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Leases | 12 Months Ended
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Sep. 30, 2020
Leases [Abstract] |
Leases | Leases The Company adopted ASC 842 on October 1, 2019 and began recording operating lease liabilities and operating lease ROU assets on the consolidated balance sheets. The Company has operating leases for three retail bank branch offices. The ROU assets totaled $2.89 million at October 1, 2019. The Company's leases have remaining lease terms of 22 months to eleven years, some of which include options to extend the leases for up to five years. The components of lease cost (included in the premises and equipment expense category in the consolidated statements of income) are as follows for the year ended September 30, 2020 (dollars in thousands):
Lease cost: |  |  |
Operating lease cost | $ | 377 |  |  |
Total lease cost | $ | 377 |  |  |
The following table provides supplemental information to operating leases at or for the year ended September 30, 2020 (dollars in thousands):
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating cash flows from operating leases | $ | 318 |  |  |  |  |
Weighted average remaining lease term-operating leases | 9.24 | years |  |  |
Weighted average discount rate-operating leases | 2.22 | % |  |  |  |
The Company's leases typically do not contain a discount rate implicit in the lease contract. As an alternative, the weighted average discount rate used to value the future value of lease payments due in calculating the value of the ROU asset and lease liability was determined by utilizing the September 30, 2019 fixed-rate advances issued by the FHLB, for all leases entered into prior to the October 1, 2019 adoption date. Maturities of operating lease liabilities at September 30, 2020 for future years are as follows (dollars in thousands):
2021 |  | $ | 327,000 |
2022 |  | 342,000 |
2023 |  | 310,000 |
2024 |  | 313,000 |
2025 |  | 317,000 |
Thereafter |  | 1,322,000 |
Total lease payments |  | 2,931,000 |
Less imputed interest |  | 301,000 |
Total |  | $ | 2,630,000 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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