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Leases

12 Months Ended

Dec. 31, 2020

Note 22. Leases

The Company has operating leases consisting primarily of equipment leases and real estate leases. The Company leases real estate property for banking centers, ATM locations, and office space with terms extending through 2032. As of December 31, 2020, the Company reported $7.7 million of right of use assets and $7.8 million lease liabilities in its Consolidated Balance Sheets, compared with $9.5 million and $9.6 million, respectively, at December 31, 2019.

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


	Years Ended December 31,
Lease Costs	2020			2019
Operating lease costs	$	2,524		$	2,364
Variable lease costs		416			432
Short-term lease costs		35			84
Sublease income		—			—
Net lease cost	$	2,975		$	2,880

Other information
Cash paid for amounts included in the measurement of lease liabilities:
Operating lease cash flows – Fixed payments	$	2,526		$	2,296
Operating lease cash flows – Liability reduction		2,289			2,010
Right of use assets obtained during the period in exchange for operating lease liabilities		743			923
Weighted average lease term (in years)		5.93			7.20
Weighted average discount rate		2.82	%		3.08	%

At December 31, 2020, 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 $3.0 million, $2.9 million, and $2.4 million for the years ended December 31, 2020, 2019, and 2018, respectively.

Future undiscounted lease payments with initial terms of one year or more as of December 31, 2020, are as follows (dollars in thousands):


	As of
	December 31,
	2020
2021	$	1,983
2022		1,555
2023		1,358
2024		957
2025		840
Thereafter		1,792
Amounts representing interest		(728)
Present value of net future minimum lease payments	$	7,757