OPERATING LEASES

3 Months Ended

Mar. 31, 2020

OPERATING LEASES

OPERATING LEASES

NOTE 15: OPERATING LEASES

The Company’s lease liabilities represent the Company’s liability to make lease payments under operating leases of office space, stand-alone buildings and land leases, on a discounted basis and at March 31, 2020, totaled $15.4 million. The weighted-average discount rate for the three months ended March 31, 2020 was 3.50%. Right-of-use assets represent the Company’s right to use, or control the use of, leased assets for their lease term and at March 31, 2020, totaled $12.6 million. The weighted-average remaining lease term for operating leases outstanding at March 31, 2020 was 11.1 years. Cash paid for amounts included in the measurement of operating lease liabilities for the three months ended March 31, 2020 totaled $481,000.  

Lease costs for the period shown below were as follows:

	Three Months Ended March 31,
(Dollars in thousands)	2020		2019
Operating lease cost	$	481	$	461
Short-term lease cost		17		19
Sublease income		(25)		(6)
Total lease cost	$	473	$	474

A maturity analysis of operating lease liabilities as of the date shown below was as follows:

(Dollars in thousands)	March 31, 2020
2020	$	2,140
2021		2,423
2022		2,482
2023		2,405
2024		1,812
Thereafter		9,792
Total undiscounted lease liability		21,054
Less:
Discount on cash flows		(3,658)
Lease signed, but not yet commenced		(2,040)
Total operating lease liability	$	15,356