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Lease Commitments (Tables)

9 Months Ended

Sep. 30, 2021

Lease Commitments

Schedule of lease cost associated with both operating and financing leases

The following table presents the lease cost associated with both operating and financing leases for the three and nine month periods ending September 30, 2021 and 2020 (in thousands).


		Three months ended						Nine months ended
		September 30,						September 30,
		2021			2020			2021			2020
Lease cost
Financing lease cost:
Amortization of right-of-use asset		$	68		$	68		$	204		$	203
Interest expense			26			28			80			85
Operating lease cost			29			29			87			87
Total lease cost		$	123		$	125		$	371		$	375

Schedule of weighted average discount rates and the remaining term of the leases

The following table presents the weighted-average remaining lease term and discount rate for the leases outstanding at September 30, 2021 and December 31, 2020.


		September 30, 2021					December 31, 2020

		Operating		Financing			Operating		Financing
Weighted-average remaining term (years)		11.1		15.6			11.4		16.0
Weighted-average discount rate		3.52	%	3.55	%		3.49	%	3.52	%

Schedule of reconciliation to the discounted amount recorded on the consolidated balance sheets

The following table presents the undiscounted cash flows due related to operating and financing leases, along with a reconciliation to the discounted amount recorded on the Consolidated Balance Sheets.


September 30, 2021
		OPERATING			FINANCING

		(IN THOUSANDS)
Undiscounted cash flows due:
Within 1 year		$	110		$	319
After 1 year but within 2 years			69			320
After 2 years but within 3 years			69			253
After 3 years but within 4 years			69			252
After 4 years but within 5 years			69			198
After 5 years			470			2,623
Total undiscounted cash flows			856			3,965
Discount on cash flows			(151)			(1,012)
Total lease liabilities		$	705		$	2,953


December 31, 2020
		OPERATING			FINANCING

		(IN THOUSANDS)
Undiscounted cash flows due:
Within 1 year		$	120		$	316
After 1 year but within 2 years			98			320
After 2 years but within 3 years			69			309
After 3 years but within 4 years			69			249
After 4 years but within 5 years			69			248
After 5 years			520			2,760
Total undiscounted cash flows			945			4,202
Discount on cash flows			(169)			(1,093)
Total lease liabilities		$	776		$	3,109