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Note 8 - Leases | 9 Months Ended
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Sep. 30, 2019
Notes to Financial Statements |
Lessee, Operating Leases [Text Block] | Note 8. Leases Effective January 1, 2019, the Company adopted ASU 2016 - 02, “Leases (Topic 842 )”; the standard was adopted prospectively. The Company currently has two operating leases that are recorded as a right of use (“ROU”) asset and operating lease liability. The right of use asset is recorded in other assets on the consolidated balance sheet, while the lease liability is recorded in other liabilities. The ROU asset represents the right to use an underlying asset during the lease term and the lease liability represents the obligation to make lease payments arising from the lease. The current ROU asset and lease liability were recognized at the adoption date of January 1, 2019, based on the present value of the remaining lease payments using a discount rate that represented our incremental borrowing rate at the time of adoption. The lease expense which is comprised of the amortization of the ROU asset and the implicit interest accreted on the lease liability, is recognized on a straight-line basis over the lease term, and is recorded in occupancy expense in the consolidated statements of income. The Company’s current operating leases relate primarily to bank branches with remaining terms of 2 months to 10 years. As of September 30, 2019, the ROU asset and lease liability were $939 thousand and $948 thousand, respectively. The weighted average discount rate was 3.22% as of September 30, 2019. Future minimum lease payments as of September 30, 2019, are as follows:
Year |  | Amount |
(Amounts in thousands) |  |  |  |
2020 |  | $ | 119 |
2021 |  |  | 119 |
2022 |  |  | 119 |
2023 |  |  | 119 |
2024 and thereafter |  |  | 610 |
Total lease payments |  |  | 1,086 |
Less: Interest |  |  | (138 | )
Present value of lease liabilities |  | $ | 948 |

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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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