The Company maintains lease agreements related to its branch network and for its corporate headquarters. The branch lease agreements range from one to five years and generally contain options to extend from one to three years. The corporate headquarters lease agreement was renewed with a lease maturity date of March 2023. All of the Company’s lease agreements are considered operating leases. None of the Company’s lease payments are dependent on a rate or index that may change after the commencement date, other than the passage of time.

The Company’s lease liability was $3.4 million and $3.4 million as of June 30, 2021 and March 31, 2021, respectively. This liability is based on the present value of the remaining minimum rental payments using a discount rate that is determined based on the Company’s incremental borrowing rate. The lease asset was $3.4 million and $3.4 million as of June 30, 2021 and March 31, 2021, respectively.

Future minimum lease payments under non-cancellable operating leases in effect as of June 30, 2021, are as follows:

in thousands
FY2022 (remaining nine months)	$	1,110
FY2023		1,181
FY2024		693
FY2025		481
FY2026		253
Thereafter	$	20
Total future minimum lease payments		3,738
Present value adjustment		(328	)
Operating lease liability	$	3,410

The following table reports information about the Company’s lease cost for the three months ended June 30, 2021 (in thousands):

Lease cost:
Operating lease cost	$	390
Variable lease cost		86
Total lease cost	$	476

The following table reports information about the Company’s lease cost for the three months ended June 30, 2020 (in thousands):

Lease cost:
Operating lease cost	$	411
Variable lease cost		97
Total lease cost	$	508

The following table reports other information about the Company’s leases for the three months ended June 30, 2021 (dollar amounts in thousands):

Other Lease Information
Operating Lease - Operating Cash Flows (Fixed Payments)	$	385
Operating Lease - Operating Cash Flows (Liability Reduction)	$	335
Weighted Average Lease Term - Operating Leases		3.0 years
Weighted Average Discount Rate - Operating Leases		6.5%

The following table reports other information about the Company’s leases for the three months ended June 30, 2020 (dollar amounts in thousands):

Other Lease Information
Operating Lease - Operating Cash Flows (Fixed Payments)	$	428
Operating Lease - Operating Cash Flows (Liability Reduction)	$	386
Weighted Average Lease Term - Operating Leases		3.0 years
Weighted Average Discount Rate - Operating Leases		6.5%