XML 94 R15.htm IDEA: XBRL DOCUMENT
v3.20.1

Premises and Equipment | 12 Months Ended
--- | ---
Dec. 31, 2019
Property Plant And Equipment [Abstract] |
Premises and Equipment | NOTE 7 - PREMISES AND EQUIPMENT A summary of premises and equipment as of December 31 follows:
(dollars in thousands) |  | 2019 |  |  | 2018 |
Land |  | $ | 5,020 |  |  | $ | 5,020 |
Building and improvements |  |  | 7,822 |  |  |  | 7,823 |
Furniture, fixtures, and equipment |  |  | 6,252 |  |  |  | 4,833 |
Leasehold improvements |  |  | 5,590 |  |  |  | 4,845 |
|  |  | 24,684 |  |  |  | 22,521 |
Less accumulated depreciation and amortization |  |  | (8,102 | ) |  |  | (6,312 | )
Construction in progress |  |  | 231 |  |  |  | 1,098 |
|  | $ | 16,813 |  |  | $ | 17,307 |
Depreciation and leasehold amortization expense was $1.8 million, $989,000, and $686,000 for 2019, 2018, and 2017, respectively. The Company leases several of its operating facilities under various noncancellable operating leases expiring at various dates through 2028. The Company is also responsible for common area maintenance, taxes and insurance at the various branch locations. Future minimum rent payments on the Company's leases were as follows as of December 31, 2019:
(dollars in thousands) |  |  |  |
Year ending December 31: |  |  |  |
2020 |  | $ | 5,603 |
2021 |  |  | 4,634 |
2022 |  |  | 4,192 |
2023 |  |  | 3,250 |
2024 |  |  | 2,209 |
Thereafter |  |  | 8,998 |
|  | $ | 28,886 |
The minimum rent payments shown above are given for the existing lease obligations and are not a forecast of future rental expense. Total rental expense, recognized on a straight-line basis, was $6.1 million, $2.7 million, and $1.5 million for 2019, 2018, and 2017, respectively. The lease for the Company’s downtown headquarters expired in May 2018. In October 2018 the Company signed a lease for a new headquarters office at 1055 Wilshire Boulevard, Suite 1220, Los Angeles, California 90017, which the Company occupied in November 2018. In February 2018 the Company signed a lease for a new office in Irvine, California which the Company occupied in October 2018. In September 2017 the Company signed a lease to occupy a new location in Oxnard, California which the Company occupied in March 2018. In October 2018 the Company signed a lease to occupy a new location in Flushing, New York which the Company occupied in February 2019. In January 2020, the Company signed a lease to for a new branch in Edison, New Jersey, which the Company expects to occupy in June 2020. In March 2020, the Company signed a new lease to its Diamond Bar, California branch to a new location. The future payments for all of the new leases are included in the schedule above. The Company recorded $197,000 in sub-lease income in 2019.

X
- References No definition available. + Details
Name: | us-gaap_PropertyPlantAndEquipmentAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 + Details
Name: | us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration