Leases (Tables)

3 Months Ended

Mar. 31, 2020

Analysis of Leased Property under Finance Leases



		Asset Balance at
(dollars in thousands)	March 31, 2020		December 31, 2019

Equipment	$	397	$	397
Less accumulated depreciation and amortization		(137)		(117)
Leased property under finance leases, net	$	260	$	280

Schedule of Future Minimum Lease Payments under Finance Leases


(dollars in thousands)	Amount

2020	$	62
2021		82
2022		82
2023		55
Total minimum lease payments (a)		281
Less amount representing interest (b)		(14)
Present value of net minimum lease payments	$	267

(a)

The future minimum lease payments have not been reduced by estimated executory costs (such as taxes and maintenance) since this amount was deemed immaterial by management.

(b)

Amount necessary to reduce net minimum lease payments to present value calculated at the Company’s incremental borrowing rate upon lease inception.

Schedule of Lease Costs and Other Information


(dollars in thousands)	March 31, 2020		March 31, 2019
Lease cost
Finance lease cost:
Amortization of right-of-use assets	$	20	$	19
Interest on lease liabilities		2		2
Operating lease cost		108		108
Short-term lease cost		5		5
Variable lease cost		(1)		-
Total lease cost	$	134	$	134

Other information
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from finance leases	$	2	$	2
Operating cash flows from operating leases (Fixed payments)	$	99	$	80
Operating cash flows from operating leases (Liability reduction)	$	39	$	25
Financing cash flows from finance leases	$	18	$	19
Right-of-use assets obtained in exchange for new finance lease liabilities	$	-	$	17
Right-of-use assets obtained in exchange for new operating lease liabilities	$	-	$	4,133
Weighted-average remaining lease term - finance leases		3.42 yrs		4.42 yrs
Weighted average remaining lease term - operating leases		23.66 yrs		23.45 yrs
Weighted-average discount rate - finance leases		3.07%		3.07%
Weighted-average discount rate - operating leases		3.78%		3.94%

Schedule of Future Minimum Lease Payments under Operating Leases


(dollars in thousands)	Amount

2020	$	289
2021		390
2022		396
2023		399
2024		401
2025 and thereafter		7,936
Total future minimum lease payments		9,811
Plus variable payment adjustment		285
Less amount representing interest		(3,579)
Present value of net future minimum lease payments	$	6,517

Schedule of Undiscounted Cash Flows to be Received


(dollars in thousands)	Amount

2020	$	144
2021		189
2022		60
2023		48
2024		51
2025 and thereafter		135
Total lease payments to be received	$	627

Schedule of Lease Income


	For the three months ended March 31,
(dollars in thousands)	2020		2019
Lease income - direct finance leases
Interest income on lease receivables	$	176	$	175

Lease income - operating leases		57		56
Total lease income	$	233	$	231