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Leases
6 Months Ended
Jun. 30, 2020
Leases [Abstract]  
Leases

(6)     LEASES

 

Lessee

 

The Company has operating leases, which primarily consist of office space in buildings, ATM locations, storage facilities, parking lots, equipment and land on which it owns certain buildings.

 

Rent expense for all operating leases, including those rented on a monthly or temporary basis totaled approximately $453,000 and $376,000 for the three months ended June 30, 2020 and June 30, 2019, respectively. Rent expense for all operating leases, including those rented on a monthly or temporary basis totaled approximately $916,000 and $767,000 for the six months ended June 30, 2020 and June 30, 2019, respectively.

 

As of June 30, 2020, right of use lease asset included in accrued interest receivable and other assets on the balance sheet totaled $4.8 million, and a related lease liability included in accrued interest payable and other liabilities on the balance sheet totaled $4.6 million. There have been no significant changes in our expected future minimum lease payments since December 31, 2019. The future minimum lease payments are disclosed in Note (20) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. As of June 30, 2020, our operating leases have a weighted-average remaining lease term of 3.2 years and a weighted-average discount rate of 3.3 percent.

 

Maturity of Operating Lease Liabilities

 

 

 

June 30, 2020

 

 

 

(Dollars in thousands)

 

2020 (six months)

 

$

782

 

2021

 

 

1,240

 

2022

 

 

993

 

2023

 

 

562

 

2024

 

 

339

 

Thereafter

 

 

1,165

 

Total lease payments

 

 

5,081

 

Less imputed Interest

 

 

(473

)

Operating lease liability

 

$

4,608

 

 

 

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 $1.4 million and $1.5 million for the three months ended June 30, 2020 and June 30, 2019, respectively. The Company had operating lease revenue of $2.8 million and $3.1 million for the six months ended June 30, 2020 and June 30, 2019, respectively. Lease revenue 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 2030. The following table presents the scheduled minimum future contractual rent to be received under the remaining non-cancelable term of the operating leases:

 

 

 

June 30, 2020

 

 

 

(Dollars in thousands)

 

2020 (six months)

 

$

2,022

 

2021

 

 

3,394

 

2022

 

 

2,810

 

2023

 

 

2,324

 

2024

 

 

1,783

 

2025-2030

 

 

4,496

 

Total future minimum lease payments

 

$

16,829