The Company purchases new equipment for the purpose of leasing such equipment to customers within its verticals. Equipment purchased to fulfill commitments to commercial renewable energy projects is rented out under operating leases while leases of equipment outside of the renewable energy vertical are generally direct financing leases. Accordingly, leased assets under operating leases are included in premises and equipment while leased assets under direct financing leases are included in loans and leases held for investment.

The gross lease payments receivable and the net investment included in accounts receivable for such leases are as follows:

	As of December 31,
	2019			2018

Gross direct finance lease payments receivable	$	13,959		$	12,541
Less - unearned interest		(2,562	)		(2,635	)
Net investment in direct financing leases	$	11,397		$	9,906

Future minimum lease payments receivable under direct finance leases are as follows:

As of December 31, 2019	Amount
2020	$	3,081
2021		2,969
2022		2,705
2023		2,260
2024		1,635
Thereafter		1,309
Total	$	13,959

Interest income of $991 thousand, $401 thousand and $55 thousand was recognized in the twelve months ended December 31, 2019, 2018 and 2017, respectively.

As of December 31, 2019 and 2018, the Company had a net investment of $144.3 million and $148.8 million, respectively, in assets included in premises and equipment that are subject to operating leases. Of the net investment, the gross balance of the assets was $164.3 million and $159.2 million and accumulated depreciation was $20.0 million and $10.4 million as of December 31, 2019 and 2018, respectively. Depreciation expense recognized on these assets for the twelve months ended December 31, 2019, 2018 and 2017 was $9.7 million, $8.2 million and $2.2 million, respectively.

Lease income of $9.4 million, $8.0 million and $1.9 million was recognized in the twelve months ended December 31, 2019, 2018 and 2017, respectively.

A maturity analysis of future minimum lease payments receivable under non-cancelable operating leases is as follows:

As of December 31, 2019	Amount
2020	$	9,005
2021		9,052
2022		9,044
2023		9,075
2024		8,808
Thereafter		40,110
Total	$	85,094

The Company has operating leases for real property, land, copiers and other equipment. These leases have remaining lease terms of 1 year to 27 years, some of which include options to extend the leases for up to 20 years, and some of which include options to terminate the leases. The Company has concluded that it is reasonably certain it will exercise the options to extend for only one lease, which was therefore recognized as part of the ROU asset and lease liability.

The Company has a finance lease for fitness equipment, and it has a remaining lease term of approximately 2.92 years. There are no options to extend or terminate this lease.

	December 31, 2019			December 31, 2018
Operating lease cost	$	186		$	669
Short-term lease cost		25			528
Finance lease cost:
Amortization of right-of-use assets		1			4
Interest expense on lease liabilities		—			—
Sublease income		(9	)		(35	)
Total net lease cost	$	203		$	1,166

Supplemental disclosure for the consolidated balance sheet related to finance leases is as follows:

The weighted average remaining lease term and weighted average discount rate for leases are as follows:

	As of December 31, 2019
Weighted average remaining lease term (years)
Operating leases		13.41
Finance lease		2.92
Weighted average discount rate
Operating leases		3.12	%
Finance lease		3.10	%

As of December 31, 2019	Operating Leases			Finance Leases
2020	$	670		$	5
2021		459			5
2022		434			5
2023		306			—
2024		194			—
Thereafter		1,245			—
Total lease payments		3,308			15
Less: imputed interest		(689	)		(1	)
Total lease liabilities	$	2,619		$	14

Lease disclosures for the years ended December 31, 2018 and 2017 prior to the adoption of ASC 842 are as follows:

Pursuant to the terms of non-cancelable lease agreements in effect at December 31, 2018 pertaining to Company premises and equipment, future minimum rent commitments under various operating leases are as follows:

As of December 31, 2018	Amount
2019	$	1,068
2020		512
2021		316
2022		275
2023		144
Thereafter		107
Total	$	2,422

Lease payments for renewal options are not included in the future minimum lease table as of December 31, 2018.

The Company’s total rent expense related to the aforementioned leases for 2018 and 2017 was $1.2 million and $848 thousand, respectively.