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Note 9 - Leases | 6 Months Ended
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Jun. 30, 2020
Notes to Financial Statements |
Lessee, Operating Leases [Text Block] | Note 9. Leases Operating leases are recorded as a right of use (“ROU”) asset and operating lease liability. The ROU asset is recorded in other assets, while the lease liability is recorded in other liabilities on the consolidated balance sheet beginning January 1, 2019, when the Company adopted ASU 2016-02, on a prospective basis. 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 ROU asset and lease liability have been recognized based on the present value of the lease payments using a discount rate that represented our incremental borrowing rate at the lease commencement date or the date of adoption of ASU 2016-02. 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. The Company’s ROU asset was $874 thousand as of June 30, 2020 compared to $917 thousand as of December 31, 2019. The operating lease liability as of June 30, 2020 was $950 compared to $1.01 million as of December 31, 2019. The Company’s total operating leases have remaining terms of 2 – 9 years; compared with 2-10 years as of December 31, 2019. The June 30, 2020 weighted average discount rate of 3.22% did not change from December 31, 2019. Future minimum lease payments as of the dates indicated are as follows:
Year |  | June 30, 2020 |
(Amounts in thousands) |  |  |  |
2021 |  | $ | 154 |
2022 |  |  | 148 |
2023 |  |  | 119 |
2024 |  |  | 119 |
2025 and thereafter |  |  | 520 |
Total lease payments |  |  | 1,060 |
Less: Interest |  |  | (110 | )
Present value of lease liabilities |  | $ | 950 |
Year |  | December 31, 2019 |
(Amounts in thousands) |  |  |  |
2020 |  | $ | 154 |
2021 |  |  | 154 |
2022 |  |  | 131 |
2023 |  |  | 119 |
2024 and thereafter |  |  | 580 |
Total lease payments |  |  | 1,138 |
Less: Interest |  |  | (129 | )
Present value of lease liabilities |  | $ | 1,009 |

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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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