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Note 9 - Leases

9 Months Ended

Sep. 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 condensed 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 condensed statements of income.

The Company’s current operating leases relate primarily to bank branches. The Company’s ROU asset was $852 thousand as of September 30, 2020 compared to $917 thousand as of December 31, 2019. The operating lease liability as of September 30, 2020 was $920 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 September 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		September 30, 2020
(Amounts in thousands)
2021		$	154
2022			140
2023			119
2024			119
2025 and thereafter			490
Total lease payments			1,022
Less: Interest			(102	)
Present value of lease liabilities		$	920

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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- References

No definition available.

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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

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