Operating leases in which we are the lessee are recorded as operating lease Right of Use (“ROU”) assets and operating lease liabilities, included in other assets and other liabilities, respectively, on our consolidated balance sheets. We do not currently have any significant finance leases in which we are the lessee. Operating lease ROU assets represent our right to use an underlying asset during the lease term and operating lease liabilities represent our obligation to make lease payments arising from the lease. We elected to adopt the transition method, which uses a modified retrospective transition approach. ROU assets and operating lease liabilities are recognized as of the date of adoption based on the present value of the remaining lease payments using a discount rate that represents our incremental borrowing rate at the date of initial application. Operating lease expense, which is comprised of amortization of the ROU asset and the implicit interest accreted on the operating lease liability, is recognized on a straight-line basis over the lease term, and is recorded in occupancy and equipment expense in the consolidated statements of income and other comprehensive income. Our leases relate primarily to office space and bank branches with remaining lease terms of generally 5 to 10 years. Certain lease arrangements contain extension options which typically range from 5 to 15 years at the then fair market rental rates. As these extension options are generally considered reasonably certain of exercise, they are included in the lease term. As of September 30, 2019, operating lease ROU assets and liabilities were $2.0 million. For year ended and quarter ended September 30, 2019, we recognized $202,000 and $69,000 in operating lease cost, $186,000 and $64,000 is operating cash flows from operating leases and $16,000 and $5,000 in non-cash expense amortization of the ROU asset and the implicit interest, respectively.

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

	September 30, 2019
Weighted-average remaining lease term-operating leases in years	15.56
Weighted-average discount rate - operating leases		3.14	%

The following table presents aggregate lease maturities and obligations as of September 30, 2019:

	(Amounts in thousands)
	September 30, 2019
2019	$	62
2020		231
2021		155
2022		155
2023		157
2024 and thereafter		1,666
Total lease payments		2,426
Less: interest		482
Present value of lease liabilities	$	1,944