Expense:
Amortization of ROU assets	40		108
Interest on lease liabilities⁽¹⁾	27		90
Total	$	1,790	$	1,167

Other Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,648	$	934
Operating cash flows from finance leases	27		90
Financing cash flows from finance leases	47		127

(1)

Included in borrowed funds interest expense on the consolidated statements of income. All other costs are included in occupancy expense.

Future Minimum Payments for Finance Leases

Future minimum payments for the finance lease and operating leases with initial or remaining terms of one year or more as of March 31, 2020 were as follows (in thousands):



	Finance Lease			Operating Leases
For the Twelve Months Ended March 31,
2021	$	295		$	6,570
2022	295			6,271
2023	295			4,046
2024	295			2,785
2025	295			2,456
Thereafter	868			9,199
Total	$	2,343		$	31,327
Less: Imputed Interest	(437		)	(4,005		)
Total Lease Liabilities	$	1,906		$	27,322

Future Minimum Payments for Operating Leases

Future minimum payments for the finance lease and operating leases with initial or remaining terms of one year or more as of March 31, 2020 were as follows (in thousands):



	Finance Lease			Operating Leases
For the Twelve Months Ended March 31,
2021	$	295		$	6,570
2022	295			6,271
2023	295			4,046
2024	295			2,785
2025	295			2,456
Thereafter	868			9,199
Total	$	2,343		$	31,327
Less: Imputed Interest	(437		)	(4,005		)
Total Lease Liabilities	$	1,906		$	27,322