LEASES

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

LEASES

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 September 30, 2022 and December 31, 2021, the Company had operating lease liabilities totaling $6.0 million and $6.5 million, respectively, and right-of-use assets totaling $5.5 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 September 30, 2022 and 2021, our net operating lease cost was $0.6 million and for the nine months ended September 30, 2022 and 2021, our net operating lease cost was $1.8 million. 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 Nine Months Ended
(in thousands except for percent and period data)	September 30, 2022			September 30, 2021
Other information:
Weighted-average remaining lease term - operating leases, in years		4.5			4.5
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)	September 30, 2022
Lease payments due:
2022 (remaining)	$	578
2023		2,051
2024		1,151
2025		629
2026		571
Thereafter		1,553
Total lease payments		6,533
Less: imputed interest		(489)
Lease liabilities	$	6,044

     As of September 30, 2022, the Company had two operating leases that have not yet commenced that will create additional lease liabilities and right-of-use assets for the Company.