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 March 31,
	2020		2019
	(dollars in thousands)
Lease expense:
Operating leases	$	3,932	$	3,229
Short-term leases		256		217
Sublease income		—		(32)
Net lease expense included in Occupancy and equipment	$	4,188	$	3,414

Other information:
Cash payments for operating leases	$	4,440	$	3,846
Operating lease right-of-use assets recognized:
Upon adoption Accounting Standards Update 2016-02, Leases (Topic 842)	$	—	$	58,598
New leases		1,534		—
	$	1,534	$	58,598
Period end weighted averages:
Remaining lease term (in years)		6.9		6.3
Discount rate		4.3%		4.6%

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


Twelve months ended March 31,	Operating leases
	(in thousands)
2021	$	17,111
2022		15,795
2023		14,509
2024		13,755
2025		11,643
Thereafter		32,758
Total lease payments		105,571
Less imputed interest		(15,742)
Total	$	89,829

As of March 31, 2020, 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.