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Premises and Equipment | 12 Months Ended
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Dec. 31, 2020
Property, Plant and Equipment [Abstract] |
Premises and Equipment | P remises and Equipment Premises and equipment are carried at cost and consist of the following:
As of December 31, | 2020 |  | 2019
Land | $ | 6,178,000 |  |  | $ | 5,100,000 |
Land improvements | 1,710,000 |  |  | 1,100,000 |
Buildings | 28,067,000 |  |  | 21,946,000 |
Equipment | 11,878,000 |  |  | 12,858,000 |
| 47,833,000 |  |  | 41,004,000 |
Less accumulated depreciation | 20,582,000 |  |  | 19,699,000 |
Total premises and equipment | $ | 27,251,000 |  |  | $ | 21,305,000 |
Future minimum receipts under lease agreements at December 31, 2020 by year and in the aggregate are:
2021 | $129,000 |
2022 | 125,000 |
2023 | 41,000 |
2024 | 16,000 |
| $311,000 |
Leases The Company adopted ASU No. 2016‑02, Leases, on January 1, 2019 with no required adjustment to prior periods presented or cumulative‑effect adjustment to retained earnings. As part of the branch acquisition in December 2020, the Company entered into an operating lease pertaining to land with a remaining lease term of 23 years, including an option to renew. The right‑of‑use asset and lease liability by lease type, and the associated balance sheet classifications as of December 31, 2020 were as follows:
Balance Sheet Classification
Right-of-use assets: |  |
Operating leases | Premises and equipment, net | $511,000
Lease liabilities: |  |
Operating leases | Other liabilities | $511,000
There was no lease expense for the year ended December 31, 2020 related to this lease. Future lease payments for operating leases with initial terms of one year or more as of December 31, 2020 are as follows:
2021 | $28,000
2022 | 28,000 |
2023 | 28,000 |
2024 | 28,000 |
2025 | 28,000 |
Thereafter | 486,000 |
Total undiscounted lease payments | 626,000 |
Less: imputed interest | 115,000 |
Net lease liability | $511,000

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99893-112916 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=120429125&loc=SL120174063-112916 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 1 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99779-112916 + Details
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