LEASES

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

LEASES

Note 14—LEASES

Effective January 1, 2019, the Company adopted ASC 842 “Leases”. Currently, the Company has operating leases on three of its facilities that are accounted for under this standard. As a result of this standard, the Company recognized a right-of-use asset and a lease liability of $3.3 million, respectively. During the twelve-month period ended December 31, 2019, the Company made cash payments in the amount of $208.3 thousand for operating leases and the lease liability was reduced by $77.2 thousand. The lease expense recognized during twelve-month period ended December 31, 2019 amounted to $259.6 thousand. The weighted average remaining lease term as of December 31, 2019 is 16.52 years and the weighted average discount rate used is 4.41%. The following table shows future undiscounted lease payments for operating leases with initial terms of one year or more as of December 31, 2019 are as follow:

(Dollars in thousands)
2020	$	292
2021		298
2022		303
2023		309
2024		282
Thereafter		3,199
Total undiscounted lease payments	$	4,683
Less effect of discounting		(1,417	)
Present value of estimate lease payments (lease liability)		3,266