LEASES (Tables)

12 Months Ended

Dec. 31, 2019

Right of Use Assets and Lease Liabilities

The following table represents the Consolidated Balance Sheet classification of the Company’s ROU assets and lease liabilities (in thousands). The Company elected not to include short-term leases (i.e., leases with initial terms of twelve months or less), on the Consolidated Balance Sheet.

Lease Type	Balance at December 31, 2019		Affected line item on the Consolidated Balance Sheet
Right of Use Assets
Operating	$	1,163	Other Assets

Lease Liabilities:
Operating	$	1,163	Other Liabilities

Weighted Average Remaining Lease Term and Discount Rate

The following table displays the weighted average remaining lease term and the weighted average discount rate for the Company’s operating leases outstanding as of December 31, 2019:

	Operating
Weighted average term (years)	6.07
Weighted average discount rate	3.15%

Lease Costs and Other Lease Information

As the Company elected not to separate lease and non-lease components and instead to account for them as a single lease component, the variable lease cost primarily represents variable payments such as common area maintenance and utilities.

Lease Cost
Operating lease cost	$	340
Variable lease cost		88
Total lease cost	$	428

Future Minimum Payments for Operating Leases with Initial or Remaining Terms of One Year or More

Future minimum payments for operating leases with initial or remaining terms of one year or more as of December 31, 2019 along with a reconciliation to the discounted amount recorded on the December 31, 2019 Consolidated Balance Sheet (in thousands):

Undiscounted cash flows due in:	Operating
2020	$	279
2021		238
2022		230
2023		142
2024		105
2025 and thereafter		291
Total undiscounted cash flows		1,285
Impact of present value discount		122
Amount reported on balance sheet	$	1,163