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LEASES | 3 Months Ended
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Mar. 31, 2019
Leases [Abstract] |
LEASES | 13. LEASES On January 1, 2019, the Company adopted FASB issued ASU No. 2016-02, “Leases” (Topic 842), which establishes a right of use model that requires a lessee to record a ROU asset and a lease liability for all leases with terms longer than 12 months. The Company adopted the new lease guidance using the modified retrospective approach and elected the transition option issued under ASU 2018-11, Leases (Topic 842) Targeted Improvements, which allows entities to continue to apply the legacy guidance in ASC 840, Leases, to prior periods, including disclosure requirements. Accordingly, prior period financial results and disclosures have not been adjusted. The Company maintains certain property and equipment under direct financing and operating leases. Upon adoption of the new lease guidance, on January 1, 2019, the Company recorded a ROU asset and corresponding lease liability of $7.9 million and $8.2 million, respectively, on the consolidated statement of condition. As of March 31, 2019, the Company's operating lease ROU asset and operating lease liability totaled $7.5 million and $7.7 million, respectively. A weighted average discount rate of 3.20% was used in the measurement of the ROU asset and lease liability as of March 31, 2019. The Company's leases have remaining lease terms between one to seven years, with a weighted average lease term of 3.94 years at March 31, 2019. The Company’s lease agreements may include options to extend or terminate the lease. The Company’s decision to exercise renewal options is based on an assessment of its current business needs and market factors at the time of the renewal. Total operating lease costs were $624 thousand and variable lease costs were $73 thousand for the three months ended March 31, 2019. The following is a schedule of the Company's operating lease liabilities by contractual maturity as of March 31, 2019:
(In thousands) |  |  |  |
2019 |  | $ | 2,294 |
2020 |  |  | 2,160 |
2021 |  |  | 1,396 |
2022 |  |  | 985 |
2023 |  |  | 574 |
Thereafter |  |  | 429 |
Total lease payments |  |  | 7,838 |
Less: imputed interest |  |  | 155 |
Total present value of lease payments |  |  | 7,683 |
The following table shows the supplemental cash flow information related to the Company’s direct finance and operating leases for the three months ended March 31, 2019:
(In thousands) |  |  |  |
Right-of-use asset obtained in exchange for lease obligation |  | $ | 7,862 |
Operating cash flows from operating leases |  |  | 567 |
Operating cash flows from direct finance leases |  |  | 99 |
Financing cash flows from direct finance leases |  |  | 187 |

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + 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 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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