Note 10—Leases

Substantially all of the Company’s lease agreements are operating leases and relate to its office 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.



	Year ended
	December 31, 2019
	(dollars in thousands)
Lease expense:
Operating leases	$	13,644
Short-term leases		821
Sublease income		(94)
Net lease expense included in Occupancy and equipment	$	14,371

Other information:
Cash payments for operating leases	$	16,167
Operating lease right-of-use assets recognized:
Upon adoption of ASU 2016-02	$	58,713
New leases		24,535
	$	83,248
Period end:
Weighted averages:
Remaining lease term (in years)		7.1
Discount rate		4.3%

Lease expense during the years ended December 31, 2019, 2018 and 2017 was $14.4 million, $12.3 million and $12.3 million, respectively.

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


Year ended December 31,	Operating leases
	(in thousands)
2020	$	17,102
2021		16,051
2022		13,791
2023		14,006
2024		11,673
Thereafter		35,178
Total lease payments		107,801
Less imputed interest		(16,481)
Total	$	91,320

As of December 31, 2019, the Company has 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.