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Premises and Equipment | 12 Months Ended
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Dec. 31, 2020
Property, Plant and Equipment [Abstract] |
Premises and Equipment | Note 6 – Premises and Equipment Premises and equipment are summarized as follows:
|  | Estimated Useful Life (Years) |  | 2020 |  |  | 2019 |
|  | (dollars in thousands)
Land |  | - |  | $ | 7,232 |  |  | $ | 2,403 |
Buildings |  | 10-25 |  |  | 15,159 |  |  |  | 15,159 |
Furniture, fixtures and equipment |  | 3-7 |  |  | 40,930 |  |  |  | 35,637 |
Leasehold improvements |  | 10-20 |  |  | 28,860 |  |  |  | 16,842 |
Subtotal |  |  |  |  | 92,181 |  |  |  | 70,041 |
Less: accumulated depreciation, amortization and fair value adjustments |  |  |  |  | 62,073 |  |  |  | 50,805 |
Total premises and equipment, net |  |  |  | $ | 30,108 |  |  | $ | 19,236 |
Depreciation and amortization expense of premises and equipment was $4.2 million, $3.1 million and $3.1 million for 2020, 2019 and 2018, respectively. Finance Leases: The Company acquired a lease agreement for a building under a finance lease. The lease arrangement requires monthly payments through 2028. The Company has included this lease in premises and equipment as follows:
|  | 2020 |  |  | 2019 |
|  | (dollars in thousands) |
Capital Lease |  | $ | 3,408 |  |  | $ | 3,408 |
Less: accumulated amortization |  |  | 2,038 |  |  |  | 1,867 |
|  | $ | 1,370 |  |  | $ | 1,541 |
The following is a schedule by year of future minimum lease payments under the finance lease, together with the present value of net minimum lease payments as of December 31, 2020 (dollars in thousands):
2021 | $ | 321 |
2022 |  | 321 |
2023 |  | 323 |
2024 |  | 353 |
2025 |  | 353 |
Thereafter |  | 1,029 |
Total minimum lease payments |  | 2,700 |
Less amount representing interest |  | 567 |
Present value of net minimum lease payments | $ | 2,133 |
- 84 - Table of Contents CONNECTONE BANCORP, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Note 6 – Premises and Equipment – (continued) The Company leases certain premises and equipment under operating leases. As of December 31, 2020, the Company had lease liabilities totaling $18.0 million and right-of-use assets totaling $16.2 million. As of December 31, 2020, the weighted average remaining lease term for operating leases was 6.0 years and the weighted average discount rate used in the measurement of operating lease liabilities was 2.9%. Total lease costs for the year ended December 31, 2020 was $4.3 million. As of December 31, 2019, the Company had lease liabilities totaling $16.4 million and right-of-use assets totaling $15.1 million. As of December 31, 2019, the weighted average remaining lease term for operating leases was 7.2 years and the weighted average discount rate used in the measurement of operating lease liabilities was 3.0%. Total lease costs for the year ended December 31, 2019 was $3.1 million. A maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total operating lease liability is as follows:
|  | December 31, 2020 |
|  | (dollars in thousands) |
Lease payments due: |  |  |  |
Less than 1 year |  | $ | 4,229 |
1 year through less than 2 years |  |  | 3,378 |
2 years through less than 3 years |  |  | 3,060 |
3 years through less than 4 years |  |  | 2,523 |
4 years through 5 years |  |  | 2,231 |
After 5 years |  |  | 4,435 |
Total undiscounted cash flows |  |  | 19,856 |
Impact of discounting |  |  | (1,830 | )
Total lease liability |  | $ | 18,026 |

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99893-112916 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=120429125&loc=SL120174063-112916 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 1 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99779-112916 + Details
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