LEASES

3 Months Ended

Mar. 31, 2020

Leases [Abstract]

LEASES

5.      LEASES

The Company leases certain premises and equipment under operating leases. In recognizing lease right-of-use assets and related liabilities, we account for lease and non-lease components (such as taxes, insurance, and common area maintenance costs) separately as such amounts are generally readily determinable under our lease contracts. At March 31, 2020, the Company had operating lease liabilities totaling $8.5 million and right-of-use assets totaling $7.7 million related to these leases. Operating lease liabilities and right-of-use assets are reflected in our consolidated balance sheets. We do not currently have any financing leases. For the three months ended March 31, 2020 and 2019, our net operating lease cost was $1.0 million and $586 thousand, respectively and was reflected in occupancy expenses on our income statement.

The following table presents supplemental cash flow and other information related to our operating leases:

	For the Three Months Ended
(in thousands except for percent and period data)	March 31, 2020			March 31, 2019
Supplemental cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$	1,241		$	1,262
Right-of-use assets obtained in exchange for new operating lease liabilities	$	—		$	155
Other information:
Weighted-average remaining lease term - operating leases, in years		5.6			6.1
Weighted-average discount rate - operating leases		2.8	%		3.0	%

The following table summarizes the maturity of remaining lease liabilities:

	As of
(dollars in thousands)	March 31, 2020
Lease payments due:
Less than one year	$	2,305
One to three years		3,323
Three to five years		2,043
More than five years		1,586
Total lease payments		9,257
Less: imputed interest		(748)
Lease liabilities	$	8,509

As of March 31, 2020, the Company did not have any operating leases that have not yet commenced that will create additional lease liabilities and right-of-use assets for the Company.