NOTE

LEASES

The Company leases substantially all of its office space and vehicles under operating leases. The Company's leases have original lease periods expiring between

2020

and

2034.

Many leases include

one

or more options to renew. The Company does

not

assume renewals in its determination of the lease term unless the renewals are deemed to be reasonably certain at lease commencement. The Company has an option to extend the lease of

one

of its principal office spaces until

2028,

which is reasonably certain to be renewed. Lease payments included in the measurement of the lease liability comprise the following: the fixed non-cancelable lease payments, payments for optional renewal periods where it is reasonably certain the renewal period will be exercised, and payments for early termination options unless it is reasonably certain the lease will

not

be terminated early.

The following is a summary of weighted average remaining lease terms and discount rate for all of the Company’s operating leases:

		December 31, 2019
weighted average remaining lease term (years)		7.65
weighted average discount rate		3.73%

Total operating lease cost during the year ended

December 31, 2019

was

$2,238.

Cash paid for amounts included in the measurement of operating lease liabilities was

$2,173

during the year ended

December 31, 2019.

Maturities of lease liabilities are as follows:

2020	$	2,434
2021		1,795
2022		1,481
2023		1,271
2024		1,089
2025 and thereafter		4,228
Total undiscounted cash flows		12,298
Less imputed interest		1,632
Present value of lease liabilities	$	10,666