XML 24 R14.htm IDEA: XBRL DOCUMENT
v3.19.2

Leases | 6 Months Ended
--- | ---
Jun. 30, 2019
Leases [Abstract] |
Leases | Note 6 – Leases On January 1, 2019, the Company adopted ASU No. 2016-02 “Leases (Topic 842)” and all subsequent ASUs that modified Topic 842. The Company elected the prospective application approach provided by ASU 2018-11 and did not adjust prior periods for ASC 842. The Company also elected certain practical expedients within the standard and consistent with such elections did not reassess whether any expired or existing contracts are or contain leases, did not reassess the lease classification for any expired or existing leases, and did not reassess any initial direct costs for existing leases. As stated in the Company’s 2018 Form 10-K, the implementation of the new standard resulted in recognition of right-of-use assets and lease liabilities of $3.0 million at the date of adoption, which is related to the Company’s lease of premises used in operations. The right-of-use assets and lease liabilities are included in other assets and other liabilities, respectively, in the Consolidated Balance Sheets. ﻿ Lease liabilities represent the Company’s obligation to make lease payments and are presented at each reporting date as the net present value of the remaining contractual cash flows. Cash flows are discounted at the Company’s incremental borrowing rate in effect at the commencement date of the lease. Right-of-use assets represent the Company’s right to use the underlying asset for the lease term and are calculated as the sum of the lease liability and if applicable, prepaid rent, initial direct costs and any incentives received from the lessor. ﻿ The Company leases six of its operating locations under long-term leases (greater than 12 months). Leases for four of these locations are classified as operating leases. One new lease which commenced near the end of the current period was classified as a finance lease upon management’s assessment of the lease. Also near the end of the current period, another lease which was classified as operating upon adoption of ASU 2016-02 was modified, and upon reassessment of the modified lease, was transitioned to the finance lease classification. Certain of these leases offer the option to extend the lease term and the Company has included such extensions in its calculation of the lease liabilities to the extent the options are reasonably certain of being exercised. The lease agreements do not provide for residual value guarantees and have no restrictions or covenants that would impact dividends or require incurring additional financial obligations. ﻿ The following tables present information about the Company’s operating leases: ﻿
﻿(Dollars in thousands) | June 30, 2019 |
﻿Lease liabilities | $ | 1,588 |
﻿Right-of-use assets | $ | 1,580 |
Weighted average remaining lease term |  | 15.1 years |
﻿Weighted average discount rate |  | 3.39% |
﻿ The following tables present information about the Company’s finance leases: ﻿
﻿(Dollars in thousands) | June 30, 2019
﻿Lease liabilities | $ | 4,552
﻿Right-of-use assets | $ | 4,552
﻿Weighted average remaining lease term |  | 11.6 years
﻿Weighted average discount rate |  | 2.70%
﻿ ﻿ ﻿ ﻿ ﻿ ﻿ Note 6 – Leases (continued)
﻿Lease cost (in thousands) | For the Three Months Ended June 30, 2019 |
﻿Operating lease cost | $ | 125 |
﻿Financing lease cost |  | - |
﻿Total lease cost | $ | 125 |
﻿ |  |  |
﻿Cash paid for amounts included in the measurement of operating lease liabilities | $ | 122 |
﻿
﻿
﻿ |  |
﻿ ﻿
﻿ |  |
Lease cost (in thousands) | For the Six Months Ended June 30, 2019
﻿Operating lease cost | $ | 286
﻿Financing lease cost |  | -
﻿Total lease cost | $ | 286
﻿ |  |
﻿Cash paid for amounts included in the measurement of operating lease liabilities | $ | 278
﻿ ﻿ ﻿ A maturity analysis of operating and finance lease liabilities and reconciliation of the undiscounted cash flows to the total of lease liabilities is as follows: ﻿
﻿ |  | Operating Lease |  | Finance Lease
﻿ |  | Liabilities |  | Liabilities
﻿ |  | As of |  | As of
Lease payments due (in thousands) |  | June 30, 2019 |  | June 30, 2019
﻿ Six months ending December 31, 2019 |  | $91 |  | $187
﻿ Twelve months ending December 31, 2020 |  | 184 |  | 445
﻿ Twelve months ending December 31, 2021 |  | 111 |  | 454
﻿ Twelve months ending December 31, 2022 |  | 110 |  | 454
﻿ Twelve months ending December 31, 2023 |  | 110 |  | 454
﻿ Twelve months ending December 31, 2024 |  | 110 |  | 479
﻿ Thereafter |  | 1,352 |  | 2,881
﻿Total undiscounted cash flows |  | $2,068 |  | $5,354
﻿Discount |  | (480) |  | (802)
﻿Lease liabilities |  | $1,588 |  | $4,552
﻿ |  |  |  |
﻿ |
﻿

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration