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Leases | 9 Months Ended
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Sep. 30, 2019
Leases [Abstract] |
Leases |
(6) | LEASES
Lessee On January 1, 2019, the Company adopted ASU No. 2016-02, “Leases - (Topic 842),” which requires the recognition of the Company’s operating leases on its balance sheet. See Note (1) for additional information. The Company has operating leases, which primarily consist of office space in buildings, ATM locations, storage facilities, parking lots and land on which it owns certain buildings. Rent expense for all operating leases totaled approximately $357,000 and $398,000 for the three months ended September 30, 2019 and September 30, 2018, respectively. Rent expense for all operating leases totaled approximately $1.1 million and $1.2 million for the nine months ended September 30, 2019 and September 30, 2018, respectively. As of September 30, 2019, a right of use lease asset included in accrued interest receivable and other assets on the balance sheet totaled $6.1 million, and a related lease liability included in accrued interest payable and other liabilities on the balance sheet totaled $6.1 million. There have been no significant changes in our expected future minimum lease payments since December 31, 2018, which are disclosed in Note (19) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. As of September 30, 2019, our operating leases have a weighted-average remaining lease term of 4.1 years and a weighted-average discount rate of 3.4 percent. Maturity of Operating Lease Liabilities
|  | September 30, 2019 |
|  | (Dollars in thousands) |
2019 (three months) |  | $ | 11 |
2020 |  |  | 688 |
2021 |  |  | 118 |
2022 |  |  | 1,361 |
2023 |  |  | 857 |
Thereafter |  |  | 3,049 |
Operating Lease Liability |  | $ | 6,084 |
Lessor The Company is a lessor of operating leases, which primarily consist of office space in buildings and parking lots. These assets are classified on the balance sheet as premises and equipment. The Company had operating lease revenue of $1.6 million for the three months ended September 30, 2019 and $4.7 million for the nine months ended September 30, 2019, which is included in occupancy, net on the consolidated statement of comprehensive income. Future Minimum Lease Payments to be received The Company does not have operating leases that extend beyond 2026. The following table presents the scheduled minimum future contractual rent to be received under the remaining non-cancelable term of the operating leases:
|  | September 30, 2019 |
|  | (Dollars in thousands) |
2019 (three months) |  | $ | 1,066 |
2020 |  |  | 2,770 |
2021 |  |  | 1,939 |
2022 |  |  | 1,294 |
2023 |  |  | 832 |
2024 |  |  | 289 |
2025-2026 |  |  | 367 |
Total Future Minimum Lease Payments |  | $ | 8,557 |

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