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 15 years. At June 30, 2024, the Company had lease right-of-use assets and lease liabilities totaling $24.5 million and $26.5 million, respectively, compared to $26.5 million and $27.4 million, respectively, at December 31, 2023 which are reflected in other assets and other liabilities, respectively, in the Company’s Consolidated Balance Sheets.

Maturities of operating lease liabilities as of June 30, 2024 are as follows:

As of June 30, 2024, the weighted average remaining term of operating leases is 7.9 years and the weighted average discount rate used in the measurement of operating lease liabilities was 3.74%.

Operating cash outflows related to leases were $1.4 million and $2.8 million for the three and six months ended June 30, 2024, respectively, compared to $1.3 million and $2.5 million for the three and six months ended June 30, 2023, respectively.

Lease costs during the three and six months ended June 30, 2024 and June 30, 2023 were as follows (in thousands):