The Company has operating leases for bank locations, ATMs, corporate offices, and certain other arrangements, which have remaining lease terms of 1 year to 26 years. Some of the Company’s operating leases include options to extend the leases for up to 9 years.

Operating leases in which we are the lessee must be recorded as right-of-use assets with corresponding lease liabilities. The right-of-use asset represents our right to utilize the underlying asset during the lease term, while the lease liability represents the obligation of the Company to make periodic lease payments over the life of the lease. The associated operating lease costs are comprised of the amortization of the right-of-use asset and the implicit interest accreted on the lease liability, which is recognized on a straight-line basis over the life of the lease. As of March 31, 2019, operating lease right-of-use assets and liabilities were both $11.6 million.

Operating lease expense for operating leases accounted for under ASC 842 for the three months ended March 31, 2019 was approximately $418, and is included as a component of occupancy expenses within the accompanying consolidated statements of earnings.

	Three Months Ended March 31, 2019
Weighted average remaining lease term
Operating leases	16 years
Weighted average discount rate
Operating leases		2.75	%

The Company leases some of its banking facilities under non-cancelable operating leases expiring in various years through 2024 and thereafter. Minimum future lease payments under these non-cancelable operating leases in excess of one year as of March 31, 2019, are as follows:


2019	$	1,294
2020		1,473
2021		1,264
2022		1,150
2023		1,150
Thereafter		17,156
Total lease payments		23,487
Less: interest		(11,877	)
Present value of lease liabilities	$	11,610

As of March 31, 2019, the Company has $6.9 million in an additional operating lease liabilities and corresponding right-of-use assets for office space that commenced during the beginning of the second quarter of 2019.