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Leases
12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
Leases

(20) 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.

 

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:

 

 

 

 

2020

 

$

1,894

 

2019

 

 

1,633

 

2018

 

 

1,857

 

 

 

As of December 31, 2020, a right of use lease asset included in accrued interest receivable and other assets on the balance sheet totaled $4.4 million, and a related lease liability included in accrued interest payable and other liabilities on the balance sheet totaled $4.3 million. As of December 31, 2020, our operating leases have a weighted-average remaining lease term of 3.3 years and a weighted-average discount rate of 3.1 percent.

 

 

Maturity of Operating Lease Liabilities

 

 

 

December 31, 2020

 

 

 

(Dollars in thousands)

 

2021

 

$

1,413

 

2022

 

 

1,210

 

2023

 

 

706

 

2024

 

 

345

 

2025

 

 

277

 

Thereafter

 

 

887

 

Total lease payments

 

 

4,838

 

Less imputed interest

 

 

(508

)

Operating lease liability

 

$

4,330

 

 

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 $5.3 million, $6.1 million and $2.5 million for the years ended December 31, 2020, 2019 and 2018, 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:

 

 

 

December 31, 2020

 

 

 

(Dollars in thousands)

 

2021

 

$

3,402

 

2022

 

 

2,707

 

2023

 

 

2,313

 

2024

 

 

2,229

 

2025

 

 

1,611

 

2026-2030

 

 

4,355

 

Total future minimum lease payments

 

$

16,617