On January 1, 2019, the Company adopted Accounting Standards Update (“ASU”) No. 2016-02 – Leases (ASC Topic 842). The Company leases certain premises under operating leases. As of March 31, 2021, the Company had lease liabilities of $5,799,000 and right-of-use assets of $5,255,000. As of March 31, 2020, the Company had lease liabilities of $7,146,000 and right-of-use assets of $6,367,000. Lease liabilities and right-of-use assets are reflected in other liabilities and other assets, respectively. Presented within occupancy expense on the Consolidated Statements of Income for the three months ended March 31, 2021, operating lease cost was $420,000, short-term lease cost was $30,000, and there was no variable lease cost. For the three months ended March 31, 2021, the weighted average remaining lease term for the operating leases was 6.2 years and the weighted average discount rate used in the measurement of operating lease liabilities was 5.5%. Certain of the Company’s leases contain options to renew the lease; however, these renewal options are not included in the calculation of the lease liabilities as they are not reasonably certain to be exercised. There has been no significant change in the Company’s expected future minimum lease payments since December 31, 2020. See the Company’s 2020 Annual Report on Form 10-K for information regarding these commitments.

A maturity analysis of operating lease liabilities and undiscounted cash flows for the three months ended March 31, 2021 is as follows:

(In thousands)	March 31, 2021
Lease payments due
Less than 1 year	$	1,711
1-2 years		1,558
2-3 years		628
3-4 years		507
4-5 years		517
Over 5 years		1,891
Total undiscounted cash flows		6,812
Discount on cash flows		1,013
Total lease liability	$	5,799

There were no sale and leaseback transactions, leveraged leases, or lease transactions with related parties during the three months ended March 31, 2021. At March 31, 2021, the Company did not have any leases that had not yet commenced.