LEASES

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Leases

6. LEASES

The Company leases certain premises and equipment 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 December 31, 2019, the Company had operating lease liabilities totaling $8.5 million and right-of-use assets totaling $8.0 million 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 year ended December 31, 2019, our net operating lease cost was $2.5 million and was reflected in occupancy expenses on our income statement.

The following table presents supplemental cash flow and other information related to our operating leases:

	For the Year Ended
(in thousands except for percent and period data)	December 31, 2019
Supplemental cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$	4,883
Right-of-use assets obtained in exchange for new operating lease liabilities	$	—
Other information:
Weighted-average remaining lease term - operating leases, in years		5.7
Weighted-average discount rate - operating leases		2.8	%

The following table summarizes the maturity of remaining lease liabilities:

	As of
(dollars in thousands)	December 31, 2019
Lease payments due:
Less than one year	$	2,386
One to three years		3,139
Three to five years		2,067
More than five years		1,654
Total lease payments		9,246
Less: imputed interest		(777)
Lease liabilities	$	8,469

As of December 31, 2019, the Company does not have or expect any operating leases that have not yet commenced or will create additional lease liabilities and right-of-use assets for the Company.

As of December 31, 2018, future minimum rental payments required under non-cancelable operating leases for bank premises that had initial or remaining terms in excess of one year accounted for under the previous lease accounting guidance were as follows (in thousands):

2019	$	2,628
2020		2,093
2021		1,337
2022		1,269
2023		1,111
Thereafter		2,201
Total	$	10,639