The Company recognized right-of-use assets totaling $4.3 million and $3.7 million and operating lease liabilities totaling $4.5 million and $3.9 million at September 30, 2020 and December 31, 2019, respectively. The lease liabilities recognized by the Company represent two leased branch locations and one loan production office.

Rent expense for the operating leases has been amortized over a straight line basis for the remaining lease term. For the nine months ended September 30, 2020 and 2019, rent expense for the operating leases totaled $228,000 and $215,000, respectively. Variable lease components are expensed as incurred and are not included in the right-of-use assets and operating lease liabilities.

The following table presents information regarding the Company’s operating leases:



	September 30,		December 31,
	2020		2019
Weighted-average discount rate		3.54%		3.78%
Range of lease expiration dates		3 - 15.5 years		4.5 - 16 years
Range of lease renewal options		5 - 20 years		20 years
Weighted-average remaining lease term		27.8		31.9 years

The following table presents the undiscounted annual lease payments under the terms of the Company's operating leases at September 30, 2020, including a reconciliation to the present value of operating lease liabilities recognized in the unaudited Consolidated Balance Sheets:



(In thousands)
Fiscal Year-End
2020	$	64
2021		258
2022		261
2023		264
2024		270
Thereafter		6,604
Total lease payments		7,721
Less imputed interest		(3,209)
Total lease liabilities	$	4,512

The lease liabilities recognized include certain lease extensions as it is expected that the Company will use substantially all lease renewal options.