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Premises and Equipment

9 Months Ended

Sep. 30, 2019

Note 9. Premises and Equipment

The Company leases certain premises and equipment under operating leases. At September 30, 2019, the Company had lease liabilities totaling $17.1 million and right-of-use assets totaling $15.8 million. As of September 30, 2019, the weighted average remaining lease term for operating leases was 7.4 years and the weighted average discount rate used in the measurement of operating lease liabilities was 3.0%. Total lease costs for the three and nine months ended September 30, 2019 was $0.7 million and $2.3 million, respectively.

Rent expense for the three and nine months ended September 30, 2018 prior to adoption of ASU 2016-02, was $0.6 million and $1.6 million, respectively.

There were no sale and leaseback transactions, leveraged leases or lease transactions with related parties during the nine months ended September 30, 2019.

A maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total operating lease liability is as follows:

September 30, 2019

(dollars in thousands)

Lease payments due:

Less than 1 year

$

3,265

1 year through less than 2 years

2,887

2 years through less than 3 years

2,479

3 years through less than 4 years

2,133

4 years through 5 years

1,870

After 5 years

6,709

Total undiscounted cash flows

19,343

Impact of discounting

(2,195

)

Total lease liability

$

17,148