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Leases | 9 Months Ended
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Sep. 30, 2019
Leases [Abstract] |
Leases | LEASES (Dollars In Thousands) The Company is a lessee in its leases, which are mainly for financial services locations in addition to leases for corporate vehicles. These leases generally require the Company to pay third-party expenses on behalf of the Lessor, which are referred to as variable payments. Under some leases, the Company pays the variable payments to the lessor, and in other leases, the Company pays the variable payments directly to the applicable third party. None of the Company's current leases include any residual value guarantees or any subleases, and there are no significant rights and obligations of the Company for leases that have not commenced as of the reporting date. Arrow leases five of its branch offices, at market rates, from Stewart’s Shops Corp. Mr. Gary C. Dake, President of Stewart’s Shops Corp., serves as a director on the board of directors of each of Arrow and Saratoga National Bank and Trust Company. The following includes quantitative data related to the Company's leases as of and for the nine months ended September 30, 2019:
Finance Lease Amounts: | Classification |
Right-of-use Assets | Premises and Equipment, Net | $ | 5,199 |
Lease Liabilities | Finance Leases | 5,263 |
Operating Lease Amounts: |  |
Right-of-use Assets | Other Assets | $ | 5,815 |
Lease Liabilities | Other Liabilities | 5,876 |
Other Information: |  |
Cash Paid For Amounts Included In The Measurement Of Lease Liabilities: |  |
Operating Outgoing Cash Flows From Finance Leases |  | $ | 71 |
Operating Outgoing Cash Flows From Operating Leases |  | 563 |
Financing Outgoing Cash Flows From Finance Leases |  | 19 |
Right-of-use Assets Obtained In Exchange For New Finance Lease Liabilities |  | 5,271 |
Right-of-use Assets Obtained In Exchange For New Operating Lease Liabilities |  | 6,266 |
Weighted-average Remaining Lease Term—Finance Leases (Yrs.) |  | 31.05 |
Weighted-average Remaining Lease Term—Operating Leases (Yrs.) |  | 13.75 |
Weighted-average Discount Rate—Finance Leases % |  | 3.75 | %
Weighted-average Discount Rate—Operating Leases % |  | 3.35 | %
Lease cost information for the Company's leases is as follows:
| Three Months Ended | Nine Months Ended
| 9/30/2019 | 9/30/2019
Lease Cost: |  |
Finance Lease Cost: |  |
Amortization of Right-of-use assets | $ | 28 |  | $ | 72 |
Interest on Lease Liabilities | 28 |  | 71 |
Operating Lease Cost | 211 |  | 577 |
Short-term Lease Cost | 17 |  | 73 |
Variable Lease Cost | 45 |  | 140 |
Total Lease Cost | $ | 329 |  | $ | 933 |
Future Lease Payments at September 30, 2019 are as follows:
| Operating Leases | Financing Leases
Twelve Months Ended: |  |
9/30/2020 | $ | 805 |  | $ | 207 |
9/30/2021 | 709 |  | 236 |
9/30/2022 | 597 |  | 206 |
9/30/2023 | 541 |  | 243 |
9/30/2024 | 531 |  | 247 |
Thereafter | 4,240 |  | 8,297 |
Total Undiscounted Cash Flows | $ | 7,423 |  | $ | 9,436 |
Less: Net Present Value Adjustment | 1,547 |  | 4,173 |
Lease Liability | $ | 5,876 |  | $ | 5,263 |
Arrow adopted ASU 2016-02 using a modified retrospective adoption at January 1, 2019 as discussed in Note 1. The following disclosure is provided for the period prior to the adoption. Future minimum lease payments on operating leases at December 31, 2018 were as follows:
| Operating Leases
2019 | $ | 857 |
2020 | 626 |
2021 | 497 |
2022 | 357 |
2023 | 286 |
2024 and beyond | 2,776 |
Total Minimum Lease Payments | $ | 5,399 |
Leases | LEASES (Dollars In Thousands) The Company is a lessee in its leases, which are mainly for financial services locations in addition to leases for corporate vehicles. These leases generally require the Company to pay third-party expenses on behalf of the Lessor, which are referred to as variable payments. Under some leases, the Company pays the variable payments to the lessor, and in other leases, the Company pays the variable payments directly to the applicable third party. None of the Company's current leases include any residual value guarantees or any subleases, and there are no significant rights and obligations of the Company for leases that have not commenced as of the reporting date. Arrow leases five of its branch offices, at market rates, from Stewart’s Shops Corp. Mr. Gary C. Dake, President of Stewart’s Shops Corp., serves as a director on the board of directors of each of Arrow and Saratoga National Bank and Trust Company. The following includes quantitative data related to the Company's leases as of and for the nine months ended September 30, 2019:
Finance Lease Amounts: | Classification |
Right-of-use Assets | Premises and Equipment, Net | $ | 5,199 |
Lease Liabilities | Finance Leases | 5,263 |
Operating Lease Amounts: |  |
Right-of-use Assets | Other Assets | $ | 5,815 |
Lease Liabilities | Other Liabilities | 5,876 |
Other Information: |  |
Cash Paid For Amounts Included In The Measurement Of Lease Liabilities: |  |
Operating Outgoing Cash Flows From Finance Leases |  | $ | 71 |
Operating Outgoing Cash Flows From Operating Leases |  | 563 |
Financing Outgoing Cash Flows From Finance Leases |  | 19 |
Right-of-use Assets Obtained In Exchange For New Finance Lease Liabilities |  | 5,271 |
Right-of-use Assets Obtained In Exchange For New Operating Lease Liabilities |  | 6,266 |
Weighted-average Remaining Lease Term—Finance Leases (Yrs.) |  | 31.05 |
Weighted-average Remaining Lease Term—Operating Leases (Yrs.) |  | 13.75 |
Weighted-average Discount Rate—Finance Leases % |  | 3.75 | %
Weighted-average Discount Rate—Operating Leases % |  | 3.35 | %
Lease cost information for the Company's leases is as follows:
| Three Months Ended | Nine Months Ended
| 9/30/2019 | 9/30/2019
Lease Cost: |  |
Finance Lease Cost: |  |
Amortization of Right-of-use assets | $ | 28 |  | $ | 72 |
Interest on Lease Liabilities | 28 |  | 71 |
Operating Lease Cost | 211 |  | 577 |
Short-term Lease Cost | 17 |  | 73 |
Variable Lease Cost | 45 |  | 140 |
Total Lease Cost | $ | 329 |  | $ | 933 |
Future Lease Payments at September 30, 2019 are as follows:
| Operating Leases | Financing Leases
Twelve Months Ended: |  |
9/30/2020 | $ | 805 |  | $ | 207 |
9/30/2021 | 709 |  | 236 |
9/30/2022 | 597 |  | 206 |
9/30/2023 | 541 |  | 243 |
9/30/2024 | 531 |  | 247 |
Thereafter | 4,240 |  | 8,297 |
Total Undiscounted Cash Flows | $ | 7,423 |  | $ | 9,436 |
Less: Net Present Value Adjustment | 1,547 |  | 4,173 |
Lease Liability | $ | 5,876 |  | $ | 5,263 |
Arrow adopted ASU 2016-02 using a modified retrospective adoption at January 1, 2019 as discussed in Note 1. The following disclosure is provided for the period prior to the adoption. Future minimum lease payments on operating leases at December 31, 2018 were as follows:
| Operating Leases
2019 | $ | 857 |
2020 | 626 |
2021 | 497 |
2022 | 357 |
2023 | 286 |
2024 and beyond | 2,776 |
Total Minimum Lease Payments | $ | 5,399 |

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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