Leases

9 Months Ended

Sep. 30, 2022

(6) LEASES

The Company has leased premises that expire at various dates through November 30, 2030 subject to various operating leases. The Company has implemented ASC Topic 842 under a modified retrospective approach in which no adjustments have been made to the prior year balances.

The following table presents the operating lease costs and additional information for the three and nine months ended September 30, 2022 and 2021.


	Three Months Ended September 30,						Nine Months Ended September 30,
(Dollars in thousands)	2022			2021			2022			2021
Operating lease costs	$	580		$	571		$	1,759		$	1,715
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases		684			481			1,764			1,780
Right-of-use asset obtained in exchange for lease liability		(47	)		(41	)		(133	)		(76	)

The following table presents the breakout of the operating leases as of September 30, 2022 and December 31, 2021.


(Dollars in thousands)	September 30, 2022			December 31, 2021
Operating lease right-of-use assets	$	9,699		$	10,045
Other current liabilities		2,095			2,159
Operating lease liabilities		8,580			9,053
Total operating lease liabilities		10,675			11,212
Weighted average remaining lease term	5.9 years			5.4 years
Weighted average discount rate		5.54	%		5.54	%

At September 30, 2022, maturities of the lease liabilities were as follows:


(Dollars in thousands)
Remainder of 2022	$	638
2023		2,518
2024		2,526
2025		2,505
2026		2,440
Thereafter		2,502
Total lease payments		13,129
Less imputed interest		2,454
Total operating lease liabilities	$	10,675