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Leases

12 Months Ended

Dec. 31, 2019

Note 22. Leases

The Company has operating leases consisting primarily of equipment leases and real estate leases. The Company leases real estate property for bank branches, ATM locations, and office space with terms extending through 2032. As of December 31, 2019, the Company reported $9.5 million of right of use asset and $9.6 million lease liability in its Consolidated Balance Sheets.

The following tables represents lease costs and other lease information for the periods presented (dollars in thousands):


	Year Ended
Lease Costs	December 31, 2019
Operating lease costs	$	2,364
Variable lease costs		432
Short-term lease costs		84
Sublease income		-
Net lease cost	$	2,880

Other information
Cash paid for amounts included in the measurement of lease liabilities:
Operating lease cash flows – Fixed payments	$	2,296
Operating lease cash flows – Liability reduction		2,010
Right of use assets obtained during the period in exchange for operating lease liabilities		923
Weighted average lease term (in years)		7.20
Weighted average discount rate		3.08%

At December 31, 2019, the Company was obligated under noncancelable operating leases for office space and other commitments. Rent expense under operating leases, included in net occupancy and equipment expense, was $2.9 million, $2.4 million and $3.7 million for the year ended December 31, 2019, 2018 and 2017, respectively.

Rent commitments were as follows (dollars in thousands):


	December 31, 2019
2020	$	2,408
2021		1,781
2022		1,378
2023		1,221
2024		1,022
Thereafter		2,876
Amounts representing interest		(1,134)
Present value of net future minimum lease payments	$	9,552