XML 28 R17.htm IDEA: XBRL DOCUMENT
v3.21.2

Note 10 - Leases | 6 Months Ended
--- | ---
Jun. 30, 2021
Notes to Financial Statements |
Lessee, Operating Leases [Text Block] | 10. Leases The Company determines if a contract arrangement is a lease at inception and primarily enters into operating lease contracts for its branch locations, office space and certain equipment. As part of its property lease agreements, the Company may seek to include options to extend or terminate a lease when it is reasonably certain that the Company will exercise those options. The Right-of-Use (“ROU”) lease asset also includes any lease payments made and lease incentives. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company does not possess any leases that have variable lease payments or residual value guarantees as of June 30, 2021. ASU 2016-02, “Leases (Topic 842),” as amended by ASU No. 2018-01, “Land Easement Practical Expedient for Transition to Topic 842”; ASU No. 2018-10, “Codification Improvements to Topic 842, Leases”; and ASU No. 2018-11, “Targeted Improvements,” establishes a right-of-use model (“ROU”) that requires a lessee to recognize an ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. The standard provides a number of optional practical expedients in transition. We have elected the ”package of practical expedients,” which permits us not to reassess under the new standard our prior conclusions about lease identification, lease classification and initial direct costs. We also elected all of the new standard’s available transition practical expedients, including the short-term lease recognition exemption that includes not recognizing ROU assets or lease liabilities for existing short-term leases, and the practical expedient to not separate lease and non-lease components for all of our leases. The Company uses its incremental borrowing rate to determine the present value of its lease liabilities. The following table presents the operating lease amounts reported on the Consolidated Balance Sheets, and other supplemental information as of June 30, 2021 and December 31, 2020:
|  | June 30, 2021 |  |  | December 31, 2020 |
|  | (In millions) |
Operating Leases: |  |  |  |  |  |  |  |
ROU assets |  | $ | 31.3 |  |  | $ | 30.9 |
Lease liabilities |  | $ | 34.2 |  |  | $ | 33.5 |
Weighted-average remaining lease term (in years) |  |  | 4.6 |  |  |  | 4.7 |
Weighted-average discount rate |  |  | 2.62 | % |  |  | 2.77 | %
Operating lease expense was $2.6 million and $2.9 million for the three months ended June 30, 2021 and June 30, 2020, respectively, and includes short-term leases that were immaterial. Operating lease expense was $5.2 million and $5.8 million for the six months ended June 30, 2021 and June 30, 2020, respectively, and includes short-term leases that were immaterial. Operating cash flows from operating leases were $2.5 million and $2.4 million for the three months ended June 30, 2021 and 2020, respectively. Operating cash flows from operating leases were $4.9 million and $4.6 million for the six months ended June 30, 2021 and 2020, respectively. In the six months ended June 30, 2021 the Company recognized an ROU asset impairment of $187 thousand related to an early termination of a lease agreement. This amount was included in other expenses in the Consolidated Statement of Operations and Comprehensive Income. The following table presents a maturity analysis of the Company’s operating lease liabilities as of June 30, 2021, and December 31, 2020, respectively.
|  | As of June 30, 2021 |
|  | Operating Leases |
|  | (In thousands) |
Remaining 2021 |  | $ | 4,815 |
2022 |  |  | 9,406 |
2023 |  |  | 7,970 |
2024 |  |  | 5,552 |
2025 |  |  | 3,307 |
Thereafter |  |  | 5,352 |
Total lease payments |  |  | 36,402 |
Less amount of payment representing interest |  |  | (2,208 | )
Total present value of lease payments |  | $ | 34,194 |
|  | As of December 31, 2020 |
|  | Operating Leases |
|  | (In thousands) |
2021 |  | $ | 9,384 |
2022 |  |  | 8,335 |
2023 |  |  | 6,890 |
2024 |  |  | 4,635 |
2025 |  |  | 2,520 |
Thereafter |  |  | 4,153 |
Total lease payments |  |  | 35,917 |
Less amount of payment representing interest |  |  | (2,433 | )
Total present value of lease payments |  | $ | 33,484 |

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration