As of December 31, 2021, the Company leased seven of our offices under various operating lease agreements. The lease agreements have maturity dates ranging from February 2022 to February 2032, some of which include options for multiple five-year extensions. The weighted average remaining life of the lease term for these leases was 7.92 years and 7.30 years as of December 31, 2021 and 2020, respectively.

The discount rate used in determining the lease liability for each individual lease was the FHLB fixed advance rate which corresponded with the remaining lease term as of January 1, 2019 for leases that existed at adoption and as of the lease commencement date for leases subsequently entered in to. The weighted average discount rate for leases was 2.28% and 2.70% as of December 31, 2021 and 2020, respectively.

Total operating lease costs were $3.0 million and $2.4 million for the years ended December 31, 2021 and 2020, respectively. The ROU asset, included in property and equipment, and lease liability, included in other liabilities, were $26.6 million and $28.0 million as of December 31, 2021, respectively, compared to $18.8 million and $19.5 million as of December 31, 2020, respectively. The ROU asset and lease liability are recognized at lease commencement by calculating the present value of lease payments over the lease term.

Maturities of lease liabilities as of December 31, 2021 were as follows:


	Operating
(dollars in thousands)	Leases
2022	$	1,974
2023		1,939
2024		1,990
2025		2,046
2026		2,096
Thereafter		24,092
Total undiscounted lease payments		34,137
Discount effect of cash flows		6,124
Total lease liability	$	28,013