9. CONTRACTUAL OBLIGATIONS AND OFF-BALANCE SHEET ITEMS Contractual Obligations The Companys contractual obligations and other commitments to make future payments as of June 30, 2019 (other than deposit obligations and securities sold under repurchase agreements) are summarized below. Federal Home Loan Bank Borrowings The Companys future cash payments associated with its contractual obligations pursuant to its Federal Home Loan Bank (FHLB) advances and notes payable as of June 30, 2019 are summarized below. Payments for FHLB notes payable include interest of $75 thousand that will be paid over the future periods. The payments do not include pre-payment options that may be available to the Company. 1 year or less More than 1 year but less than 3 years 3 years or more but less than 5 years 5 years or more Total (Dollars in thousands) Federal Home Loan Bank advances and notes payable $ 940,323 $ 448 $ 125 $ 53 $ 940,949 Leases The Companys leases relate primarily to operating leases for office space and banking centers. The Company determines if an arrangement is a lease or contains a lease at inception. The Companys leases have remaining lease terms of 1 to 13 years, which may include the option to extend the lease when it is reasonably certain for the Company to exercise that option. Operating lease right-of-use (ROU) assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The Company uses its incremental collateralized borrowing rate to determine the present value of lease payments. Short-term leases and leases with variable lease costs are immaterial and the Company does not have any sublease arrangements. As of June 30, 2019, operating lease ROU assets and lease liabilities were approximately $15 million. ROU assets and lease liabilities were classified as other assets and other liabilities, respectively. As of June 30, 2019, the weighted average remaining lease terms of the Companys operating leases were 5.2 years. The weighted average discount rate used to determine the lease liabilities as of June 30, 2019 for the Companys operating leases was 3.43%. Cash paid for the Companys operating leases for the three and six months ended June 30, 2019 was $1.4 million and $2.8 million, respectively. The Companys future undiscounted cash payments associated with its operating leases as of June 30, 2019 are summarized below (dollars in thousands). Remaining 2019 $ 2,412 2020 4,158 2021 3,129 2022 2,639 2023 2,066 2024 1,287 Thereafter 4,057 Total undiscounted lease payments $ 19,748 The following table presents a summary of non-cancelable future operating lease commitments as of December 31, 2018 (dollars in thousands): 2019 $ 4,897 2020 4,088 2021 3,013 2022 2,319 2023 2,025 Thereafter 3,597 Total non-cancelable lease payments $ 19,939 Off-Balance Sheet Items In the normal course of business, the Company enters into various transactions that, in accordance with GAAP, are not included in its consolidated balance sheets. The Company enters into these transactions to meet the financing needs of its customers. These transactions include commitments to extend credit and standby letters of credit, which involve, to varying degrees, elements of credit risk and interest rate risk in excess of the amounts recognized in the consolidated balance sheets. The Companys commitments associated with outstanding standby letters of credit and commitments to extend credit expiring by period as of June 30, 2019 are summarized below. Since commitments associated with letters of credit and commitments to extend credit may expire unused, the amounts shown do not necessarily reflect the actual future cash funding requirements. 1 year or less More than 1 year but less than 3 years 3 years or more but less than 5 years 5 years or more Total (Dollars in thousands) Standby letters of credit $ 59,278 $ 6,892 $ 1,540 $  $ 67,710 Commitments to extend credit 1,079,334 423,900 109,412 1,027,608 2,640,254 Total $ 1,138,612 $ 430,792 $ 110,952 $ 1,027,608 $ 2,707,964