RIGHT OF USE ASSET AND LEASE LIABILITY (Tables)

3 Months Ended

Mar. 31, 2020

RIGHT OF USE ASSET AND LEASE LIABILITY

Schedule of the components of lease costs for operating leases

The following table presents the components of the Company’s lease costs for operating leases as the lessee, which is included in net occupancy expense on the consolidated statements of income (in thousands):

	Three Months Ended
	March 31, 2020
Operating lease expense	$	184
Short term lease expense		86
Total lease expense	$	270

Schedule of supplemental balance sheet information related to leases

Supplemental balance sheet information related to leases was as follows (in thousands, except for weighted-averages):

Operating Leases	Classification	March 31, 2020
ROU assets	Right of use asset, net	$	4,535
Lease liabilities	Lease liability	$	4,676
Weighted-average remaining lease term			9.0
Weighted-average discount rate			3.09	%

Schedule of supplemental cash flow information related to operating leases

Supplemental cash flow information related to operating leases was as follows (in thousands):

	Three Months Ended
	March 31, 2020
Cash paid for amounts included in the measurement of lease liabilities	$	182
ROU assets obtained in exchange for lease obligations	$	171

Schedule of lease payment obligations

Lease payment obligations for each of the next five years and thereafter with a reconciliation to the Company’s lease liability are as follows (in thousands):

Year	Operating Leases
2020	$	480
2021		561
2022		561
2023		561
2024		561
Thereafter		2,712
Total lease payments		5,436
Less imputed interest		(760)
Total (1)	$	4,676

Lease liability maturities include 1st option of extension