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Commitments and Contingent Liabilities (Tables)

12 Months Ended

Dec. 31, 2019

Commitments and Contingent Liabilities

Schedule of details on these fixed and determinable obligations

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, 2019 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)	$	5,941,352	$	—	$	—	$	—	$	5,941,352
Time deposits (1)		798,380		375,879		108,780		—		1,283,039
Borrowed funds (2)		280,980		—		70,000		150,000		500,980
Operating lease obligations		8,468		12,765		7,674		3,560		32,467
Outside data processing (3)		5,037		9,814		5,261		—		20,112
George Mason sponsorship (4)		663		1,350		1,350		7,463		10,826
D.C. United (5)		796		1,663		—		—		2,459
LIHTC investments (6)		3,690		4,426		2,347		797		11,260
Total	$	7,039,366	$	405,897	$	195,412	$	161,820	$	7,802,495

(1)	Excludes accrued interest payable at December 31, 2019.

(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 June 2024 and two other vendor arrangements that relate to network infrastructure and data center services, one expires in December 2021 and the other expires in December 2020.

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