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Leases

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Leases

Note 9—Leases

During the three-month period ended September 30, 2020 and September 30, 2019, the Company made cash payments for operating leases in the amount of $73.1 thousand and $49.3 thousand, respectively. During the nine-month period ended September 30, 2020 and September 30, 2019, the Company made cash payments for operating leases in the amount of $218.4 thousand and $147.3 thousand, respectively. The lease expense recognized during this three-month period amounted to $80.8 thousand and $62.1. thousand at September 30, 2020 and September 30, 2019, respectively. The lease expense recognized during this nine-month period amounted to $242.3 thousand and $178.8 thousand at September 30, 2020 and September 30, 2019, respectively. The lease liability was reduced by $38.1 thousand and $17.0 thousand at three-month ended September 30, 2020 and September 30, 2019, respectively. The lease liability was reduced by $112.9 thousand and $51.0 thousand for the nine-month periods ended September 30, 2020 and September 30, 2019, respectively. At September 30, 2020 and September 30, 2019, the weighted average lease term was 15.96 years and 16.76 years, respectively, and the weighted average discount rate for both years was 4.41%. 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		$	74			$	35			$	39
2021			298				133				165
2022			303				126				177
2023			309				118				191
2024			282				110				172
Thereafter			3,200				790				2,410
Total		$	4,466			$	1,312			$	3,154

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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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