On January 31, 2020, the Company performed a valuation on UCFC’s leases to determine an initial right of use asset (ROU asset) and lease liability in connection with the Merger. The Company recorded an initial ROU asset of $5.0 million and a lease liability of $5.1 million for these leases.

The Company’s lease agreements have maturity dates ranging from December 2020 to September 2044, some of which include options for multiple five and ten year extensions. The weighted average remaining life of the lease term for these leases was 15.10 years as of September 30, 2020 and 17.07 years as of December 31, 2019. The weighted average discount rate for leases was 2.59% as of September 30, 2020 and 3.17% as of December 31, 2019.

The total operating lease costs were $615,000 and $1.7 million for the three and nine months ended September 30, 2020, and $233,000 and $708,000 for the three and nine months ended September 30, 2019, respectively. The right-of-use asset, included in other assets, was $17.4 million and $8.9 million at September 30, 2020 and December 31, 2019, respectively. The lease liabilities, included in other liabilities, were $18.3 million and $9.5 million as of September 30, 2020 and December 31, 2019, respectively.

Undiscounted cash flows included in lease liabilities have expected contractual payments as follows:

(in thousands)	September 30, 2020
2020	$	620
2021		2,298
2022		1,944
2023		1,539
2024		1,312
Thereafter		14,911
Total undiscounted minimum lease payments	$	22,624
Present value adjustment		(4,351	)
Total lease liabilities	$	18,273