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LEASES | 12 Months Ended
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Dec. 31, 2019
Leases [Abstract] |
LEASES | Note 14—LEASES Effective January 1, 2019, the Company adopted ASC 842 “Leases”. Currently, the Company has operating leases on three of its facilities that are accounted for under this standard. As a result of this standard, the Company recognized a right-of-use asset and a lease liability of $3.3 million, respectively. During the twelve-month period ended December 31, 2019, the Company made cash payments in the amount of $208.3 thousand for operating leases and the lease liability was reduced by $77.2 thousand. The lease expense recognized during twelve-month period ended December 31, 2019 amounted to $259.6 thousand. The weighted average remaining lease term as of December 31, 2019 is 16.52 years and the weighted average discount rate used is 4.41%. The following table shows future undiscounted lease payments for operating leases with initial terms of one year or more as of December 31, 2019 are as follow:
(Dollars in thousands) |  |  |  |
2020 |  | $ | 292 |
2021 |  |  | 298 |
2022 |  |  | 303 |
2023 |  |  | 309 |
2024 |  |  | 282 |
Thereafter |  |  | 3,199 |
Total undiscounted lease payments |  | $ | 4,683 |
Less effect of discounting |  |  | (1,417 | )
Present value of estimate lease payments (lease liability) |  |  | 3,266 |

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- References No definition available. + Details
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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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