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LEASES | 12 Months Ended
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Dec. 31, 2020
Leases [Abstract] |
LEASES | LEASES Operating Leases The Corporation leases certain branch properties under long-term, operating lease agreements. The leases expire at various dates through 2033 and generally include renewal options. As of December 31, 2020, the weighted average remaining lease term was 10.3 years with a weighted average discount rate of 3.39%. Rent expense was $1.0 million, $1.0 million, and $1.1 million for the years ended December 31, 2020, 2019 and 2018, respectively. Certain leases provide for increases in future minimum annual rent payments as defined in the lease agreements. The Corporation’s operating lease agreements contain both lease and non-lease components, which are generally accounted for separately. The Corporation’s lease agreements do not contain any residual value guarantees. As a result of branch consolidation in November, 2020, the Corporation terminated its lease at 1054 State Route 17C, Owego, New York, releasing $0.2 million in future lease obligation. Leased branch properties at December 31, 2020 and December 31, 2019 consist of the following (in thousands):
|  | December 31, 2020 |  | December 31, 2019
Operating lease right-of-use asset |  | $ | 8,001 |  |  | $ | 8,713 |
Less: accumulated amortization |  | (705) |  |  | (712) |
Less: Lease termination |  | (151) |  |  | — |
Operating lease right-of-use-assets, net |  | $ | 7,145 |  |  | $ | 8,001 |
The following is a schedule by year of the undiscounted cash flows of the operating lease liabilities, excluding CAM charges, as of December 31, 2020 (in thousands):
Year |  | Amount
2021 |  | $ | 907 |
2022 |  | 846 |
2023 |  | 866 |
2024 |  | 857 |
2025 |  | 841 |
2026 and thereafter |  | 4,349 |
Total minimum lease payments |  | 8,666 |
Less: amount representing interest |  | (1,402) |
Present value of net minimum lease payments |  | $ | 7,264 |
As of December 31, 2020, the Corporation had no operating leases that were signed, but had not yet commenced. As of January 28, 2021, the Corporation entered into a three year lease agreement related to its new Western New York location, for which a $0.1 million future obligation and lease asset was recorded, effective March 1, 2021. Finance Leases The Corporation leases certain buildings under finance leases. The lease arrangements require monthly payments through 2036. As of December 31, 2020, the weighted average remaining lease term was 12.1 years with a weighted average discount rate of 3.36%. The Corporation has included these leases in premises and equipment as of December 31, 2020 and December 31, 2019. The following is a schedule by year of future minimum lease payments under the capitalized lease, together with the present value of net minimum lease payments as of December 31, 2020 (in thousands):
Year |  | Amount
2021 |  | $ | 388 |
2022 |  | 391 |
2023 |  | 391 |
2024 |  | 391 |
2025 |  | 409 |
2026 and thereafter |  | 2,839 |
Total minimum lease payments |  | 4,809 |
Less: amount representing interest |  | (960) |
Present value of net minimum lease payments |  | $ | 3,849 |
As of December 31, 2020, the Corporation had no finance leases that were signed, but had not yet commenced.
LEASES | LEASES Operating Leases The Corporation leases certain branch properties under long-term, operating lease agreements. The leases expire at various dates through 2033 and generally include renewal options. As of December 31, 2020, the weighted average remaining lease term was 10.3 years with a weighted average discount rate of 3.39%. Rent expense was $1.0 million, $1.0 million, and $1.1 million for the years ended December 31, 2020, 2019 and 2018, respectively. Certain leases provide for increases in future minimum annual rent payments as defined in the lease agreements. The Corporation’s operating lease agreements contain both lease and non-lease components, which are generally accounted for separately. The Corporation’s lease agreements do not contain any residual value guarantees. As a result of branch consolidation in November, 2020, the Corporation terminated its lease at 1054 State Route 17C, Owego, New York, releasing $0.2 million in future lease obligation. Leased branch properties at December 31, 2020 and December 31, 2019 consist of the following (in thousands):
|  | December 31, 2020 |  | December 31, 2019
Operating lease right-of-use asset |  | $ | 8,001 |  |  | $ | 8,713 |
Less: accumulated amortization |  | (705) |  |  | (712) |
Less: Lease termination |  | (151) |  |  | — |
Operating lease right-of-use-assets, net |  | $ | 7,145 |  |  | $ | 8,001 |
The following is a schedule by year of the undiscounted cash flows of the operating lease liabilities, excluding CAM charges, as of December 31, 2020 (in thousands):
Year |  | Amount
2021 |  | $ | 907 |
2022 |  | 846 |
2023 |  | 866 |
2024 |  | 857 |
2025 |  | 841 |
2026 and thereafter |  | 4,349 |
Total minimum lease payments |  | 8,666 |
Less: amount representing interest |  | (1,402) |
Present value of net minimum lease payments |  | $ | 7,264 |
As of December 31, 2020, the Corporation had no operating leases that were signed, but had not yet commenced. As of January 28, 2021, the Corporation entered into a three year lease agreement related to its new Western New York location, for which a $0.1 million future obligation and lease asset was recorded, effective March 1, 2021. Finance Leases The Corporation leases certain buildings under finance leases. The lease arrangements require monthly payments through 2036. As of December 31, 2020, the weighted average remaining lease term was 12.1 years with a weighted average discount rate of 3.36%. The Corporation has included these leases in premises and equipment as of December 31, 2020 and December 31, 2019. The following is a schedule by year of future minimum lease payments under the capitalized lease, together with the present value of net minimum lease payments as of December 31, 2020 (in thousands):
Year |  | Amount
2021 |  | $ | 388 |
2022 |  | 391 |
2023 |  | 391 |
2024 |  | 391 |
2025 |  | 409 |
2026 and thereafter |  | 2,839 |
Total minimum lease payments |  | 4,809 |
Less: amount representing interest |  | (960) |
Present value of net minimum lease payments |  | $ | 3,849 |
As of December 31, 2020, the Corporation had no finance leases that were signed, but had not yet commenced.

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance 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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- 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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