v3.21.1

Leases (Tables) | 3 Months Ended
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Mar. 31, 2021
Leases [Abstract] |
Schedule of Lease Assets and Liabilities | Supplemental balance sheet information related to leases was as follows:
(in thousands) |  | Classification |  | March 31, 2021 |  | December 31, 2020
Lease Right-of-Use Assets |  |  |  |  |  |
Operating lease right-of-use assets |  | Other assets |  | $ | 3,364 |  |  | $ | 3,613 |
Finance lease right-of-use asset |  | Premises and equipment, net |  | 518 |  |  | 542 |
Total right-of-use assets |  |  |  | $ | 3,882 |  |  | $ | 4,155 |
Lease Liabilities |  |  |  |  |  |
Operating lease liability |  | Other liabilities |  | $ | 4,316 |  |  | $ | 4,583 |
Finance lease liability |  | Long-term debt |  | 1,061 |  |  | 1,096 |
Total lease liabilities |  |  |  | $ | 5,377 |  |  | $ | 5,679 |
Weighted-average remaining lease term |  |  |  |  |  |
Operating leases |  |  |  | 8.92 years |  | 8.82 years
Finance lease |  |  |  | 5.42 years |  | 5.67 years
Weighted-average discount rate |  |  |  |  |  |
Operating leases |  |  |  | 3.98 | % |  | 3.92 | %
Finance lease |  |  |  | 8.89 | % |  | 8.89 | %
Lease Costs and Other Information | The following table represents lease costs and other lease information. As the Company elected, for all classes of underlying assets, not to separate lease and non-lease components and instead to account for them as a single lease component, the variable lease cost primarily represents variable payments such as common area maintenance and utilities.
| Three Months Ended |  |
| March 31, |  |
(in thousands) | 2021 |  | 2020 |  |  |  |
Lease Costs |  |  |  |  |  |  |
Operating lease cost | $ | 299 |  |  | $ | 319 |  |  |  |  |
Variable lease cost | 72 |  |  | 39 |  |  |  |  |
Interest on lease liabilities (1) | 23 |  |  | 26 |  |  |  |  |
Amortization of right-of-use assets | 24 |  |  | 24 |  |  |  |  |
Net lease cost | $ | 418 |  |  | $ | 408 |  |  |  |  |
Other Information |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |
Operating cash flows from operating leases | $ | 572 |  |  | $ | 503 |  |  |  |  |
Operating cash flows from finance lease | 23 |  |  | 27 |  |  |  |  |
Finance cash flows from finance lease | 35 |  |  | 31 |  |  |  |  |
(1) Included in long-term debt interest expense in the Company’s consolidated statements of income. All other lease costs in this table are included in occupancy expense of premises, net.
Schedule of Finance Lease Liability Maturity | Future minimum payments for finance leases and operating leases with initial or remaining terms of one year or more as of March 31, 2021 were as follows:
(in thousands) | Finance Leases |  | Operating Leases
Twelve Months Ended: |  |  |
December 31, 2021 | $ | 177 |  |  | $ | 807 |
December 31, 2022 | 240 |  |  | 993 |
December 31, 2023 | 245 |  |  | 932 |
December 31, 2024 | 250 |  |  | 702 |
December 31, 2025 | 255 |  |  | 232 |
Thereafter | 171 |  |  | 1,907 |
Total undiscounted lease payment | $ | 1,338 |  |  | $ | 5,573 |
Amounts representing interest | (277) |  |  | (1,257) |
Lease liability | $ | 1,061 |  |  | $ | 4,316 |
Schedule of Operating Lease Liability Maturity | Future minimum payments for finance leases and operating leases with initial or remaining terms of one year or more as of March 31, 2021 were as follows:
(in thousands) | Finance Leases |  | Operating Leases
Twelve Months Ended: |  |  |
December 31, 2021 | $ | 177 |  |  | $ | 807 |
December 31, 2022 | 240 |  |  | 993 |
December 31, 2023 | 245 |  |  | 932 |
December 31, 2024 | 250 |  |  | 702 |
December 31, 2025 | 255 |  |  | 232 |
Thereafter | 171 |  |  | 1,907 |
Total undiscounted lease payment | $ | 1,338 |  |  | $ | 5,573 |
Amounts representing interest | (277) |  |  | (1,257) |
Lease liability | $ | 1,061 |  |  | $ | 4,316 |

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