The Company has operating leases for bank locations, ATMs, corporate offices, and certain other arrangements, which have remaining lease terms of 1 year to 15 years. Some of the Company’s operating leases include options to extend the leases for up to 5 years.

Operating leases in which we are the lessee must be recorded as right-of-use assets with corresponding lease liabilities. The right-of-use asset represents our right to utilize the underlying asset during the lease term, while the lease liability represents the obligation of the Company to make periodic lease payments over the life of the lease. The associated operating lease costs are comprised of the amortization of the right-of-use asset and the implicit interest accreted on the lease liability, which is recognized on a straight-line basis over the life of the lease. As of September 30, 2019, operating lease right-of-use assets and liabilities were both $11.4 million.

Operating lease expense for operating leases accounted for under ASC 842 for the nine months ended September 30, 2019 was approximately $1,306, and is included as a component of occupancy expenses within the accompanying consolidated statements of earnings.

	As of September 30, 2019
Operating leases
Operating lease right-of-use assets	$	11,360
Operating lease liabilities		11,433

Weighted average remaining lease term
Operating leases	10 years
Weighted average discount rate
Operating leases		2.74	%

The Company leases some of its banking facilities under non-cancelable operating leases expiring in various years through 2023 and thereafter. Minimum future lease payments under these non-cancelable operating leases in excess of one year as of September 30, 2019, are as follows:


2019	$	444
2020		1,536
2021		1,340
2022		1,229
2023		1,219
Thereafter		7,340
Total lease payments		13,108
Less: interest		(1,675	)
Present value of lease liabilities	$	11,433

As of September 30, 2019, the Company has no additional operating leases commencing subsequent to the quarter end date.