XML 25 R14.htm IDEA: XBRL DOCUMENT
v3.21.2

LEASES | 6 Months Ended
--- | ---
Jun. 30, 2021
Leases [Abstract] |
Leases | NOTE 6 – LEASES Operating leases in which the Company is the lessee are recorded as operating lease right of use (“ROU”) assets and operating liabilities, included in other assets and liabilities, respectively, on its consolidated statement of financial condition. The Company’s operating leases primarily relate to banking offices with remaining lease terms from 1 to 44 years. The Company’s leases are not complex and do not contain residual value guarantees, variable lease payments, or significant assumptions or judgments made in applying the requirements of Topic 842. Operating leases with an initial term of 12 months or less are not recorded on the balance sheet and the related lease expense is recognized on a straight-line basis over the lease term. At June 30, 2021, the operating lease ROU assets and liabilities were $ 11.9 million and $ 12.7 million, respectively. The Company does not have any finance leases or any significant lessor agreements. The table below summarizes our lease expense and other information related to the Company’s operating leases. Three Months Ended Six Months Ended June 30, June 30, (Dollars in Thousands) 2021 2020 2021 2020 Operating lease expense $ 362 $ 265 $ 706 $ 422 Short-term lease expense 170 154 310 233 Total lease expense $ 532 $ 419 $ 1,016 $ 655 Other information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 402 $ 263 $ 786 $ 424 Right-of-use assets obtained in exchange for new operating lease liabilities 440 - 515 5,120 Weighted average remaining lease term — operating leases (in years) 25.1 15.5 25.1 15.5 Weighted average discount rate — operating leases 2.0% 2.4% 2.0% 2.4% The table below summarizes the maturity of remaining lease liabilities: (Dollars in Thousands) June 30, 2021 2021 $ 816 2022 1,480 2023 1,086 2024 1,033 2025 855 2026 and thereafter 11,165 Total $ 16,435 Less: Interest (3,780) Present Value of Lease liability $ 12,655 At June 30, 2021, the Company had additional operating lease payments for two banking offices that have not yet commenced totaling $ 4.8 million based on the initial contract term of 15 years . Payments for the banking offices are expected to commence after the construction period ends, which is expected to occur during the second quarter of 2022 and the third quarter of 2022. A related party is the lessor in an operating lease with the Company. The Company’s minimum payment is $ 0.2 million annually through 2024, for an aggregate remaining obligation of $ 0.7 million at June 30, 2021.

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
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: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration