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Leases | 3 Months Ended
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Mar. 31, 2019
Leases |
Leases | (7) Leases The Company's leases primarily consist of office space and bank branches with remaining lease terms of generally 1 to 10 years. As of March 31, 2019, operating ROU assets and liabilities were $2.3 million and $2.3 million, respectively. As of March 31, 2019, the weighted-average remaining lease term on these operating leases is approximately 9.29 years and the weighted-average discount rate used to measure the lease liabilities is approximately 4.0%. Operating leases in which the Company is the lessee are recorded as operating lease right-of-use assets and operating lease liabilities. Currently, the Company does not have any finance leases. The ROU assets are included in premises and equipment, net on the consolidated balance sheets. Operating lease right-of-use assets represent the Company's right to use an underlying asset during the lease term and operating lease liabilities represent the Company's obligation to make lease payments arising from the lease. Right-of-use assets and operating lease liabilities are recognized at lease commencement based on the present value of the remaining lease payments using a discount rate that represents the Company's incremental borrowing rate at the lease commencement date. Operating lease cost, which is comprised of amortization of the right-of-use asset and the implicit interest accreted on the operating lease liability, is recognized on a straight-line basis over the lease term, and is recorded in net occupancy expense in the consolidated statements of income. The operating lease cost for the three months ended March 31, 2019 was $32,000. At adoption of ASU 2016-02 on January 1, 2019, lease and non-lease components of new lease agreements are accounted for separately. Lease components include fixed payments including rent, real estate taxes and insurance costs and non-lease components include common-area maintenance costs. Leases with an initial term of 12 months or less are not recorded on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. Operating lease expense for these leases was $33,000 and $48,000 for the three months ended March 31, 2019 and 2018, respectively. The table below summarizes the maturity of remaining operating lease liabilities:
|  | Operating
Lease payments due in: |  | Lease
(in thousands) |  |  |
2019 (excluding the 1st quarter ending March 31, 2019) |  | $ | 227
2020 |  |  | 305
2021 |  |  | 308
2022 |  |  | 310
2023 |  |  | 312
Thereafter |  |  | 1,345
Total lease payments |  |  | 2,807
Less imputed interest |  |  | (460)
Total lease liabilities, as reported |  | $ | 2,347
As of March 31, the Company has $58,000 in additional operating leases for office space that have not yet commenced that are anticipated to commence during the second quarter of 2019.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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