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LEASES (Tables) | 12 Months Ended
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Dec. 31, 2019
Leases [Abstract] |
ROU Assets and Liabilities | The following table presents the consolidated statements of condition classification of the Company’s ROU assets and lease liabilities as of December 31, 2019:
(in thousands) |  |  |  | December 31, 2019
Lease Right-of-Use Assets |  | Classification |  |
Operating lease right-of-use assets |  | Other assets |  | $ | 9,623 |
Lease Liabilities |  |  |  |
Operating lease liabilities |  | Other liabilities |  | 9,651 |
Additional Information Regarding Leases |
|  | December 31, 2019
Weighted-average remaining lease term |  |
Operating leases |  | 8.96 |
Weighted-average discount rate |  |
Operating leases |  | 3.27 | %
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 real estate taxes, common area maintenance and utilities.
(in thousands) |  | Twelve Months Ended December 31, 2019
Lease Costs |  |
Operating lease cost |  | $ | 698 |
Variable lease cost |  | 711 |
Total lease cost |  | $ | 1,409 |
Future Minimum Payments for Leases | Future minimum payments for operating leases with initial or remaining terms of one year or more as of December 31, 2019 are, as follows:
(in thousands) |  | Operating Leases
Twelve Months Ended: |  |
December 31, 2020 |  | $ | 1,194 |
December 31, 2021 |  | 1,199 |
December 31, 2022 |  | 1,222 |
December 31, 2023 |  | 1,219 |
December 31, 2024 |  | 1,190 |
Thereafter |  | 5,984 |
Total future minimum lease payments |  | 12,008 |
Amounts representing interest |  | (2,357 | )
Present value of net future minimum lease payments |  | $ | 9,651 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918686-209980 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918701-209980 + Details
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