Leases (Tables)

3 Months Ended

Mar. 31, 2021

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