XML 25 R14.htm IDEA: XBRL DOCUMENT
v3.20.2

Leases | 6 Months Ended
--- | ---
Jun. 30, 2020
Leases |
Leases | NOTE 7 Leases Substantially all of the leases in which the Company is the lessee are comprised of real estate property for offices and office equipment rentals with terms extending through 2032. Portions of certain properties are subleased for terms extending through 2024. Substantially all of the Company’s leases are classified as operating leases, and therefore, were previously not recognized on the Company’s consolidated financial statements. The Company has one existing finance lease for the Company’s headquarters building with a lease term through 2022. The Company elected not to include short‑term leases (i.e., leases with initial terms of twelve months or less), or equipment leases (deemed immaterial) on the consolidated financial statements. The following table presents the classification of the Company’s right-of-use, or ROU, assets and lease liabilities on the consolidated financial statements.
|  |  |  | June 30, |  | December 31,
(dollars in thousands) |  |  |  | 2020 |  | 2019
Lease Right-of-Use Assets |  | Classification |  |  |  |  |  |
Operating lease right-of-use assets |  | Operating lease right-of-use assets |  | $ | 8,746 |  | $ | 8,343
Finance lease right-of-use assets |  | Land, premises and equipment, net |  |  | 260 |  |  | 318
Total lease right-of-use assets |  |  |  | $ | 9,006 |  | $ | 8,661
Lease Liabilities |  |  |  |  |  |  |  |
Operating lease liabilities |  | Operating lease liabilities |  | $ | 9,254 |  | $ | 8,864
Finance lease liabilities |  | Long-term debt |  |  | 537 |  |  | 640
Total lease liabilities |  |  |  | $ | 9,791 |  | $ | 9,504
The calculated amount of the ROU assets and lease liabilities in the table above are impacted by the length of the lease term and the discount rate used to present value the minimum lease payments. The Company’s lease agreements often include one or more options to renew at the Company’s discretion. If at lease inception, the Company considers the exercising of a renewal option to be reasonably certain, the Company will include the extended term in the calculation of the ROU asset and lease liability. Regarding the discount rate, Topic 842 requires the use of the rate implicit in the lease whenever this rate is readily determinable. As this rate is rarely determinable, the Company utilizes its incremental borrowing rate at lease inception, on a collateralized basis, over a similar term. For operating leases existing prior to January 1, 2019, the rate for the remaining lease term as of January 1, 2019 was used. For the Company’s only finance lease, the Company utilized its incremental borrowing rate at lease inception.
|  | June 30, |  | December 31, |
|  | 2020 |  | 2019 |
Weighted-average remaining lease term, years |  |  |  |  |
Operating leases |  | 5.8 |  | 6.2 |
Finance leases |  | 2.1 |  | 2.8 |
Weighted-average discount rate |  |  |  |  |
Operating leases |  | 2.8 | % | 3.1 | %
Finance leases |  | 7.8 | % | 7.8 | %
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. Variable lease cost also includes payments for usage or maintenance of those capitalized equipment operating leases. The following table presents lease costs and other lease information for the three and six months ending June 30, 2020 and 2019.
|  | Three months ended |  | Six months ended
|  | June 30, |  | June 30,
(dollars in thousands) |  | 2020 |  | 2019 |  | 2020 |  | 2019
Lease costs |  |  |  |  |  |  |  |  |  |  |  |
Operating lease cost |  | $ | 568 |  | $ | 598 |  | $ | 1,191 |  | $ | 1,170
Variable lease cost |  |  | 468 |  |  | 211 |  |  | 665 |  |  | 410
Short-term lease cost |  |  | 107 |  |  | 260 |  |  | 202 |  |  | 465
Finance lease cost |  |  |  |  |  |  |  |  |  |  |  |
Interest on lease liabilities |  |  | 11 |  |  | 16 |  |  | 23 |  |  | 31
Amortization of right-of-use assets |  |  | 29 |  |  | 29 |  |  | 58 |  |  | 58
Sublease income |  |  | (52) |  |  | (68) |  |  | (118) |  |  | (139)
Net lease cost |  | $ | 1,131 |  | $ | 1,046 |  | $ | 2,021 |  | $ | 1,995
Other information |  |  |  |  |  |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities operating cash flows from operating leases |  |  | 561 |  |  | 597 |  | $ | 1,179 |  | $ | 1,174
Right-of-use assets obtained in exchange for new operating lease liabilities |  |  | 1,348 |  |  | — |  |  | 1,531 |  |  | —
Right-of-use assets obtained in exchange for new finance lease liabilities |  |  | — |  |  | — |  |  | — |  |  | —
Future minimum payments for finance and operating leases with initial or remaining terms of one year or more as of June 30, 2020 were as follows:
|  | Finance |  | Operating
(dollars in thousands) |  | Leases |  | Leases
Twelve months ended |  |  |  |  |  |
June 30, 2021 |  | $ | 251 |  | $ | 2,293
June 30, 2022 |  |  | 251 |  |  | 2,085
June 30, 2023 |  |  | 84 |  |  | 1,981
June 30, 2024 |  |  | — |  |  | 1,255
June 30, 2025 |  |  | — |  |  | 738
Thereafter |  |  | — |  |  | 1,913
Total future minimum lease payments |  | $ | 586 |  | $ | 10,265
Amounts representing interest |  |  | (49) |  |  | (1,011)
Total operating lease liabilities |  | $ | 537 |  | $ | 9,254

X
- Definition The entire disclosure of information about leases. + References No definition available. + Details
Name: | alrs_LeaseDisclosureTextBlock
Namespace Prefix: | alrs_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration