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Leases
9 Months Ended
Sep. 30, 2020
Leases  
Leases

Note 15: Leases

The Company has operating leases consisting primarily of equipment leases and real estate leases. The Company leases real estate property for banking centers, ATM locations, and office space with terms extending through 2032. As of September 30, 2020, the Company reported $7.3 million of right-of-use asset and $7.3 million lease liability in its unaudited Consolidated Balance Sheets.

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

Three Months Ended September 30,

Nine Months Ended September 30,

Lease Costs

2020

2019

2020

2019

Operating lease costs

$

622

$

619

$

1,877

$

1,736

Variable lease costs

 

99

 

133

 

401

 

363

Short-term lease costs

15

46

45

69

Sublease income

-

-

-

-

Net lease cost

$

736

$

798

$

2,323

$

2,168

Other information

Cash paid for amounts included in the

measurement of lease liabilities:

Operating lease cash flows – Fixed payments

$

616

$

605

$

1,839

$

1,688

Operating lease cash flows – Liability reduction

 

546

526

1,610

 

1,479

Right of use assets obtained during the period in

exchange for operating lease liabilities

159

128

923

Weighted average lease term (in years)

6.43

6.73

6.43

6.73

Weighted average discount rate

3.08%

3.04%

3.08%

3.04%

At September 30, 2020, 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 and $0.8 million for the three months ended September 30, 2020 and 2019, respectively and $2.3 million and $2.2 million for the nine months ended September 30, 2020 and 2019, respectively.

Rent commitments were as follows (dollars in thousands):

As of

September 30, 2020

Remainder of 2020

$

542

2021

 

1,693

2022

1,288

2023

1,129

2024

894

Thereafter

2,647

Amounts representing interest

(851)

Present value of net future minimum lease payments

$

7,342