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Leases

3 Months Ended

Mar. 31, 2021

Note 15: 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 March 31, 2021, the Company reported $7.3 million of right-of-use assets and $7.4 million lease liabilities in its unaudited Consolidated Balance Sheets.

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


	Three Months Ended March 31,
Lease Costs	2021			2020
Operating lease costs	$	564		$	620
Variable lease costs		174			171
Short-term lease costs		18			15
Total lease cost	$	756		$	806

Other information
Cash paid for amounts included in the measurement of lease liabilities:
Operating lease cash flows – Fixed payments	$	546		$	611
Operating lease cash flows – Liability reduction		495			530
Right of use assets obtained during the period in exchange for operating lease liabilities		148			128
Weighted average lease term (in years)		5.83			6.51
Weighted average discount rate		2.80	%		3.05	%

At March 31, 2021, 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 $0.8 million for the three months ended March 31, 2021 and 2020.

Rent commitments were as follows (dollars in thousands):


	As of
	March 31,
	2021
Remainder of 2021	$	1,440
2022		1,604
2023		1,409
2024		974
2025		840
Thereafter		1,792
Amounts representing interest		(679)
Present value of net future minimum lease payments	$	7,380