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LEASES

3 Months Ended

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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- References

No definition available.

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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

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