Lease Commitment

12 Months Ended

Dec. 31, 2019

NOTE 10: LEASE COMMITMENTS

We lease certain office facilities and office equipment under operating leases. Rent expense for all operating leases totaled $0.2 million for both the years ended December 31, 2019 and 2018. On January 1, 2019, we adopted a new accounting standard which required the recognition of certain operating leases on our balance sheet as lease right of use assets (reported as component of other assets) and related lease liabilities (reported as a component of accrued expenses and other liabilities). At December 31, 2019, aggregate lease right of use assets and lease liabilities amounted to $785 thousand and $788 thousand, respectively. Rent expense includes amounts related to items that are not included in the determination of lease right of use assets including expenses related to short-term leases totaling $0.1 million for the year ended December 31, 2019.

Lease payments under operating leases that were applied to our operating lease liability totaled $129 thousand during the year ended December 31, 2019. The following table reconciles future undiscounted lease payments due under non-cancelable operating leases (those amounts subject to recognition) to the aggregate operating lease liability as of December 31, 2019:

(Dollars in thousands)		payments
2020		$	106
2021			93
2022			93
2023			93
2024			93
Thereafter			416
	Total undiscounted operating lease liabilities	$	894
Imputed interest			106
	Total operating lease liabilities included in the accompanying balance sheet	$	788
Weighted-average lease terms in years			8.89
Weighted-average discount rate			3.40	%