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Leases

3 Months Ended

Mar. 31, 2022

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 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 1.1 years.

The right of use asset and lease liability were $6.1 million and $6.4 million as of March 31, 2022 and $6.4 million and $6.6 million at December 31, 2021.

Lease payments made for the three month period ended March 31, 2022, were $237 thousand and $202 thousand for the three month period ended March 31, 2021. Interest expense and amortization expense on finance leases for the three month period ended March 31, 2022, was $38 thousand and $166 thousand. Interest expense and amortization expense on finance leases for the three month period ended March 31, 2021, was $36 thousand and $121 thousand. The average remaining lease term for all leases was 5.95 years as of March 31, 2022 and the weighted-average discount rate was 2.43%.

Maturities of lease liabilities are as follows as of March 31, 2022:

2022 (9 months)	$	596
2023		780
2024		610
2025		603
2026		586
Thereafter		4,245
Total Payments		7,420
Less: Imputed Interest		(1,035	)
Total	$	6,385