v3.21.1
Leases
 3 Months Ended
Mar. 31, 2021
Leases [Abstract]  
Leases Leases
Substantially all of the leases in which the Company is the lessee are comprised of real estate property for banking offices and office space with terms extending through 2025. We do not have any subleased properties. Substantially all of our leases are classified as operating leases, with the Company only holding one existing finance lease for a banking office location with a lease term through 2025.
Supplemental balance sheet information related to leases was as follows:
(in thousands)ClassificationMarch 31, 2021December 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 years8.82 years
Finance lease
5.42 years5.67 years
Weighted-average discount rate
Operating leases
3.98 %3.92 %
Finance lease
8.89 %8.89 %

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.
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 LeasesOperating Leases
Twelve Months Ended:
December 31, 2021$177 $807 
December 31, 2022240 993 
December 31, 2023245 932 
December 31, 2024250 702 
December 31, 2025255 232 
Thereafter171 1,907 
Total undiscounted lease payment$1,338 $5,573 
Amounts representing interest(277)(1,257)
Lease liability$1,061 $4,316 
Leases Leases
Substantially all of the leases in which the Company is the lessee are comprised of real estate property for banking offices and office space with terms extending through 2025. We do not have any subleased properties. Substantially all of our leases are classified as operating leases, with the Company only holding one existing finance lease for a banking office location with a lease term through 2025.
Supplemental balance sheet information related to leases was as follows:
(in thousands)ClassificationMarch 31, 2021December 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 years8.82 years
Finance lease
5.42 years5.67 years
Weighted-average discount rate
Operating leases
3.98 %3.92 %
Finance lease
8.89 %8.89 %

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.
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 LeasesOperating Leases
Twelve Months Ended:
December 31, 2021$177 $807 
December 31, 2022240 993 
December 31, 2023245 932 
December 31, 2024250 702 
December 31, 2025255 232 
Thereafter171 1,907 
Total undiscounted lease payment$1,338 $5,573 
Amounts representing interest(277)(1,257)
Lease liability$1,061 $4,316