XML 29 R15.htm IDEA: XBRL DOCUMENT v3.20.4
Premises and Equipment
 12 Months Ended
Dec. 31, 2020
Property, Plant and Equipment [Abstract]  
Premises and Equipment Premises and Equipment
Premises and equipment are carried at cost and consist of the following:
As of December 31,20202019
Land$6,178,000 $5,100,000 
Land improvements1,710,000 1,100,000 
Buildings28,067,000 21,946,000 
Equipment11,878,000 12,858,000 
47,833,000 41,004,000 
Less accumulated depreciation20,582,000 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 
2022125,000 
202341,000 
202416,000 
$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 leasesPremises and equipment, net$511,000
Lease liabilities:
Operating leasesOther 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
202228,000 
202328,000 
202428,000 
202528,000 
Thereafter486,000 
Total undiscounted lease payments626,000 
Less: imputed interest115,000 
Net lease liability$511,000