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Leases | 12 Months Ended
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Dec. 31, 2019
Leases [Abstract] |
Leases | 10. Leases ﻿ On January 1, 2019, the Corporation adopted ASU 2016-02, “Leases” (Topic 842) and all subsequent ASUs that modified Topic 842. The adoption of Topic 842 affected the accounting treatment for operating lease agreements in which the Corporation is the lessee. ﻿ Substantially all of the leases in which the Corporation is the lessee are comprised of real estate property for branches, ATM locations, and office equipment with terms extending through 2030. All of the Corporation’s leases are now classified as operating leases and, therefore, were previously not recognized on the Corporation’s Consolidated Statement of Financial Condition. With the adoption of Topic 842, operating lease agreements are required to be recognized on the Consolidated Statement of Financial Condition as a right-of-use (“ROU”) asset and a corresponding lease liability. ﻿ The following table represents the Consolidated Statement of Financial Condition classification of the Corporation’s ROU assets and lease liabilities. The Corporation elected not to include short-term leases (i.e., leases with remaining terms of 12 months or less), or equipment leases that were deemed immaterial on the Consolidated Statement of Financial Condition. ﻿ ﻿
﻿ |  |  |
﻿ |  |  |
﻿(in thousands) |  | December 31, 2019
﻿Lease Right-of Use Assets |  |  |
﻿ Operating lease right-of-use assets |  | $ | 2,661
﻿Lease Liabilities |  |  |
﻿ Operating lease liabilities |  | $ | 3,239
﻿ In calculating the present value of the lease payments, the Corporation has utilized its incremental borrowing rate based on electing the original lease term to account for each lease component. ﻿ The following table presents the weighted-average lease term and discount rate for operating leases at December 31, 2019: ﻿
﻿ |  |  |
﻿ |  |  |
﻿ |  | December 31, 2019
﻿Weighted-average remaining lease term |  |  |
﻿ Operating leases |  |  | 8.65 years
﻿Weighted-average discount rate |  |  |
﻿ Operating leases |  |  | 5.08%
﻿ The Corporation elected, for all classes of underlying assets, to separate lease and non-lease components. Total operating lease expense for the year ended December 31, 2019 was $.5 million. Short-term lease expense was $46 thousand for the year ended December 31, 2019. ﻿ Future minimum payments for operating leases with initial or remaining terms of one year or more at December 31, 2019 were as follows: ﻿ ﻿
﻿ |  |  |
﻿ |  |  |
﻿(in thousands) |  |
﻿2020 |  | $ | 467
﻿2021 |  |  | 485
﻿2022 |  |  | 492
﻿2023 |  |  | 426
﻿2024 |  |  | 398
﻿Thereafter |  |  | 1,778
﻿Total future minimum lease payments |  |  | 4,046
﻿Amounts representing interest |  |  | (807)
﻿Present value of net future minimum lease payments |  | $ | 3,239

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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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