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Leases | 12 Months Ended
--- | ---
Dec. 31, 2019
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [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 or 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. Additional information regarding this relationship can be found in Arrow's Proxy Statement for its Annual Meeting of Shareholders to be held May 6, 2020 under the caption "Corporate Governance - Related Party Transactions." The following includes quantitative data related to the Company's leases as of and for the twelve months ended December 31, 2019:
Finance Lease Amounts: | Classification |
Right-of-use Assets | Premises and Equipment, Net | $ | 5,171 |
Lease Liabilities | Finance Leases | 5,254 |
Operating Lease Amounts: |  |
Right-of-use Assets | Other Assets | $ | 5,644 |
Lease Liabilities | Other Liabilities | 5,713 |
Other Information: |  |
Cash Paid For Amounts Included In The Measurement Of Lease Liabilities: |  |
Operating Outgoing Cash Flows From Finance Leases |  | $ | 99 |
Operating Outgoing Cash Flows From Operating Leases |  | 779 |
Financing Outgoing Cash Flows From Finance Leases |  | 28 |
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.) |  | 30.80 |
Weighted-average Remaining Lease Term—Operating Leases (Yrs.) |  | 13.71 |
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:
| Twelve Months Ended
| 12/31/2019
Lease Cost: |
Finance Lease Cost: |
Reduction in the Carrying Amount of Right-of-use assets | $ | 100 |
Interest on Lease Liabilities | 99 |
Operating Lease Cost | 795 |
Short-term Lease Cost | 85 |
Variable Lease Cost | 205 |
Total Lease Cost | $ | 1,284 |
Future Lease Payments at December 31, 2019 are as follows:
| Operating Leases | Finance Leases
Twelve Months Ended: |  |
12/31/2020 | $ | 788 |  | $ | 230 |
12/31/2021 | 671 |  | 238 |
12/31/2022 | 578 |  | 169 |
12/31/2023 | 542 |  | 243 |
12/31/2024 | 521 |  | 249 |
Thereafter | 4,113 |  | 8,271 |
Total Undiscounted Cash Flows | 7,213 |  | 9,400 |
Less: Net Present Value Adjustment | 1,500 |  | 4,146 |
Lease Liability | $ | 5,713 |  | $ | 5,254 |
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 or 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. Additional information regarding this relationship can be found in Arrow's Proxy Statement for its Annual Meeting of Shareholders to be held May 6, 2020 under the caption "Corporate Governance - Related Party Transactions." The following includes quantitative data related to the Company's leases as of and for the twelve months ended December 31, 2019:
Finance Lease Amounts: | Classification |
Right-of-use Assets | Premises and Equipment, Net | $ | 5,171 |
Lease Liabilities | Finance Leases | 5,254 |
Operating Lease Amounts: |  |
Right-of-use Assets | Other Assets | $ | 5,644 |
Lease Liabilities | Other Liabilities | 5,713 |
Other Information: |  |
Cash Paid For Amounts Included In The Measurement Of Lease Liabilities: |  |
Operating Outgoing Cash Flows From Finance Leases |  | $ | 99 |
Operating Outgoing Cash Flows From Operating Leases |  | 779 |
Financing Outgoing Cash Flows From Finance Leases |  | 28 |
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.) |  | 30.80 |
Weighted-average Remaining Lease Term—Operating Leases (Yrs.) |  | 13.71 |
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:
| Twelve Months Ended
| 12/31/2019
Lease Cost: |
Finance Lease Cost: |
Reduction in the Carrying Amount of Right-of-use assets | $ | 100 |
Interest on Lease Liabilities | 99 |
Operating Lease Cost | 795 |
Short-term Lease Cost | 85 |
Variable Lease Cost | 205 |
Total Lease Cost | $ | 1,284 |
Future Lease Payments at December 31, 2019 are as follows:
| Operating Leases | Finance Leases
Twelve Months Ended: |  |
12/31/2020 | $ | 788 |  | $ | 230 |
12/31/2021 | 671 |  | 238 |
12/31/2022 | 578 |  | 169 |
12/31/2023 | 542 |  | 243 |
12/31/2024 | 521 |  | 249 |
Thereafter | 4,113 |  | 8,271 |
Total Undiscounted Cash Flows | 7,213 |  | 9,400 |
Less: Net Present Value Adjustment | 1,500 |  | 4,146 |
Lease Liability | $ | 5,713 |  | $ | 5,254 |
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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