Note 11: Leases

The Company occupies certain banking and mortgage origination offices under noncancelable operating lease agreements which were not reflected on the consolidated balance sheet at December 31, 2018. Upon adoption of ASC Topic 842, Leases, on January 1, 2019, the Company recorded an asset of $2.3 million and a corresponding liability in the amount of $2.6 million on the consolidated balance sheets, as a result of recognizing operating lease right-of-use assets and operating lease liabilities on the consolidated balance sheets. The Company elected to adopt the transition relief under ASC Topic 842 using the modified retrospective transition method. All lease agreements are accounted for as operating leases. The Company has no unamortized initial direct costs related to the establishment of these lease agreements as of January 1, 2019. We have elected the available practical expedients and implemented internal controls and key system functionality to enable the preparation of financial information on adoption.

Our leases have remaining lease terms that vary from less than one year up to 12 years, some of which include options to extend the leases for various renewal periods. All options to renew are included in the current lease term when we believe it is reasonably certain that the renewal options will be exercised.

The components of the lease expense are as follows:


	For the three months
	ended September 30,
(In thousands)	2019
Operating lease cost	$	97
Short-term lease cost		17
Total	$	114


	For the nine months
	ended September 30,
(In thousands)	2019
Operating lease cost	$	291
Short-term lease cost		52
Total	$	343

Supplemental cash flow information related to leases was as follows:


	For the nine months
	ended September 30,
(In thousands)	2019
Cash paid for amount included in the measurement of operating lease liabilities:
Operating cash flows from operating leases	$	291

Supplemental consolidated balance sheet information related to leases was as follows:


	For the nine months
	ended September 30,
(In thousands, except lease term and discount rate)	2019
Operating Leases
Operating lease right-of-use assets	$	2,199
Operating lease liabilities	$	2,401
Weighted Average Remaining Lease Term
Operating Leases		8.8 years
Weighted Average Discount Rate
Operating Leases		3.52	%

Maturities of operating lease liabilities were as follows:


Year Ending December 31,
(In thousands)
2019	$	79
2020		318
2021		313
2022		252
2023		194
Thereafter		1,245
Total minimum lease payments	$	2,401