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Leases | 9 Months Ended
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Sep. 30, 2021
Leases [Abstract] |
Leases | Note 12 – Leases Lease liabilities represent the Company’s obligation to make lease payments and are presented at each reporting date as the net present value of the remaining contractual cash flows. Cash flows are discounted at the Company’s incremental borrowing rate in effect at the commencement date of the lease. Right-of-use assets represent the Company’s right to use the underlying asset for the lease term and are calculated as the sum of the lease liability and if applicable, prepaid rent, initial direct costs, and any incentives received from the lessor. The Company’s long-term lease agreements are classified as operating leases. Certain of these leases offer the option to extend the lease term and such extensions are included in the calculation of the lease liabilities to the extent the options are reasonably assured of being exercised. The lease agreements do not provide for residual value guarantees and have no restrictions or covenants that would impact dividends or require incurring additional financial obligations. The Company assumed five operating leases for real estate in the Bay Banks Merger. In accordance with ASC 842–Leases, the original classification of each lease was retained and not re-evaluated as part of the accounting for the business combination. The Company measured each of the assumed lease liabilities as if the lease was new, determined the appropriate lease liability and right-of-use asset fair value based on the Company’s incremental borrowing rate at merger date, and obtained independent assessments of favorable or unfavorable market terms for each lease contract. The following tables present information about the Company’s leases as of and for the periods stated.
(Dollars in thousands) |  | September 30, 2021 |
Lease liabilities |  | $ | 7,113 |
Right-of-use asset |  | $ | 5,645 |
Weighted average remaining lease term (years) |  | 5.89 |
Weighted average discount rate |  |  | 2.18 | %
|  | For the three months ended |  |  | For the nine months ended |
(Dollars in thousands) |  | September 30, 2021 |  |  | September 30, 2020 |  |  | September 30, 2021 |  |  | September 30, 2020 |
Operating lease cost |  | $ | 400 |  |  | $ | 458 |  |  | $ | 1,806 |  |  | $ | 1,347 |
Total lease cost |  | $ | 400 |  |  | $ | 458 |  |  | $ | 1,806 |  |  | $ | 1,347 |
The following table presents a maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total of operating lease liabilities as of the date stated.
|  | As of |
(Dollars in thousands) |  | September 30, 2021 |
Three months ending December 31, 2021 |  | $ | 507 |
Twelve months ending December 31, 2022 |  |  | 1,712 |
Twelve months ending December 31, 2023 |  |  | 1,330 |
Twelve months ending December 31, 2024 |  |  | 939 |
Twelve months ending December 31, 2025 |  |  | 785 |
Thereafter |  |  | 2,427 |
Total undiscounted cash flows |  |  | 7,700 |
Discount |  |  | (587 | )
Lease liabilities |  | $ | 7,113 |

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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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