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Leases
 6 Months Ended
Jun. 30, 2020
Leases [Abstract]  
Leases

Note 9—Leases

 

During the three-month period ended June 30, 2020 and June 30, 2019, the Company made cash payments for operating leases in the amount of $72.7 thousand and $49.1 thousand, respectively. During the six-month period ended June 30, 2020 and June 30, 2019, the Company made cash payments for operating leases in the amount of $145.3 thousand and $98.0 thousand, respectively. The lease expense recognized during this three-month period amounted to $80.8 thousand and $58.4 thousand at June 30, 2020 and June 30, 2019, respectively. The lease expense recognized during this six-month period amounted to $161.5 thousand and $116.7 thousand at June 30, 2020 and June 30, 2019, respectively. The lease liability was reduced by $37.7 thousand and $16.9 thousand at three-month ended June 30, 2020 and June 30, 2019, respectively. The lease liability was reduced by $74.8 thousand and $34.1 thousand at six-month ended June 30, 2020 and June 30, 2019, respectively. At June 30, 2020 and June 30, 2019, the weighted average lease term was 16.16 years and 18.68 years, respectively and the weighted average discount rate for both years was 4.83%. The following table is a maturity analysis of the operating lease liabilities.

Note 9—Leases-continued

 

(Dollars in thousands)            
       Lease   Liability 
Year  Cash   Expense   Reduction 
2020  $147   $70   $77 
2021   298    133    165 
2022   303    126    177 
2023   309    118    191 
2024   282    110    172 
Thereafter   3,199    789    2,410 
Total  $4,538   $1,346   $3,192