NOTE 6 - LEASES

The Company leases space under non-cancelable operating leases for several of its banking offices and certain office equipment. The leases have remaining terms up to 10 years. At September 30, 2023, the Company had lease right-of-use assets and lease liabilities totaling $20.5 million and $21.4 million, respectively, compared to $18.8 million and $19.6 million, respectively, at December 31, 2022 which are reflected in other assets and other liabilities, respectively, in the Company’s Consolidated Balance Sheets.

Maturities of operating lease liabilities as of September 30, 2023 are as follows:

As of September 30, 2023, the weighted average remaining term of operating leases is 6.0 years and the weighted average discount rate used in the measurement of operating lease liabilities was 3.16%.

Operating cash outflows related to leases were $1.8 million and $4.3 million for the three and nine months ended September 30, 2023, respectively, compared to $1.1 million and $3.1 million for the three and nine months ended September 30, 2022, respectively.

Lease costs during the three and nine months ended September 30, 2023 and September 30, 2022 were as follows (in thousands):