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Note 6 - Leases | 9 Months Ended
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Sep. 30, 2020
Notes to Financial Statements |
Lessee, Operating Leases [Text Block] | NOTE 6 - LEASES The Company enters into operating leases in the normal course of business primarily for several of its branch and corporate locations. Leases (Topic 842) establishes a right of use model that requires a lessee to record a right of use (“ROU”) asset and a lease liability for all leases with terms longer than 12 months. Currently the Company is obligated under four non-cancellable operating lease agreements for three branch properties and its corporate office. The leases have varying terms, the longest of which will end in 2032. The Company's lease agreements include options to renew at the Company's discretion. The extensions are not reasonably certain to be exercised; therefore, they were not considered in the calculation of the ROU asset and lease liability. The Company has also elected not to recognize leases with original lease terms of 12 months or less (short-term leases) on the Company's Statement of Financial Condition. The following table represents the classification of the Company's right of use and lease liabilities:
|  | Statement of Financial Condition Location |  | September 30, 2020 |  |  | December 31, 2019 |
Operating Lease Right of Use Asset: |  |  |  |  |  |  |  |  |  |
Gross carrying amount |  |  |  | $ | 6,694 |  |  | $ | — |
New lease obligation |  |  |  |  | 111 |  |  |  | 6,694 |
Accumulated amortization |  |  |  |  | (1,508 | ) |  |  | (848 | )
Net carrying value |  | Other assets |  | $ | 5,297 |  |  | $ | 5,846 |
Operating Lease Liabilities: |  |  |  |  |  |  |  |  |  |
Right of use lease obligations |  | Other liabilities |  | $ | 5,297 |  |  | $ | 5,846 |
Amortization expense was $221,000 and $212,000 for the three months ended September 30, 2020 and 2019, respectively, and $660,000 and $636,000 for the nine months ended September 30, 2020 and 2019. At September 30, 2020, the weighted-average remaining lease term for the operating leases was 8.4 years and the weighted-average discount rate used in the measurement of operating lease liabilities was 3.13%. The Company utilized the FHLB fixed rate advance rate for the term most closely aligning with the remaining lease term at inception.
|  | For the Three Months Ended |  |  | For the Nine Months Ended |
|  | September 30, |  |  | September 30, |
Lease cost: |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Operating lease cost |  | $ | 221 |  |  | $ | 212 |  |  | $ | 660 |  |  | $ | 636 |
Short-term lease cost |  |  | 42 |  |  |  | 26 |  |  |  | 113 |  |  |  | 86 |
Sublease income |  |  | (19 | ) |  |  | (17 | ) |  |  | (56 | ) |  |  | (32 | )
Total lease cost |  | $ | 244 |  |  | $ | 221 |  |  | $ | 717 |  |  | $ | 690 |
Other information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 238 |  |  | $ | 225 |  |  | $ | 709 |  |  | $ | 674 |
Future minimum payments under non-cancellable operating leases with terms longer than 12 months, are as follows at September 30, 2020:
Twelve months ended September 30, |  |  |  |
2021 |  | $ | 957 |
2022 |  |  | 991 |
2023 |  |  | 1,002 |
2024 |  |  | 582 |
2025 |  |  | 505 |
Thereafter |  |  | 2,344 |
Total future minimum operating lease payments |  |  | 6,381 |
Amounts representing interest |  |  | (1,084 | )
Present value of net future minimum operating lease payments |  | $ | 5,297 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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