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Leases (Tables) | 6 Months Ended
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Jun. 30, 2020
Leases [Abstract] |
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):
|  |  |  | June 30, 2020 |  | December 31, 2019
Lease ROU Assets |  | Classification |  |  |  |
Operating lease ROU asset |  | Other assets |  | $ | 24,888 |  |  | $ | 18,682 |
Finance lease ROU asset |  | Premises and equipment, net |  | 1,454 |  |  | 1,534 |
Total Lease ROU Asset |  |  |  | $ | 26,342 |  |  | $ | 20,216 |
Lease Liabilities |  |  |  |  |  |
Operating lease liability |  | Other liabilities |  | $ | 25,227 |  |  | $ | 18,893 |
Finance lease liability |  | Other borrowings |  | 1,858 |  |  | 1,953 |
Total Lease Liability |  |  |  | $ | 27,085 |  |  | $ | 20,846 |
Schedule of Weighted Average Remaining Lease Term and Discount Rate |
|  | June 30, 2020 |  | December 31, 2019
Weighted-Average Remaining Lease Term |  |  |  |
Operating leases |  | 7.79 years |  |  | 9.69 years |
Finance lease |  | 9.10 years |  |  | 9.60 years |
Weighted-Average Discount Rate |  |  |  |
Operating leases |  | 3.03 | % |  | 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 |  | Six Months Ended
|  | June 30, 2020 |  | June 30, 2019 |  | June 30, 2020 |  | June 30, 2019
Lease Expense |  |  |  |  |  |  |  |
Operating Lease Expense |  | $ | 1,590 |  |  | $ | 999 |  |  | $ | 3,313 |  |  | $ | 1,968 |
Finance Lease Expense: |  |  |  |  |  |  |  |
Amortization of ROU assets |  | 41 |  |  | 85 |  |  | 81 |  |  | 193 |
Interest on lease liabilities(1) |  | 26 |  |  | 29 |  |  | 53 |  |  | 118 |
Total |  | $ | 1,657 |  |  | $ | 1,113 |  |  | $ | 3,447 |  |  | $ | 2,279 |
Other Information |  |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 1,404 |  |  | $ | 931 |  |  | $ | 3,052 |  |  | $ | 1,865 |
Operating cash flows from finance leases |  | 26 |  |  | 29 |  |  | 53 |  |  | 118 |
Financing cash flows from finance leases |  | 47 |  |  | 44 |  |  | 94 |  |  | 171 |
(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 June 30, 2020 were as follows (in thousands):
|  | Finance Lease |  | Operating Leases
For the Twelve Months Ended June 30, |  |  |  |
2021 |  | $ | 295 |  |  | $ | 6,069 |
2022 |  | 295 |  |  | 5,800 |
2023 |  | 295 |  |  | 3,462 |
2024 |  | 295 |  |  | 2,660 |
2025 |  | 295 |  |  | 2,409 |
Thereafter |  | 795 |  |  | 8,628 |
Total |  | $ | 2,270 |  |  | $ | 29,028 |
Less: Imputed Interest |  | (412 | ) |  | (3,801 | )
Total Lease Liabilities |  | $ | 1,858 |  |  | $ | 25,227 |
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 June 30, 2020 were as follows (in thousands):
|  | Finance Lease |  | Operating Leases
For the Twelve Months Ended June 30, |  |  |  |
2021 |  | $ | 295 |  |  | $ | 6,069 |
2022 |  | 295 |  |  | 5,800 |
2023 |  | 295 |  |  | 3,462 |
2024 |  | 295 |  |  | 2,660 |
2025 |  | 295 |  |  | 2,409 |
Thereafter |  | 795 |  |  | 8,628 |
Total |  | $ | 2,270 |  |  | $ | 29,028 |
Less: Imputed Interest |  | (412 | ) |  | (3,801 | )
Total Lease Liabilities |  | $ | 1,858 |  |  | $ | 25,227 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918686-209980 + Details
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