Note 15: Leases

The Company has operating leases consisting primarily of equipment leases and real estate leases. The Company leases real estate property for bank branches, ATM locations, and office space with terms extending through 2032. As of March 31, 2019, the Company reported $10.9 million of right-of-use asset and $11.0 million lease liability in its Consolidated Balance Sheets.

The following tables represents lease costs and other lease information for the periods presented (dollars in thousands):


	Three Months Ended March 31,
Lease Costs	2019
Operating lease costs	$	533
Variable lease costs		111
Short-term lease costs		15
Sublease income		-
Net lease cost	$	659

Other information
Cash paid for amounts included in the measurement of lease liabilities:
Operating lease cash flows – Fixed payments	$	513
Operating lease cash flows – Liability reduction		463
Right of use assets obtained during the period in exchange for operating lease liabilities		—
Weighted average lease term (in years)		8.33
Weighted average discount rate		3.11%

At March 31, 2019, the Company was obligated under noncancelable operating leases for office space and other commitments. Rent expense under operating leases, included in net occupancy and equipment expense, was $0.7 million for the three months ended March 31, 2019 and 2018.

Rent commitments were as follows (dollars in thousands):


	Three Months Ended March 31,
	2019
2019	$	1,628
2020		2,094
2021		1,573
2022		1,406
2023		1,249
Thereafter		4,498
Amounts representing interest		(1,466)
Present value of net future minimum lease payments	$	10,982