Premises and Equipment

3 Months Ended

Mar. 31, 2019

Property Plant And Equipment [Abstract]

NOTE 4 – PREMISES AND EQUIPMENT

The Company leases certain premises and equipment under operating leases. At March 31, 2019, the Company had lease liabilities totaling $13.2 million and right-of-use assets totaling $12.5 million related to these leases. Lease liabilities and right-of-use assets are reflected in other liabilities and other assets, respectively. For the three months ended March 31, 2019, the weighted average remaining lease term for operating leases was 11.3 years and the weighted average discount rate used in the measurement of operating lease liabilities was 3.53%.

Lease costs were as follows (in thousands):

	Three Months Ended
	March 31, 2019
Operating lease cost	$	482
Short-term lease cost		—
Variable least cost		—
Total lease cost	$	482

Rent expense for the three months ended March 31, 2018, prior to the adoption of ASU 2016-02 was $394,000.

There were no sale and leaseback transactions, leveraged leases, or lease transactions with related parties during the three months ended March 31, 2019 or 2018.

A maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total operating lease liability is as follows (in thousands):

	March 31, 2019
Lease payments due:
Within one year	$	1,537
After one but within two years		1,546
After two but within three years		1,548
After three but within four years		1,447
After four but within five years		1,313
After five years		8,545
Total undiscounted cash flows		15,936
Discount on cash flows		(2,778	)
Total lease liability	$	13,158