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Leases Leases | 9 Months Ended
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Sep. 30, 2020
Leases [Abstract] |
Leases | LeasesThe Corporation leases various office spaces and specialty financing production offices under non-cancellable operating leases which expire on various dates through 2028. The Corporation also leases office equipment. The Corporation recognizes a right-of-use asset and an operating lease liability for all leases, with the exception of short-term leases. Right-of-use assets represent the right to use an underlying asset for the lease term and lease liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. Lease expense for operating leases and short-term leases is recognized on a straight-line basis over the lease term. During 2020, the Corporation extended the term of one of its office spaces by one year, resulting in a $190,000 increase in the right-of-use assets in exchange for a lease liability. The Corporation entered into a sublease for vacated office space which expires in 2023. The components of total lease expense were as follows:
|  | For the Three Months Ended September 30, |  |  |  | For the Nine Months Ended September 30, |  |
|  | 2020 |  | 2019 |  | 2020 |  | 2019
|  | (In Thousands) |  |  |  |  |  |
Operating lease cost |  | $ | 373 |  |  | $ | 391 |  |  | $ | 1,116 |  |  | $ | 1,172 |
Short-term lease cost |  | 52 |  |  | 56 |  |  | 174 |  |  | 197 |
Variable lease cost |  | 141 |  |  | 129 |  |  | 394 |  |  | 366 |
Less: sublease income |  | (28) |  |  | — |  |  | (84) |  |  | — |
Total lease cost, net |  | $ | 538 |  |  | $ | 576 |  |  | $ | 1,600 |  |  | $ | 1,735 |
Quantitative information regarding the Corporation’s operating leases was as follows:
|  | September 30, 2020 |  | December 31, 2019
Weighted-average remaining lease term (in years) |  | 5.95 |  | 6.56
Weighted-average discount rate |  | 3.00 | % |  | 3.09 | %
The following maturity analysis shows the undiscounted cash flows due on the Corporation’s operating leases liabilities:
(In Thousands) |
2020 | $ | 391 |
2021 | 1,557 |
2022 | 1,373 |
2023 | 1,015 |
2024 | 756 |
Thereafter | 2,307 |
Total undiscounted cash flows | 7,399 |
Discount on cash flows | (671) |
Total lease liability | $ | 6,728 |

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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