NOTE 6 – LEASES

The Company leases space under non-cancelable operating leases for several of its banking offices and certain office equipment. The leases have remaining terms up to 10 years. At March 31, 2021, the Company had lease right-of-use assets and lease liabilities totaling $18.5 million and $18.8 million, respectively, compared to $10.5 million and $10.6 million, respectively at December 31, 2020 which are reflected in other assets and other liabilities, respectively, in the Company’s Consolidated Balance Sheet.

Maturities of operating lease liabilities as of March 31, 2021 are as follows:

As of March 31, 2021, the weighted average remaining term of operating leases was 7.06 years and the weighted average discount rate used in the measurement of operating lease liabilities was 3.21%.

Operating cash flows related to leases were $747,000 and $852,000 for the three months ended March 31, 2021 and 2020, respectively.

Lease costs during the three months ended March 31, 2021 and 2020 were as follows (in thousands):