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v3.21.1

Leases | 3 Months Ended
--- | ---
Mar. 31, 2021
Leases [Abstract] |
Leases | Leases The Company leases certain land, premises and equipment from third parties. ROU assets for operating and finance leases are included in net premises and equipment and lease liabilities are included in other liabilities and other borrowed funds, respectively, on the Company’s statements of financial condition. The following table summarizes the Company’s leases:
| March 31, 2021 |  | December 31, 2020
(Dollars in thousands) | Finance Leases |  | Operating Leases |  | Finance Leases |  | Operating Leases
ROU assets | $ | 5,999 |  |  |  |  | 5,999 |  |  |
Accumulated depreciation | (334) |  |  |  |  | (273) |  |  |
Net ROU assets | $ | 5,665 |  |  | 46,298 |  |  | 5,726 |  |  | 46,820 |
Lease liabilities | $ | 5,864 |  |  | 49,250 |  |  | 5,891 |  |  | 49,675 |
Weighted-average remaining lease term | 24 years |  | 17 years |  | 24 years |  | 17 years
Weighted-average discount rate | 2.6 | % |  | 3.4 | % |  | 2.6 | % |  | 3.4 | %
Maturities of lease liabilities consist of the following:
| March 31, 2021
(Dollars in thousands) | Finance Leases |  | Operating Leases
Maturing within one year | $ | 261 |  |  | 4,808 |
Maturing one year through two years | 268 |  |  | 4,424 |
Maturing two years through three years | 274 |  |  | 3,955 |
Maturing three years through four years | 281 |  |  | 3,978 |
Maturing four years through five years | 287 |  |  | 3,898 |
Thereafter | 6,663 |  |  | 46,484 |
Total lease payments | 8,034 |  |  | 67,547 |
Present value of lease payments |  |  |
Short-term | 112 |  |  | 3,211 |
Long-term | 5,752 |  |  | 46,039 |
Total present value of lease payments | 5,864 |  |  | 49,250 |
Difference between lease payments and present value of lease payments | $ | 2,170 |  |  | 18,297 |
The components of lease expense consist of the following:
| Three Months ended |  |
(Dollars in thousands) | March 31, 2021 |  | March 31, 2020 |  |  |  |
Finance lease cost |  |  |  |  |  |  |
Amortization of ROU assets | $ | 61 |  |  | 57 |  |  |  |  |
Interest on lease liabilities | 37 |  |  | 41 |  |  |  |  |
Operating lease cost | 1,279 |  |  | 1,108 |  |  |  |  |
Short-term lease cost | 86 |  |  | 90 |  |  |  |  |
Variable lease cost | 261 |  |  | 385 |  |  |  |  |
Sublease income | (11) |  |  | (2) |  |  |  |  |
Total lease expense | $ | 1,713 |  |  | 1,679 |  |  |  |  |
Supplemental cash flow information related to leases is as follows:
| Three Months ended
| March 31, 2021 |  | March 31, 2020
(Dollars in thousands) | Finance Leases |  | Operating Leases |  | Finance Leases |  | Operating Leases
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |  |  |
Operating cash flows | $ | 37 |  |  | 780 |  |  | 41 |  |  | 615 |
Financing cash flows | 27 |  |  | N/A |  | 23 |  |  | N/A
The Company also leases office space to third parties through operating leases. Rent income from these leases for the three months ended March 31, 2021 and 2020 was not significant.
Leases | Leases The Company leases certain land, premises and equipment from third parties. ROU assets for operating and finance leases are included in net premises and equipment and lease liabilities are included in other liabilities and other borrowed funds, respectively, on the Company’s statements of financial condition. The following table summarizes the Company’s leases:
| March 31, 2021 |  | December 31, 2020
(Dollars in thousands) | Finance Leases |  | Operating Leases |  | Finance Leases |  | Operating Leases
ROU assets | $ | 5,999 |  |  |  |  | 5,999 |  |  |
Accumulated depreciation | (334) |  |  |  |  | (273) |  |  |
Net ROU assets | $ | 5,665 |  |  | 46,298 |  |  | 5,726 |  |  | 46,820 |
Lease liabilities | $ | 5,864 |  |  | 49,250 |  |  | 5,891 |  |  | 49,675 |
Weighted-average remaining lease term | 24 years |  | 17 years |  | 24 years |  | 17 years
Weighted-average discount rate | 2.6 | % |  | 3.4 | % |  | 2.6 | % |  | 3.4 | %
Maturities of lease liabilities consist of the following:
| March 31, 2021
(Dollars in thousands) | Finance Leases |  | Operating Leases
Maturing within one year | $ | 261 |  |  | 4,808 |
Maturing one year through two years | 268 |  |  | 4,424 |
Maturing two years through three years | 274 |  |  | 3,955 |
Maturing three years through four years | 281 |  |  | 3,978 |
Maturing four years through five years | 287 |  |  | 3,898 |
Thereafter | 6,663 |  |  | 46,484 |
Total lease payments | 8,034 |  |  | 67,547 |
Present value of lease payments |  |  |
Short-term | 112 |  |  | 3,211 |
Long-term | 5,752 |  |  | 46,039 |
Total present value of lease payments | 5,864 |  |  | 49,250 |
Difference between lease payments and present value of lease payments | $ | 2,170 |  |  | 18,297 |
The components of lease expense consist of the following:
| Three Months ended |  |
(Dollars in thousands) | March 31, 2021 |  | March 31, 2020 |  |  |  |
Finance lease cost |  |  |  |  |  |  |
Amortization of ROU assets | $ | 61 |  |  | 57 |  |  |  |  |
Interest on lease liabilities | 37 |  |  | 41 |  |  |  |  |
Operating lease cost | 1,279 |  |  | 1,108 |  |  |  |  |
Short-term lease cost | 86 |  |  | 90 |  |  |  |  |
Variable lease cost | 261 |  |  | 385 |  |  |  |  |
Sublease income | (11) |  |  | (2) |  |  |  |  |
Total lease expense | $ | 1,713 |  |  | 1,679 |  |  |  |  |
Supplemental cash flow information related to leases is as follows:
| Three Months ended
| March 31, 2021 |  | March 31, 2020
(Dollars in thousands) | Finance Leases |  | Operating Leases |  | Finance Leases |  | Operating Leases
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |  |  |
Operating cash flows | $ | 37 |  |  | 780 |  |  | 41 |  |  | 615 |
Financing cash flows | 27 |  |  | N/A |  | 23 |  |  | N/A
The Company also leases office space to third parties through operating leases. Rent income from these leases for the three months ended March 31, 2021 and 2020 was not significant.
Leases | Leases The Company leases certain land, premises and equipment from third parties. ROU assets for operating and finance leases are included in net premises and equipment and lease liabilities are included in other liabilities and other borrowed funds, respectively, on the Company’s statements of financial condition. The following table summarizes the Company’s leases:
| March 31, 2021 |  | December 31, 2020
(Dollars in thousands) | Finance Leases |  | Operating Leases |  | Finance Leases |  | Operating Leases
ROU assets | $ | 5,999 |  |  |  |  | 5,999 |  |  |
Accumulated depreciation | (334) |  |  |  |  | (273) |  |  |
Net ROU assets | $ | 5,665 |  |  | 46,298 |  |  | 5,726 |  |  | 46,820 |
Lease liabilities | $ | 5,864 |  |  | 49,250 |  |  | 5,891 |  |  | 49,675 |
Weighted-average remaining lease term | 24 years |  | 17 years |  | 24 years |  | 17 years
Weighted-average discount rate | 2.6 | % |  | 3.4 | % |  | 2.6 | % |  | 3.4 | %
Maturities of lease liabilities consist of the following:
| March 31, 2021
(Dollars in thousands) | Finance Leases |  | Operating Leases
Maturing within one year | $ | 261 |  |  | 4,808 |
Maturing one year through two years | 268 |  |  | 4,424 |
Maturing two years through three years | 274 |  |  | 3,955 |
Maturing three years through four years | 281 |  |  | 3,978 |
Maturing four years through five years | 287 |  |  | 3,898 |
Thereafter | 6,663 |  |  | 46,484 |
Total lease payments | 8,034 |  |  | 67,547 |
Present value of lease payments |  |  |
Short-term | 112 |  |  | 3,211 |
Long-term | 5,752 |  |  | 46,039 |
Total present value of lease payments | 5,864 |  |  | 49,250 |
Difference between lease payments and present value of lease payments | $ | 2,170 |  |  | 18,297 |
The components of lease expense consist of the following:
| Three Months ended |  |
(Dollars in thousands) | March 31, 2021 |  | March 31, 2020 |  |  |  |
Finance lease cost |  |  |  |  |  |  |
Amortization of ROU assets | $ | 61 |  |  | 57 |  |  |  |  |
Interest on lease liabilities | 37 |  |  | 41 |  |  |  |  |
Operating lease cost | 1,279 |  |  | 1,108 |  |  |  |  |
Short-term lease cost | 86 |  |  | 90 |  |  |  |  |
Variable lease cost | 261 |  |  | 385 |  |  |  |  |
Sublease income | (11) |  |  | (2) |  |  |  |  |
Total lease expense | $ | 1,713 |  |  | 1,679 |  |  |  |  |
Supplemental cash flow information related to leases is as follows:
| Three Months ended
| March 31, 2021 |  | March 31, 2020
(Dollars in thousands) | Finance Leases |  | Operating Leases |  | Finance Leases |  | Operating Leases
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |  |  |
Operating cash flows | $ | 37 |  |  | 780 |  |  | 41 |  |  | 615 |
Financing cash flows | 27 |  |  | N/A |  | 23 |  |  | N/A
The Company also leases office space to third parties through operating leases. Rent income from these leases for the three months ended March 31, 2021 and 2020 was not significant.

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