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Leases
 9 Months Ended
Sep. 30, 2021
Leases [Abstract]  
Leases

Note 9—Leases

 

During the three-month period ended September 30, 2021 and September 30, 2020, the Company made cash payments for operating leases in the amount of $74.5 thousand and $73.1 thousand, respectively. During the nine-month period ended September 30, 2021 and September 30, 2020, the Company made cash payments for operating leases in the amount of $222.4 thousand and $218.4 thousand, respectively. The lease expense recognized during this three-month period amounted to $80.8 thousand at both September 30, 2021 and September 30, 2020, respectively. The lease expense recognized during this nine-month period amounted to $242.3 thousand at both September 30, 2021 and September 30, 2020, respectively. The lease liability was reduced by $41.1 thousand and $38.1 thousand at three-month ended September 30, 2021 and September 30, 2020, respectively. The lease liability was reduced by $122.3 thousand and $112.9 thousand at nine-month ended September 30, 2021 and September 30, 2020, respectively. At September 30, 2021 and September 30, 2020, the weighted average lease term was 15.25 years and 15.96 years, respectively. The weighted average discount rate for September 30, 2021 and September 30, 2020 was 4.42% and 4.41%, respectively. The following table is a maturity analysis of the operating lease liabilities.

 

(Dollars in thousands)          Liability 
Year  Cash   Lease Expense   Reduction 
2021  $75   $33   $42 
2022   303    126    177 
2023   309    118    191 
2024   282    110    172 
2025   222    104    118 
Thereafter   2,978    686    2,292 
Total  $4,169   $1,177   $2,992