LEASES

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

LEASES

7. 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, 2022 and 2021, the Company had operating lease liabilities totaling $5.8 million and $6.5 million, respectively, and right-of-use assets totaling $5.3 million and $5.9 million, respectively, 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, 2022 and 2021, our net operating lease cost was $2.3 million and $2.4 million, respectively. These net operating lease costs are reflected in occupancy expenses on our consolidated statements of income and comprehensive income (loss).

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

	For the Year Ended
(in thousands except for percent and period data)	December 31, 2022			December 31, 2021
Other information:
Weighted-average remaining lease term - operating leases, in years		4.9			4.4
Weighted-average discount rate - operating leases		2.9	%		2.5	%

The following table summarizes the maturity of remaining lease liabilities:

	As of
(dollars in thousands)	December 31, 2022
Lease payments due:
2023	$	2,106
2024		1,193
2025		629
2026		571
2027		519
Thereafter		1,203
Total lease payments		6,221
Less: imputed interest		(454)
Lease liabilities	$	5,767

As of December 31, 2022, the Company had two operating leases that have not yet commenced that will create additional lease liabilities and right-of-use assets for the Company.