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LEASES | 3 Months Ended
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Mar. 31, 2020
Leases [Abstract] |
LEASES | Note 9—Leases During the period ended March 31, 2020 and March 31, 2019, the Company made cash payments for operating leases in the amount of $72.6 thousand and $48.9 thousand, respectively. The lease expense recognized during this period amounted to $80.8 thousand and $58.3 thousand at March 31, 2020 and March 31, 2019, respectively. The lease liability was reduced by $37.1 thousand and $17.2 thousand at March 31, 2020 and March 31, 2019, respectively. At March 31, 2020 and March 31, 2019, the weighted average lease term was 16.3 years and 18.92 years, respectively and the weighted average discount rate for both years was 4.4%. The following table is a maturity analysis of the operating lease liabilities.
(Dollars in thousands) |  | Liability |
Year |  | Cash |  |  | Lease Expense |  |  | Reduction |
2020 |  | $ | 220 |  |  | $ | 105 |  |  | $ | 115 |
2021 |  |  | 298 |  |  |  | 133 |  |  |  | 165 |
2022 |  |  | 303 |  |  |  | 126 |  |  |  | 177 |
2023 |  |  | 309 |  |  |  | 118 |  |  |  | 191 |
2024 |  |  | 282 |  |  |  | 110 |  |  |  | 172 |
Thereafter |  |  | 3,199 |  |  |  | 789 |  |  |  | 2,409 |
Total |  | $ | 4,611 |  |  | $ | 1,381 |  |  | $ | 3,229 |

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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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