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Leases
3 Months Ended
Mar. 31, 2022
Leases [Abstract]  
Leases

12.

LEASES

The Bank and ALC are involved in a number of operating leases, primarily for branch locations. Branch leases have remaining lease terms ranging from less than one year to 13 years, some of which include options to extend the leases for up to five years, and some of which include an option to terminate the lease within one year. The Bank leases certain office facilities to third parties and classifies these leases as operating leases.

The following table provides a summary of the components of lease expense, as well as the reporting location in the Condensed Consolidated Statements of Operations for the three months ended March 31, 2022 and 2021:

 

 

 

Location in the Condensed

 

Three Months Ended

 

 

 

Consolidated Statements

of Operations

 

March 31,

2022

 

 

March 31,

2021

 

 

 

 

 

(Dollars in Thousands)

 

Operating lease expense (1)

 

Net occupancy and equipment

 

$

36

 

 

$

209

 

Operating lease income (2)

 

Lease income

 

$

214

 

 

$

209

 

 

(1)

Includes short-term lease costs. For the three-month periods ended March 31, 2022 and 2021, short-term lease costs were nominal in amount.

(2)

Operating lease income includes rental income from owned properties.

The following table provides supplemental lease information for operating leases on the Condensed Consolidated Balance Sheet as of March 31, 2022:

 

 

 

Location in

the Condensed

 

 

 

 

 

 

Consolidated

Balance Sheet

 

March 31,

2022

 

 

 

 

 

(Dollars in

Thousands)

 

Operating lease right-of-use assets

 

Other assets

 

$

2,154

 

Operating lease liabilities

 

Other liabilities

 

$

2,228

 

Weighted-average remaining lease term (in years)

 

 

 

 

5.78

 

Weighted-average discount rate

 

 

 

 

3.30

%

 

The following table provides supplemental lease information for the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021:

 

 

 

Three Months Ended

 

 

 

March 31,

2022

 

 

March 31,

2021

 

 

 

(Dollars in Thousands)

 

Cash paid for amounts included in the measurement of

   lease liabilities:

 

 

 

 

 

 

 

 

Operating cash flows from operating leases

 

$

35

 

 

$

176

 

 

 

The following table is a schedule of remaining future minimum lease payments for operating leases that had an initial or remaining non-cancellable lease term in excess of one year as of March 31, 2022:

 

 

 

Minimum

Rental Payments

 

 

 

(Dollars in Thousands)

 

2022

 

$

319

 

2023

 

 

432

 

2024

 

 

438

 

2025

 

 

339

 

2026

 

 

346

 

2027 and thereafter

 

 

591

 

Total future minimum lease payments

 

$

2,465

 

Less: Imputed interest

 

 

237

 

Total operating lease liabilities

 

$

2,228