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Leases (Tables)

6 Months Ended

Jun. 30, 2021

The components of Equipment Finance assets are as follows:


	June 30, 2021
Lease receivables	$	131,656
Unguaranteed residual asset values	39,824
Unearned income	(10,291)
Deferred fees	276
Total (1)	$	161,465

(1) See “Note 6. Loans and Leases Held for Investment, Net of Allowance For Loan and Lease Losses” for additional information.

Future Minimum Payments to be Received, Fiscal Year Maturity

Future minimum lease payments based on maturity of the Company’s lessor arrangements at June 30, 2021 were as follows:


2021	$	23,377
2022	42,550
2023	33,424
2024	24,801
2025	14,224
Thereafter	11,632
Total lease payments	$	150,008
Discount effect	(18,352)
Present value of future minimum lease payments	$	131,656

Supplemental Balance Sheet Information

Balance sheet information as of June 30, 2021 and December 31, 2020 related to leases was as follows:


ROU Assets and Lease Liabilities	Balance Sheet Classification	June 30, 2021		December 31, 2020
Operating lease assets	Other assets	$	82,612	$	74,037
Operating lease liabilities (1)	Other liabilities	$	99,492	$	94,538

(1) The difference between operating lease assets and operating lease liabilities is the unamortized balance of deferred rent.

Lease Costs

Components of net lease costs for the second quarters and first halves of 2021 and 2020 were as follows:


		Three Months Ended June 30,				Six Months Ended June 30,
Net Lease Costs	Income Statement Classification	2021		2020		2021		2020
Operating lease costs (1)	Occupancy	$	(4,777)	$	(4,573)	$	(9,754)	$	(9,193)
Sublease revenue	Other non-interest income	1,537		1,537		3,074		3,071
Net lease costs		$	(3,240)	$	(3,036)	$	(6,680)	$	(6,122)

(1) Includes variable lease costs of $0.4 million and $0.3 million for the second quarters of 2021 and 2020, respectively. Includes variable lease costs of $0.5 million and $0.7 million for the first halves of 2021 and 2020, respectively.

Supplemental Cash Flow Information

Supplemental cash flow information related to the Company’s operating leases for the second quarters and first halves of 2021 and 2020 was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Non-cash operating activity:
Leased assets obtained in exchange for new and amended operating lease liabilities (1)	$	—	$	84	$	12,914	$	84

(1) Represents non-cash activity and, accordingly, is not reflected in the Condensed Consolidated Statements of Cash Flows. Amount includes noncash remeasurements of the operating lease ROU asset.

Future Minimum Undiscounted Lease Payments

The Company’s future minimum undiscounted lease payments under operating leases and anticipated sublease revenue as of June 30, 2021 were as follows:


	Operating Lease Payments		Sublease Revenue		Net
2021	$	11,229	$	(3,389)	$	7,840
2022	15,947		(2,918)		13,029
2023	12,465		—		12,465
2024	12,810		—		12,810
2025	13,163		—		13,163
Thereafter	62,350		—		62,350
Total lease payments	$	127,964	$	(6,307)	$	121,657
Discount effect	28,472
Present value of future minimum lease payments	$	99,492

Weighted-average Remaining Lease Term and Discount Rate

The weighted-average remaining lease term and discount rate used in the calculation of the Company’s operating lease assets and liabilities were as follows:


Lease Term and Discount Rate	June 30, 2021
Weighted-average remaining lease term (in years)	8.63
Weighted-average discount rate	5.46	%