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 present value of 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, 2020, operating lease right-of-use assets were $13,895 and liabilities were $14,112 and were included within the accompanying consolidated balance sheets as components of other assets and other liabilities, respectively.

Operating lease expense for operating leases accounted for under ASC 842 for the nine months ended September 30, 2020 and 2019 was approximately $1,416 and $1,306, respectively, and is included as a component of occupancy expenses within the accompanying consolidated statements of earnings.

The table below summarizes other information related to our operating leases as of:

	September 30, 2020			December 31, 2019
Operating leases
Operating lease right-of-use assets	$	13,895		$	11,554
Operating lease liabilities		14,112			11,675

Weighted average remaining lease term
Operating leases	9 years			10 years
Weighted average discount rate
Operating leases		2.18	%		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 September 30, 2020, are as follows:

Year Ended December 31,	Amount
2020	$	731
2021		1,934
2022		1,779
2023		1,747
2024		1,750
Thereafter		7,718
Total lease payments		15,659
Less: interest		(1,547	)
Present value of lease liabilities	$	14,112