Leases

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Leases

NOTE 9 – LEASES

The Company has operating leases for branch office locations, vehicles and certain office equipment such as printers, copiers and faxes. The leases have remaining lease terms of up to 9.5 years, some of which include options to extend the lease for up to 10 years and some of which include options to terminate the lease in January of 2021.  

The right of use asset and lease liability were $4.8 million and $5.0 million as of December 31, 2020, respectively, and $3.1 million and $3.2 million as of December 31, 2019, respectively.

Lease payments made for the year ended December 31, 2020 and 2019 were $782 thousand and $584 thousand.  Interest expense and amortization expense on finance leases for the year ended December 31, 2020 were $133 thousand and $456 thousand.  Interest expense and amortization expense on finance leases for the year ended December 31, 2019 were $103 thousand and $355 thousand.  The weighted-average remaining lease term for all leases was 4.9 years as of December 31, 2020 and the weighted-average discount rate was 2.98%.

Maturities of lease liabilities are as follows as of December 31, 2020:

2021	$	799
2022		624
2023		568
2024		398
2025		410
Thereafter		3,177
Total Payments		5,976
Less: Imputed Interest		(1,010	)
Total	$	4,966