Leases

6 Months Ended

Jun. 30, 2020

Leases

Leases

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 June 30,				Six months ended June 30,
	2020		2019		2020		2019
	(dollars in thousands)
Lease expense:
Operating leases	$	4,034	$	3,232	$	7,966	$	6,461
Short-term leases		224		214		480		431
Sublease income		—		(27)		—		(59)
Net lease expense included in Occupancy and equipment	$	4,258	$	3,419	$	8,446	$	6,833
Other information:
Cash payments for operating leases	$	4,354	$	3,884	$	8,794	$	7,730
Operating lease right-of-use assets recognized:
Upon adoption Accounting Standards Update 2016-02, Leases (Topic 842)	$	—	$	—	$	—	$	58,598
New leases		4,964		87		6,498		115
	$	4,964	$	87	$	6,498	$	58,713
Period end weighted averages:
Remaining lease term (in years)		6.6		6.4
Discount rate		4.2%		4.6%

Lease payments of the Company’s operating lease liabilities are summarized below:

Twelve months ended June 30,	Operating leases
	(in thousands)
2021	$	17,995
2022		16,712
2023		16,221
2024		14,851
2025		12,925
Thereafter		30,363
Total lease payments		109,067
Less imputed interest		(15,462)
Total	$	93,605