Leases

9 Months Ended

Sep. 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 September 30,				Nine months ended September 30,
	2020		2019		2020		2019
	(dollars in thousands)
Lease expense:
Operating leases	$	4,144	$	3,356	$	12,110	$	9,817
Short-term leases		457		213		937		644
Sublease income		—		(35)		—		(94)
Net lease expense included in Occupancy and equipment	$	4,601	$	3,534	$	13,047	$	10,367
Other information:
Cash payments for operating leases	$	4,418	$	4,063	$	13,212	$	11,793
Operating lease right-of-use assets recognized:
Upon adoption Accounting Standards Update 2016-02, Leases (Topic 842)	$	—	$	—	$	—	$	58,713
New leases		1,721		1,929		8,219		1,929
	$	1,721	$	1,929	$	8,219	$	60,642
Period end weighted averages:
Remaining lease term (in years)		6.4		5.8
Discount rate		4.2%		4.6%

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

Twelve months ended September 30,	Operating leases
	(in thousands)
2021	$	18,586
2022		16,405
2023		16,792
2024		14,474
2025		13,296
Thereafter		27,224
Total lease payments		106,777
Less imputed interest		(14,772)
Total	$	92,005