XML 32 R17.htm IDEA: XBRL DOCUMENT

Leases

12 Months Ended

Dec. 31, 2021

NOTE 9 – 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 up to 18.3 years, some of which include options to extend the lease for up to 15 years and some of which include options to terminate the lease in April of 2022.

The right of use asset and lease liability were $6.4 million and $6.6 million as of December 31, 2021, respectively, and $4.8 million and $5.0 million as of December 31, 2020, respectively.

Lease payments made for the year ended December 31, 2021 and 2020 were $845 thousand and $782 thousand. Interest expense and amortization expense on finance leases for the year ended December 31, 2021 were $154 thousand and $521 thousand. Interest expense and amortization expense on finance leases for the year ended December 31, 2020 were $133 thousand and $456 thousand. The weighted-average remaining lease term for all leases was 6.2 years as of December 31, 2021 and the weighted-average discount rate was 2.2%.

On November 1, 2021, the Company performed a valuation on Cortland’s leases to determine an initial right of use asset (ROU asset) and lease liability in connection with the Merger. The Company recorded and initial ROU asset and lease liability of $1.6 million for these leases.

Maturities of lease liabilities are as follows as of December 31, 2021:

2022	$	833
2023		780
2024		610
2025		603
2026		586
Thereafter		4,245
Total Payments		7,657
Less: Imputed Interest		(1,075	)
Total	$	6,582