The Company maintains certain property and equipment under direct financing and operating leases. Upon adoption of the new lease guidance, on January 1, 2019, the Company recorded a ROU asset and corresponding lease liability of $7.9 million and $8.2 million, respectively, on the consolidated statement of condition. As of December 31, 2020, the Company's operating lease ROU asset and operating lease liability totaled $9.4 million and $9.7 million, respectively. A weighted average discount rate of 3.11 percent and 3.05 percent was used in the measurement of the ROU asset and lease liability as of December 31, 2020 and 2019, respectively.

The Company's leases have remaining lease terms between one month to 16 years, with a weighted average lease term of 6.01 years, at December 31, 2020. The Company's leases had remaining lease terms between five months to 17 years, with a weighted average lease term of 6.33 years, at December 31, 2019. The Company’s lease agreements may include options to extend or terminate the lease. The Company’s decision to exercise renewal options is based on an assessment of its current business needs and market factors at the time of the renewal.

Total operating lease costs were $3.1 million and $2.8 million for the years ended December 31, 2020 and 2019, respectively. The variable lease costs were $338,000 and $329,000 for the years ended December 31, 2020 and 2019, respectively.

The following is a schedule of the Company's operating lease liabilities by contractual maturity as of December 31, 2020:

(In thousands)
2020	$	2,659
2021		2,113
2022		1,742
2023		1,296
2024		1,068
Thereafter		1,896
Total lease payments		10,774
Less: imputed interest		1,037
Total present value of lease payments	$	9,737

The following table shows the supplemental cash flow information related to the Company’s direct finance and operating leases for the years ended December 31:

(In thousands)	2020		2019
Right-of-use asset obtained in exchange for lease obligation	$	457	$	7,012
Operating cash flows from operating leases		2,809		2,623
Operating cash flows from direct finance leases		343		382
Financing cash flows from direct finance leases		748		748