Leases

The Corporation leases various office spaces, loan production offices, and specialty financing production offices under non-canceable operating leases which expire on various dates through 2028. The Corporation also leases office equipment. The Corporation recognizes an operating lease liability and a right-of-use for all leases, with the exception of short-term leases. The lease payments on short-term leases are recognized as rent expense on a straight-line basis.

Quantitative information regarding the Corporation’s operating leases is as follows:



	For the Three Months Ended March 31, 2019
	(Dollars in Thousands)
Total operating lease cost	$	391
Weighted-average remaining lease term (in years)	7.10
Weighted-average discount rate	3.10		%

The following maturity analysis shows the undiscounted cash flows due on the Corporation’s operating leases liabilities:



(In Thousands)
2019	$	1,148
2020	1,541
2021	1,382
2022	1,373
2023	1,015
Thereafter	3,063
Total undiscounted cash flows	9,522
Discount on cash flows	(1,018		)
Total lease liability	$	8,504