Note 10—Leases

The Company has operating lease agreements relating to its facilities. The Company’s operating lease agreements have remaining terms ranging from less than one year to ten years; some of these operating lease agreements include options to extend the term for up to five years. None of the Company’s operating lease agreements require the Company to make variable lease payments.

The Company’s lease agreements are summarized below:



	Quarter ended		Nine months ended
	September 30, 2019		September 30, 2019
	(dollars in thousands)
Lease expense:
Operating leases	$	3,356	$	9,817
Short-term leases		213		644
Sublease income		(35)		(94)
Net lease expense included in Occupancy and equipment	$	3,534	$	10,367

Other information:
Cash payments for operating leases	$	4,063	$	11,793
Operating lease right-of-use assets recognized
Upon adoption of ASU 2016-02	$	—	$	58,713
New leases		1,929		1,929
	$	1,929	$	60,642
Period end:
Weighted averages:
Remaining lease term (in years)				5.8
Discount rate				4.6%

The maturities of the Company’s operating lease liabilities are summarized below:


Twelve months ended September 30,	Operating leases
	(in thousands)
2020	$	17,246
2021		14,754
2022		12,170
2023		11,580
2024		9,123
Thereafter		17,628
Total lease payments		82,501
Less imputed interest		(10,341)
Total	$	72,160

As of September 30, 2019, the Company had one operating lease that has not yet commenced with an undiscounted minimum payment commitment totaling $1.5 million. The lease is expected to commence in May 2020.