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Leases | 12 Months Ended
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Dec. 31, 2020
Leases [Abstract] |
Leases | 11. Leases 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 classified as operating leases. The present value of lease payments is reported as a lease liability and right of use asset on the Corporation’s Consolidated Statement of Financial Condition. 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, 2020 |  | December 31, 2019
Lease Right-of Use Assets |  |  |  |  |  |
Operating lease right-of-use assets |  | $ | 2,408 |  | $ | 2,661
Lease Liabilities |  |  |  |  |  |
Operating lease liabilities |  | $ | 2,958 |  | $ | 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, 2020:
| December 31, 2020 | December 31, 2019
Weighted-average remaining lease term |  |  |  |
Operating leases |  | 7.77 years |  | 8.65 years
Weighted-average discount rate |  |  |  |
Operating leases |  | 5.06% |  | 5.08%
The Corporation elected, for all classes of underlying assets, to separate lease and non-lease components. Total operating lease expense was $0.5 million for the years ended December 31, 2020 and 2019, respectively. Short-term lease expense was $20 thousand for the year ended December 31, 2020 and $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, 2020 were as follows:
(in thousands) |  |
2021 |  | $ | 495
2022 |  |  | 500
2023 |  |  | 434
2024 |  |  | 404
2025 |  |  | 404
Thereafter |  |  | 1,374
Total future minimum lease payments |  |  | 3,611
Amounts representing interest |  |  | (653)
Present value of net future minimum lease payments |  | $ | 2,958

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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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