LEASES

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

LEASES

6.LEASES

The Company leases certain premises 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, 2023 and December 31, 2022, the Company had operating lease liabilities totaling $11.5 million and $5.8 million, respectively, and right-of-use assets totaling $10.7 million and $5.3 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, 2023 and 2022, our net operating lease costs were $0.6 million and $0.4 million, respectively and for the six months ended June 30, 2023 and 2022, our net operating lease costs were $1.2 million and $1.0 million, respectively. These net operating lease costs are reflected in occupancy expenses on our consolidated statements of income and comprehensive income (loss).

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, 2023			June 30, 2022
Other information:
Weighted-average remaining lease term - operating leases, in years		7.5			4.5
Weighted-average discount rate - operating leases		3.8	%		2.8	%

The following table summarizes the maturity of remaining lease liabilities:

	As of
(dollars in thousands)	June 30, 2023
Lease payments due:
2023	$	1,019
2024		1,829
2025		1,683
2026		1,657
2027		1,635
Thereafter		5,729
Total lease payments		13,552
Less: imputed interest		(2,006)
Lease liabilities	$	11,546

As of June 30, 2023, 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.