Leases

3 Months Ended

Mar. 31, 2023

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 eight years; some of the 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,
	2023		2022
	(dollars in thousands)
Lease expense:
Operating leases	$	4,949	$	4,954
Short-term leases		163		219
Sublease income		(96)		—
Net lease expense included in Occupancy and equipment	$	5,016	$	5,173
Other information:
Payments for operating leases	$	5,696	$	4,869
Operating lease right-of-use assets recognized	$	1,727	$	—
Period end weighted averages:
Remaining lease term (in years)		4.6		5.5
Discount rate		3.8%		4.0%

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

Twelve months ended March 31,	Operating leases
	(in thousands)
2023	$	23,316
2024		19,959
2025		18,994
2026		13,385
2027		5,791
Thereafter		10,799
Total lease payments		92,244
Less imputed interest		(10,520)
Operating lease liability	$	81,724