The Company recognized right-of-use assets (“ROU”) totaling $4.2 million and $4.3 million at March 31, 2021 and December 31, 2020, respectively, and operating lease liabilities totaling $4.5 million at March 31, 2021 and December 31, 2020. The lease liabilities recognized by the Company represent two leased branch locations and one loan production office.

Lease expense for lease payments is recognized on a straight-line basis over the lease term. Variable lease components, such as fair market value adjustments, are expensed as incurred and no included in ROU assets and operating lease liabilities. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. For the three months ended March 31, 2021 and 2020, rent expense for the operating leases totaled $79,000 and $71,000, respectively.

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



	March 31,		December 31,
	2021		2020
Weighted-average discount rate		3.55%		3.54%
Range of lease expiration dates		2 - 14.5 years		2 - 15 years
Range of lease renewal options		5 - 20 years		5 - 20 years
Weighted-average remaining lease term		27.5 years		27.6 years

The following table presents the undiscounted annual lease payments under the terms of the Company's operating leases at March 31, 2021 and December 31, 2020, including a reconciliation to the present value of operating lease liabilities recognized in the Consolidated Balance Sheets:



	March 31,		December 31,
Fiscal Year-End	2021		2020
(In thousands)		(unaudited)
2021	$	193	$	258
2022		261		261
2023		264		264
2024		270		270
2025		280		280
Thereafter		6,325		6,325
Total lease payments		7,593		7,658
Less imputed interest		(3,130)		(3,170)
Total lease liabilities	$	4,463	$	4,488

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