Leases

6 Months Ended

Jun. 30, 2019

LEASES

The Company has banking and limited-service facilities, datacenters, and certain equipment leased under agreements. Most of the leases expire between 2019 and 2024 and include one or more renewal options of up to five years. One lease expires in 2030. All the leases are classified as operating leases.



	For the three months ended			For the six months ended
(in thousands)	June 30, 2019			June 30, 2019
Operating lease cost	$	807		$	1,613
Short-term lease cost	73			134
Less: sublease income	$	(184	)	$	(272	)
Total lease cost	$	696		$	1,475

Payments on operating leases included in the measurement of lease liabilities during the six months ended June 30, 2019 totaled $1.6 million.

Supplemental balance sheet information related to leases was as follows:



	As of
(in thousands)	June 30, 2019
Operating lease right-of-use assets	$	14,164
Operating lease liabilities	14,815

Operating leases
Weighted average remaining lease term	5 years
Weighted average discount rate	3.0		%

Maturities of operating lease liabilities were as follows:



(in thousands)
Year	Amount
2019	$	1,618
2020	3,246
2021	3,272
2022	2,709
2023	2,106
Thereafter	3,143
Total operating lease liabilities, payments	16,094
Less: present value adjustment	1,279
Operating lease liabilities	$	14,815

As of June 30, 2019, we have an operating lease amendment for the expansion of an existing facility that has not yet commenced. This amendment will commence in 2019 with a lease term of 8 years.

During the quarter ended June 30, 2019, we executed an agreement, as landlord, to lease a portion of an owned building. The agreement will commence in the third quarter of 2019. The initial term is for 7 years, with an annual rental income of $1.3 million.