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Premises and Equipment | 12 Months Ended
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Dec. 31, 2021
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, | 2021 |  | 2020
Land | $ | 6,159,000 |  |  | $ | 6,178,000 |
Land improvements | 1,788,000 |  |  | 1,710,000 |
Buildings | 30,685,000 |  |  | 28,067,000 |
Equipment | 11,807,000 |  |  | 11,878,000 |
| 50,439,000 |  |  | 47,833,000 |
Less accumulated depreciation | 21,490,000 |  |  | 20,582,000 |
Total premises and equipment | $ | 28,949,000 |  |  | $ | 27,251,000 |
Future minimum receipts under lease agreements at December 31, 2021 by year and in the aggregate are:
2022 | $129,000 |
2023 | 45,000 |
2024 | 20,000 |
2025 | 4,000 |
2026 | 4,000 |
Thereafter | 19,000 |
| $221,000 |
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 Belfast branch acquisition in December 2020, the Company entered into an operating lease pertaining to land upon which the branch is situated. As of December 31, 2021, the lease has a term of 21 years, including an option to renew. The discount rate used in determining the lease liability was 1.875%, the FHLB advance rate in December 2020 that corresponded to the lease term. Effective December 2021 the Company entered into an operating lease for a new branch facility in Brewer, Maine. As of December 31, 2021, the lease has a term of five years. The discount rate used in determining lease liability was 1.25%, corresponding to a synthesized rate for the same term; the synthesized rate was calculated based on several inputs including FHLB advance rates, brokered CD rates and US Treasury Bonds, all with five year terms. The right‑of‑use asset and lease liability by lease type, and the associated balance sheet classifications as of December 31, 2021 and 2020 were as follows:
Balance Sheet Classification
| 2021 | 2020
Right-of-use assets: |  |  |
Operating leases | Premises and equipment, net | $822,000 | $511,000
Lease liabilities: |  |  |
Operating leases | Other liabilities | $822,000 | $511,000
Lease expense for the year ended December 31, 2021 related to these leases was $34,000. There was no lease expense for 2020 and 2019. Future lease payments for operating leases with initial terms of one year or more as of December 31, 2021 are as follows:
2022 | $97,000
2023 | 97,000 |
2024 | 97,000 |
2025 | 97,000 |
2026 | 91,000 |
Thereafter | 459,000 |
Total undiscounted lease payments | 938,000 |
Less: imputed interest | 116,000 |
Net lease liability | $822,000

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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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