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Note 5 - Premises and Equipment | 12 Months Ended
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Dec. 31, 2019
Notes to Financial Statements |
Premises and Equipment | Note 5. Premises and Equipment The following summarizes the components of premises and equipment as of December 31, 2019 and 2018:
|  | 2019 |  | 2018
|  | (dollars in thousands)
Land |  | $ | 13,632 |  | $ | 15,582
Buildings (useful lives 15 to 50 years) |  |  | 66,070 |  |  | 64,299
Furniture and equipment (useful lives 3 to 10 years) |  |  | 40,228 |  |  | 36,399
Premises and equipment |  |  | 119,930 |  |  | 116,280
Less accumulated depreciation |  |  | 46,071 |  |  | 40,698
Premises and equipment, net |  | $ | 73,859 |  | $ | 75,582
Note 5. Premises and Equipment (continued) As a lessee, the Company has entered into operating leases for certain branch locations. Total lease expenses were $732 thousand for the year ended December 31, 2019. At December 31, 2019, the Company’s Right of Use “(ROU)” assets (included in other assets on the consolidated balance sheets) and operating lease liabilities (included in other liabilities on the consolidated balance sheets) were both $1.9 million. No new ROU assets were capitalized during the year ended December 31, 2019. At December 31, 2019, the contractual maturities of operating lease liabilities were as follows:
|  | Amount
Year ending December 31: |  | (dollars in thousands)
2020 |  |  | 541
2021 |  |  | 327
2022 |  |  | 251
2023 |  |  | 200
2024 |  |  | 144
Thereafter |  |  | 857
|  | $ | 2,320
As a lessor, the Company leases certain types of commercial vehicles and industrial equipment to its customers. The Company recognized lease-related revenue, primarily interest income from direct financing leases of $6.1 million for the year ended December 31, 2019. At December 31, 2019 the Company’s net investment in direct financing leases was $88.3 million. As of December 31, 2019, the contractual maturities of sales-type and direct financing lease receivables were as follows:
|  | Amount
Year ending December 31: |  | (dollars in thousands)
2020 |  |  | 12,123
2021 |  |  | 18,464
2022 |  |  | 23,520
2023 |  |  | 22,845
2024 |  |  | 16,065
Thereafter |  |  | 4,008
Total lease payments receivable |  | $ | 97,025
Unguaranteed residual values |  |  | 547
Unearned lease/residual income |  |  | (9,703)
|  | $ | 87,869
Plus deferred origination costs, net of fees |  |  | 1,892
|  | $ | 89,761
Less allowance |  |  | (1,464)
Total lease payments receivable |  | $ | 88,297
The The

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- Definition The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 + Details
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