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Commitments and Contingent Liabilities

12 Months Ended

Dec. 31, 2018

Commitments and Contingencies Disclosure [Abstract]

Note 21 – Commitments and Contingent Liabilities

The Company has various financial obligations, including contractual obligations and commitments that may require future cash payments. Except for its loan commitments, as shown in Note 20 to the Consolidated Financial Statements, the following table shows details on these fixed and determinable obligations as of December 31, 2018 in the time period indicated.

	Within One		One to		Three to		Over Five
(dollars in thousands)	Year		Three Years		Five Years		Years		Total
Deposits without a stated maturity (1)	$	5,646,886	$	—	$	—	$	—	$	5,646,886
Time deposits (1)		893,445		396,942		37,012		—		1,327,399
Borrowed funds (2)		30,413		—		—		220,000		250,413
Operating lease obligations		8,435		15,311		13,858		29,138		66,742
Outside data processing (3)		4,525		8,091		7,630		3,815		24,061
George Mason sponsorship (4)		650		1,325		1,350		8,475		11,800
D.C. United (5)		773		1,615		844		—		3,232
Non-Compete agreement (6)		21		—		—		—		21
LIHTC investments (7)		6,111		7,587		402		889		14,989
Total	$	6,591,259	$	430,871	$	61,096	$	262,317	$	7,345,543

(1)

Excludes accrued interest payable at December 31, 2018.

(2)

Borrowed funds include customer repurchase agreements, and other short-term and long-term borrowings.

(3)

The Bank has outstanding obligations under its current core data processing contract that expire in March 2025 and two other vendor arrangements that relate to network infrastructure and data center services, one expires in July 2020 and the other expires in December 2019.

(4)

The Bank has the option of terminating the George Mason agreement at the end of contract years 10 and 15 (that is, effective June 30, 2025 or June 30, 2030). Should the Bank elect to exercise its right to terminate the George Mason contract, contractual obligations would decrease $3.5 million and $3.6 million for the first option period (years 11-15) and the second option period (16-20), respectively.

(5)

Marketing sponsorship agreement with D.C. United

(6)

Non-compete agreement with a retired Director.

(7)

Low Income Housing Tax Credits (“LIHTC”) expected payments for unfunded affordable housing commitments.

In the normal course of its business, the Company is involved in litigation arising from banking, financial, and other activities it conducts. Management, after consultation with legal counsel, does not anticipate that the ultimate liability, if any, arising out of these matters will have a material effect on the Company’s financial condition, operating results or liquidity.