Leases

The Corporation leases various office spaces, loan production offices, and specialty financing production offices under non-cancelable 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 asset 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.

For the three and nine months ended September 30, 2019, total operating lease costs were $391,000 and $1.2 million, respectively.

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



	September 30, 2019
Weighted-average remaining lease term (in years)	6.73
Weighted-average discount rate	3.11	%

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



(In Thousands)
2019	$	384
2020	1,541
2021	1,382
2022	1,373
2023	1,015
Thereafter	3,063
Total undiscounted cash flows	8,758
Discount on cash flows	(892		)
Total lease liability	$	7,866