Leases

3 Months Ended

Mar. 31, 2020

Note 14: Leases

The Company has operating leases for certain banking offices and land under noncancelable agreements. Our leases have remaining lease terms that vary from less than one year up to 30 years, some of which include options to extend the leases for various renewal periods. All options to renew are included in the current lease term when we believe it is reasonably certain that the renewal options will be exercised.

The components of the lease expense are as follows:

	For the three months
	ended March 31,
(In thousands)	2020		2019
Operating lease cost	$	61	$	59
Finance lease cost		20		-

Supplemental cash flow information related to leases was as follows:

	For the three months
	ended March 31,
(In thousands)	2020		2019
Cash paid for amount included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	56	$	48
Operating cash flows from finance leases		20		-
Financing cash flows from finance leases		18		-

Supplemental balance sheet information related to leases was as follows:


(In thousands, except lease term and discount rate)	March 31, 2020			December 31, 2019
Operating Leases:
Operating lease right-of-use assets	$	2,349		$	2,386
Operating lease liabilities	$	2,618		$	2,650

Finance Leases:
Financial Liability	$	581		$	578

Weighted Average Remaining Lease Term:
Operating Leases	19.45 years			19.58 years
Finance Leases	29.17 years			29.42 years

Weighted Average Discount Rate:
Operating Leases		3.72	%		3.71	%
Finance Leases		13.75	%		13.75	%

Maturities of lease liabilities were as follows:

Twelve Months Ending March 31,
(In thousands)
2021	$	114
2022		97
2023		102
2024		111
2025		120
Thereafter		2,655
Total minimum lease payments	$	3,199

The Company owns certain properties that it leases to unaffiliated third parties at market rates. Lease rental income was $71,000 and $34,000 for the twelve months ended March 31, 2020 and 2019, respectively. All lease agreements are accounted for as operating leases.