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 7 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 December 31, 2019, operating lease right-of-use assets were $11.6 million and liabilities were $11.7 million and were included within the accompanying consolidated balance sheet as components of other assets and other liabilities, respectively.

Operating lease expense for operating leases accounted for under ASC 842 for the year ended December 31, 2019 was approximately $1,881, and is included as a component of occupancy expenses within the accompanying consolidated statements of earnings.

	As of December 31, 2019
Operating leases
Operating lease right-of-use assets	$	11,554
Operating lease liabilities		11,675

Weighted average remaining lease term
Operating leases	10 years
Weighted average discount rate
Operating leases		2.69	%

The Company leases some of its banking facilities under non-cancelable operating leases expiring in various years through 2024 and thereafter. Minimum future lease payments under these non-cancelable operating leases in excess of one year as of December 31, 2019, are as follows:

Year Ended December 31,	Amount
2020	$	1,622
2021		1,430
2022		1,323
2023		1,314
2024		1,312
Thereafter		6,312
Total lease payments		13,313
Less: interest		(1,638	)
Present value of lease liabilities	$	11,675