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LEASES

6 Months Ended

Jun. 30, 2022

6. 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 June 30, 2022 and December 31, 2021, the Company had operating lease liabilities totaling $5.3 million and $6.5 million, respectively, and right-of-use assets totaling $4.8 million and $5.9 million, respectively, 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 June 30, 2022 and 2021, our net operating lease cost was $0.4 million and $0.6 million, respectively, and for the six months ended June 30, 2022 and 2021, was $1.0 million and $1.2 million, respectively. These net operating lease costs are reflected in occupancy expenses on our consolidated income statements.

The following table presents other information related to our operating leases:


	For the Six Months Ended
(in thousands except for percent and period data)	June 30, 2022			June 30, 2021
Other information:
Weighted-average remaining lease term - operating leases, in years		4.5			4.6
Weighted-average discount rate - operating leases		2.8	%		2.5	%

The following table summarizes the maturity of remaining lease liabilities:



	As of
(dollars in thousands)	June 30, 2022
Lease payments due:
2022	$	1,136
2023		1,718
2024		949
2025		421
2026		357
Thereafter		1,080
Total lease payments		5,661
Less: imputed interest		(362)
Lease liabilities	$	5,299

As of June 30, 2022, the Company had one operating lease that has not yet commenced that will create additional lease liabilities and right-of-use assets for the Company. As of December 31, 2021, the Company did not have any operating lease that have not yet commenced that will create additional lease liabilities and right-of-use assets for the Company.