The Company maintains certain property and equipment under direct financing and operating leases. As of March 31, 2021, the Company's operating lease ROU asset and operating lease liability totaled $10.2 million and $10.5 million, respectively. 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 3.02 percent and 3.11 percent was used in the measurement of the ROU asset and lease liability as of March 31, 2021 and December 31, 2020, respectively.

The Company's leases have remaining lease terms between three months to 16 years, with a weighted average lease term of 6.67 years at March 31, 2021. The Company's leases had remaining lease terms between one months to 16 years, with a weighted average lease term of 6.01 years, at December 31, 2020. 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 $701,000 and $827,000 for the three months ended March 31, 2021 and 2020, respectively. The variable lease costs were $84,000 and $89,000 for the three months ended March 31, 2021 and 2020, respectively.

The following is a schedule of the Company's operating lease liabilities by contractual maturity as of March 31, 2021:

(In thousands)
2021	$	2,523
2022		2,228
2023		1,721
2024		1,426
2025		1,005
Thereafter		2,825
Total lease payments		11,728
Less: imputed interest		1,219
Total present value of lease payments	$	10,509

The following table shows the supplemental cash flow information related to the Company’s direct finance and operating leases for the three months ended March 31, 2021 and 2020:

	For the Three Months Ended
(In thousands)	2021		2020
Right-of-use asset obtained in exchange for lease obligation	$	1,412	$	157
Operating cash flows from operating leases		619		728
Operating cash flows from direct finance leases		79		90
Financing cash flows from direct finance leases		187		187