XML 24 R14.htm IDEA: XBRL DOCUMENT v3.20.2
Leases
9 Months Ended
Sep. 30, 2020
Leases [Abstract]  
Leases

(6)     LEASES

 

Lessee

 

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.

 

Rent expense for all operating leases, including those rented on a monthly or temporary basis totaled approximately $504,000 and $392,000 for the three months ended September 30, 2020 and September 30, 2019, respectively. Rent expense for all operating leases, including those rented on a monthly or temporary basis totaled approximately $1.4 million and $1.2 million for the nine months ended September 30, 2020 and September 30, 2019, respectively.

 

As of September 30, 2020, right of use lease asset included in accrued interest receivable and other assets on the balance sheet totaled $4.3 million, and a related lease liability included in accrued interest payable and other liabilities on the balance sheet totaled $4.2 million. There have been no significant changes in our expected future minimum lease payments since December 31, 2019. The future minimum lease payments are disclosed in Note (20) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. As of September 30, 2020, our operating leases have a weighted-average remaining lease term of 3.4 years and a weighted-average discount rate of 3.3 percent.

 

Maturity of Operating Lease Liabilities

 

 

 

September 30, 2020

 

 

 

(Dollars in thousands)

 

2020 (three months)

 

$

325

 

2021

 

 

1,242

 

2022

 

 

1,002

 

2023

 

 

569

 

2024

 

 

345

 

Thereafter

 

 

1,165

 

Total lease payments

 

 

4,648

 

Less imputed Interest

 

 

(457

)

Operating lease liability

 

$

4,191

 

 

 

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 $1.3 million and $1.6 million for the three months ended September 30, 2020 and September 30, 2019, respectively. The Company had operating lease revenue of $4.1 million and $4.7 million for the nine months ended September 30, 2020 and September 30, 2019, 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 2030. The following table presents the scheduled minimum future contractual rent to be received under the remaining non-cancelable term of the operating leases:

 

 

 

September 30, 2020

 

 

 

(Dollars in thousands)

 

2020 (three months)

 

$

967

 

2021

 

 

3,290

 

2022

 

 

2,635

 

2023

 

 

2,240

 

2024

 

 

2,156

 

2025-2030

 

 

5,955

 

Total future minimum lease payments

 

$

17,243