The Company maintains lease agreements related to its branch network and for its corporate headquarters. The branch lease agreements range from one to five years and generally contain options to extend from one to three years. The corporate headquarters lease agreement renewed in April 2020 and expires in March 2023. All of the Company’s lease agreements are considered operating leases. None of the Company’s lease payments are dependent on a rate or index that may change after the commencement date, other than the passage of time.

The Company’s lease liability was $2.9 million as of December 31, 2020. This liability is based on the present value of the remaining minimum rental payments using a discount rate that is determined based on the Company’s incremental borrowing rate on its senior revolving credit facility. The lease asset was $2.9 million as of December 31, 2020. This asset includes right-of-use assets equaling the lease liability, net of prepaid rent and deferred rents that existed as of the adoption of the new lease standard.

The Company has made several policy elections related to lease assets and liabilities. The Company elected to utilize the package of transition practical expedients, which includes not reassessing the following at adoption: (i) whether existing contracts contained leases, (ii) the existing classification of leases as operating or financing, or (iii) the initial direct costs of leases. In addition, the Company did not use hindsight to determine the lease term or include options to extend for leases existing at the transition date.

The Company had elected the practical expedient of combining lease and non-lease components for its real estate leases in calculating the present value of the fixed payments without having to perform an allocation between the types of lease components. Future minimum lease payments under non-cancellable operating leases in effect as of December 31, 2020, are as follows:

in thousands
FY2021	$	378
FY2022		1,235
FY2023		859
FY2024		385
FY2025		272
Thereafter	$	122
Total future minimum lease payments		3,251
Present value adjustment		(322	)
Operating lease liability	$	2,929

The following table reports information about the Company’s lease cost for the three months ended December 31, 2020 (in thousands):

Lease cost:
Operating lease cost	$	365
Variable lease cost		82
Total lease cost	$	447

The following table reports information about the Company’s lease cost for the nine months ended December 31, 2020 (in thousands):

Lease cost:
Operating lease cost	$	1,148
Variable lease cost		264
Total lease cost	$	1,412

The following table reports other information about the Company’s leases for the three months ended December 31, 2020 (dollar amounts in thousands):

Other Lease Information
Operating Lease - Operating Cash Flows (Fixed Payments)	$	380
Operating Lease - Operating Cash Flows (Liability Reduction)	$	339
Weighted Average Lease Term - Operating Leases		2.75 years
Weighted Average Discount Rate - Operating Leases		6.5%

The following table reports other information about the Company’s leases for the nine months ended December 31, 2020 (dollar amounts in thousands):

Other Lease Information
Operating Lease - Operating Cash Flows (Fixed Payments)	$	1,198
Operating Lease - Operating Cash Flows (Liability Reduction)	$	1,077
Weighted Average Lease Term - Operating Leases		2.71 years
Weighted Average Discount Rate - Operating Leases		6.5%