XML 27 R14.htm IDEA: XBRL DOCUMENT
v3.20.2

Leases | 9 Months Ended
--- | ---
Sep. 30, 2020
Leases [Abstract] |
Leases | Note 6. Leases A lease is defined as a contract that conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. On January 1, 2019, the Company adopted ASU No. 2016-2 “Leases” (Topic 842) and has adopted all subsequent ASUs that modified Topic 842. For the Company, Topic 842 primarily affected the accounting treatment for operating lease agreements in which the Company is the lessee. Substantially all of the leases in which the Company is the lessee are comprised of real estate property for branch offices, ATM locations, and corporate office space. Substantially all of our leases are classified as operating leases, and as such, were previously not recognized on the Company’s Consolidated Balance Sheets. With the adoption of Topic 842, operating lease agreements were required to be recognized on the Consolidated Balance Sheets as a right-of-use (“ROU”) asset and a corresponding lease liability. As of September 30, 2020, the Company had $27.2 million of operating lease ROU assets and $30.5 million of operating lease liabilities on the Company’s Consolidated Balance Sheets. As of December 31, 2019, the Company had $27.4 million of operating lease ROU assets and $30.0 million of operating lease liabilities on the Company’s Consolidated Balance Sheets. The Company elects not to recognize ROU assets and lease liabilities arising from short-term leases, leases with initial terms of twelve months or less, or equipment leases (deemed immaterial) on the Consolidated Balance Sheets. In accordance with ASC 842 on Leases, a $1.7 million one-time adjustment to rent expense was recorded during the third quarter as our internal review process identified a lease extension that was not originally recorded in the lease balances reflected in the Consolidated Balance Sheets upon implementation of the new lease accounting standard. Our leases contain terms and conditions of options to extend or terminate the lease which are recognized as part of the ROU assets and lease liabilities when an economic benefit to exercise the option exists and there is a 90% probability that the Company will exercise the option. If these criteria are not met, the options are not included in our ROU assets and lease liabilities. As of September 30, 2020, our leases do not contain material residual value guarantees or impose restrictions or covenants related to dividends or the Company’s ability to incur additional financial obligations. As of September 30, 2020, there were no leases that have been signed but did not yet commence as of the reporting date that create significant rights and obligations for the Company. The following table presents lease costs and other lease information. ​
​ |  | Nine Months Ended | ​
(dollars in thousands) |  | September 30, 2020 |  |  | September 30, 2019 | ​
Lease Cost |  |  | ​ |  | ​ | ​
Operating Lease Cost (Cost resulting from lease payments) |  | $ | 6,253 |  |  |  | $ | 5,857 |  | ​
Variable Lease Cost (Cost excluded from lease payments) |  | 720 |  |  |  | 815 |  | ​
Sublease Income |  | (261) |  |  |  | (282) |  | ​
Net Lease Cost |  | $ | 6,712 |  |  |  | $ | 6,390 |  | ​
​ |  | ​ | ​ |  | ​ | ​
Operating Lease - Operating Cash Flows (Fixed Payments) |  | $ | 6,648 |  |  |  | $ | 6,382 |  | ​
Right-of-Use Assets - Operating Leases |  | $ | 27,180 |  |  |  | $ | 26,552 |  | ​
Weighted Average Lease Term - Operating Leases |  | 5.27 | yrs |  | 5.11 | yrs
Weighted Average Discount Rate - Operating Leases |  | 4.00 | % | ​ |  | 4.00 | % | ​
​ Future minimum payments for operating leases with initial or remaining terms of more than one year as of September 30, 2020 were as follows: ​
(dollars in thousands) |  | ​
Twelve Months Ended: |  |
September 30, 2021 |  | $ | 8,384 |
September 30, 2022 |  | 6,592 |
September 30, 2023 |  | 5,296 |
September 30, 2024 |  | 4,595 |
September 30, 2025 |  | 3,847 |
Thereafter |  | 5,162 |
Total Future Minimum Lease Payments |  | 33,876 |
Amounts Representing Interest |  | (3,419) |
Present Value of Net Future Minimum Lease Payments |  | $ | 30,457 |
​ ​​

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for lessor's operating leases. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 55 -Paragraph 40 -Subparagraph Note 1 -URI http://asc.fasb.org/extlink&oid=82846649&loc=d3e38371-112697 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 55 -Paragraph 40 -Subparagraph Note 3 -URI http://asc.fasb.org/extlink&oid=82846649&loc=d3e38371-112697 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 30 -URI http://asc.fasb.org/subtopic&trid=77888252 + Details
Name: | us-gaap_OperatingLeasesOfLessorDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration