Leases

6 Months Ended

Jun. 30, 2023

(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 six months ended June 30, 2023 and 2022.


	Three Months Ended June 30,						Six Months Ended June 30,
(Dollars in thousands)	2023			2022			2023			2022
Operating lease costs	$	597		$	590		$	1,195		$	1,179
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases		603			435			1,226			1,080
Right-of-use asset obtained in exchange for lease liability		(56	)		(40	)		(111	)		(85	)

The following table presents the breakout of the operating leases as of June 30, 2023 and December 31, 2022.


(Dollars in thousands)	June 30, 2023			December 31, 2022
Operating lease right-of-use assets	$	9,001		$	9,723
Other current liabilities		2,188			2,239
Operating lease liabilities		7,629			8,408
Total operating lease liabilities		9,817			10,647
Weighted average remaining lease term	5.1 years			5.5 years
Weighted average discount rate		5.59	%		5.66	%

At June 30, 2023, maturities of the lease liabilities were as follows:


(Dollars in thousands)
Remainder of 2023	$	1,250
2024		2,508
2025		2,492
2026		2,440
2027		1,212
Thereafter		1,290
Total lease payments		11,192
Less imputed interest		1,375
Total operating lease liabilities	$	9,817