LEASE

3 Months Ended

Mar. 31, 2019

A lease provides the lessee the right to control the use of an identified asset for a period of time in exchange for consideration. The Company has primarily entered into operating leases for branches and office space. Most of our leases contain renewal options, which we are reasonably certain to exercise. Including renewal options, our leases range from 3 years to 50 years Operating lease right-of-use assets and lease liabilities are included in Other assets and Accrued interest and other liabilities on the Company's Consolidated Balance Sheet.

The Company uses its incremental borrowing rate to determine the present value of the lease payments, as the rate implicit in the Company's leases is not readily determinable. Lease agreements that contain non-lease components are generally accounted for as a single lease component, while variable costs, such as common area maintenance expenses and property taxes, are expensed as incurred.

The following table summarizes the Company's ROU assets and related lease liabilities at March 31, 2019.


(Dollars in thousands)	March 31, 2019
Cash paid for operating lease liabilities	$	180
Right-of-use assets obtained in exchange for new operating lease obligations⁽¹⁾	$	8,115
Weighted-average remaining lease term (in years)	21.3
Weighted-average discount rate	4.7		%

⁽¹⁾ Included $7,971,000 for operating leases existing on January 1, 2019, and $144,000 for operating leases that commenced in the first quarter of 2019.

The following table presents maturities of the Company's lease liabilities.


(Dollars in thousands)
Remainder of 2019	$	553
2020	746
2021	631
2022	591
2023	607
2024	592
Thereafter	9,865
	13,585
Less imputed interest	5,556
Total lease liabilities	$	8,029