XML 143 R28.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Leases
12 Months Ended
Dec. 31, 2019
Leases [Abstract]  
Leases

(20) LEASES

Lessee

On January 1, 2019, the Company adopted ASU No. 2016-02, “Leases - (Topic 842),” which requires the recognition of the Company’s operating leases on its balance sheet. See Note (1) for additional information.

 

The Company has operating leases, which primarily consist of office space in buildings, ATM locations, storage facilities, parking lots, equipment and land on which it owns certain buildings.

 

Rental expense on all operating leases, including those rented on a monthly or temporary basis were as follows (Dollars in thousands):

 

Year Ending December 31:

 

 

 

 

2019

 

$

1,633

 

2018

 

 

1,857

 

2017

 

 

1,597

 

 

 

As of December 31, 2019, a right of use lease asset included in accrued interest receivable and other assets on the balance sheet totaled $5.7 million, and a related lease liability included in accrued interest payable and other liabilities on the balance sheet totaled $5.6 million. As of December 31, 2019, our operating leases have a weighted-average remaining lease term of 4.0 years and a weighted-average discount rate of 3.4 percent.

 

 

Maturity of Operating Lease Liabilities

 

 

 

December 31, 2019

 

 

 

(Dollars in thousands)

 

2020

 

$

1,700

 

2021

 

 

1,208

 

2022

 

 

982

 

2023

 

 

557

 

2024

 

 

336

 

Thereafter

 

 

1,163

 

  Total lease payments

 

 

5,946

 

Less imputed interest

 

 

(326

)

Operating lease liability

 

$

5,620

 

 

Lessor

 

The Company is a lessor of operating leases, which primarily consist of office space in buildings and parking lots. These assets are classified on the balance sheet as premises and equipment. The Company had operating lease revenue of $6.1 million, $2.5 million and $671,000 for the years ended December 31, 2019, 2018 and 2017, respectively. Lease revenue is included in occupancy, net on the consolidated statement of comprehensive income.

 

Future Minimum Lease Payments to be received

The Company does not have operating leases that extend beyond 2026. The following table presents the scheduled minimum future contractual rent to be received under the remaining non-cancelable term of the operating leases:

 

 

 

December 31, 2019

 

 

 

(Dollars in thousands)

 

2020

 

$

3,086

 

2021

 

 

2,187

 

2022

 

 

1,564

 

2023

 

 

1,071

 

2024

 

 

523

 

2025-2026

 

 

405

 

Total future minimum lease payments

 

$

8,836