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LEASES | 9 Months Ended
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Sep. 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 September 30, 2021, the operating lease ROU assets and liabilities were $ 11.9 million and $ 12.5 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 Nine Months Ended September 30, September 30, (Dollars in Thousands) 2021 2020 2021 2020 Operating lease expense $ 369 $ 273 $ 1,075 $ 695 Short-term lease expense 181 145 490 378 Total lease expense $ 550 $ 418 $ 1,565 $ 1,073 Other information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 410 $ 271 $ 1,197 $ 695 Right-of-use assets obtained in exchange for new operating lease liabilities 269 85 784 5,206 Weighted average remaining lease term — operating leases (in years) 25.0 15.4 25.0 15.4 Weighted average discount rate — operating leases 2.0% 2.3% 2.0% 2.3% The table below summarizes the maturity of remaining lease liabilities: (Dollars in Thousands) September 30, 2021 2021 $ 413 2022 1,499 2023 1,129 2024 1,088 2025 911 2026 and thereafter 11,199 Total $ 16,239 Less: Interest (3,720) Present Value of Lease liability $ 12,519 At September 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 $ 0.6 million at September 30, 2021.

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- 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
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