Premises and Equipment

3 Months Ended

Mar. 31, 2019

Note 9. Premises and Equipment

The Company leases certain premises and equipment under operating leases. At March 31, 2019, the Company had lease liabilities totaling $16.7 million and right-of-use assets totaling $15.3 million. For the three months ended March 31, 2019, the weighted average remaining lease term for operating leases was 7.3 years and the weighted average discount rate used in the measurement of operating lease liabilities was 3.0%. Total lease costs for the three months ended March 31, 2019 was $0.8 million.

Rent expense for the three months ended March 31, 2018, prior to adoption of ASU 2016-02, was $0.5 million.

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

At maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total operating lease liability is as follows:

	March 31, 2019
	(dollars in thousands)
Lease payments due:
Less than 1 year	$	2,693
1 year through less than 2 years		2,568
2 years through less than 3 years		2,418
3 years through less than 4 years		2,129
4 years through 5 years		2,143
After 5 years		7,030
Total undiscounted cash flows		18,981
Discounted cash flows		(2,262	)
Total lease liability	$	16,719