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Leases | 3 Months Ended
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Mar. 31, 2019
Leases [Abstract] |
Leases | Leases Effective January 1, 2019, the Company adopted Accounting Standards Update (“ASU”) No. 2016-02, Leases (“Topic 842”) and all subsequent ASU's that modified Topic 842, as further explained in Note 12, Recent Accounting Pronouncements. The Company’s leases primarily relate to real estate property for branches and office space with terms extending from 18 months up to 36 years. At March 31, 2019, all of the Company's leases are classified as operating leases. The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use assets and operating lease liabilities in the consolidated balance sheets. Right-of-use assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recorded at the present value of lease payments over the lease term. As the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate in determining the present value of lease payments. Certain leases include options to renew, with one or more renewal terms ranging from five to ten years. As these extension options are not generally considered reasonably certain of renewal, they are not included in the lease term. At March 31, 2019, the Company’s operating lease right-of-use assets and related lease liabilities included in the consolidated balance sheet were $43.5 million and $47.4 million, respectively. During the three months ended March 31, 2019, right-of-use assets obtained in exchange for new lease obligations were $1.0 million. Operating lease expense is recognized on a straight-line basis over the lease term, while variable lease payments are recognized as incurred. Variable lease payments include common area maintenance charges, real estate taxes, repairs and maintenance costs and utilities. Operating and variable lease expenses are recorded in occupancy expense in the consolidated statements of income. Supplemental lease information at or for the three months ended March 31, 2019 is as follows (dollars in thousands):
Operating lease cost | $ | 1,466 |
Variable lease cost | 778 |
Net lease cost | $ | 2,244 |
Cash paid for amounts included in measurement of operating lease liabilities | $ | 1,327 |
Weighted average remaining lease term | 13.05 years |
Weighted average discount rate | 3.60 | %
The following table summarizes lease payment obligations for each of the next five years and thereafter in addition to a reconcilement to the Company's current lease liability (dollars in thousands):
Year | Amount
2019 | $ | 4,574 |
2020 | 6,156 |
2021 | 5,730 |
2022 | 5,068 |
2023 | 4,975 |
Thereafter | 35,287 |
Total lease payments | $ | 61,790 |
Less: imputed interest | (14,376 | )
Present value of lease liabilities | $ | 47,414 |
As of March 31, 2019, the Company had not entered into any leases that have not yet commenced. The following table summarizes projected minimum annual rental payments for operating leases under FASB ASC 840 “Leases” as of December 31, 2018 (dollars in thousands):
| Rental Payments Operating Leases
Year ending December 31: |
2019 | $ | 5,735 |
2020 | 5,949 |
2021 | 5,512 |
2022 | 4,844 |
2023 | 4,744 |
Thereafter | 35,260 |
Total minimum lease payments | $ | 62,044 |
Net rental expense included in occupancy expense under FASB ASC 840 was $1.4 million for the quarter ended March 31, 2018.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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