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Leases

3 Months Ended

Mar. 31, 2020

Leases:

The Company has operating leases for branch office locations, vehicles and certain office equipment such as printers, copiers and faxes. The leases have remaining lease terms of 10 months to 10.25 years, some of which include options to extend the lease for up to 10 years and some of which include options to terminate the leases within 10 months.

The right of use asset and lease liability were $4.9 million and $5.0 million as of March 31, 2020. At March 31, 2019, the right of use asset and lease liability were $3.5 million.

Lease payments made for the three month period ended March 31, 2020 and 2019 were $195 thousand and $146 thousand, respectively. Interest expense and amortization expense on finance leases for the three month period ended March 31, 2020 was $23 thousand and $107 thousand, and $27 thousand and $89 thousand for the three month period ended March 31, 2019. The weighted-average remaining lease term for all leases was 5.5 years as of March 31, 2020 and the weighted-average discount rate was 3.07%.

Maturities of lease liabilities are as follows as of March 31, 2020:

2020 (9 months)	$	588
2021		781
2022		607
2023		503
2024		333
Thereafter		3,230
Total Payments		6,042
Less: Imputed Interest		(1,030	)
Total	$	5,012