NOTE 6 – LEASES
Operating leases in which the Company is the lessee are
recorded as operating lease right of use (“ROU”) assets and operating
liabilities, included in other assets and liabilities, respectively,
on its consolidated statement of financial condition.
The Company’s operating
leases primarily relate to banking offices with remaining
lease terms from
leases are not complex and do not contain residual value
guarantees, variable lease payments, or significant assumptions
made in applying the requirements of Topic
Operating leases with an initial term of 12 months or less are not recorded on the
balance sheet and the related lease expense is recognized on a straight-line basis over the lease term.
At June 30, 2021, the operating
lease ROU assets and liabilities were $
The Company does not have any finance leases or
any significant lessor agreements.
The table below summarizes our lease expense and other
information related to the Company’s
Three Months Ended
Six Months Ended
(Dollars in Thousands)
Operating lease expense
Short-term lease expense
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases
Right-of-use assets obtained in exchange for new operating lease liabilities
remaining lease term — operating leases (in years)
discount rate — operating leases
At June 30, 2021, the Company had additional operating
lease payments for
banking offices that have not yet commenced totaling
million based on the initial contract term of
Payments for the banking offices are expected to commence after the
construction period ends, which is expected to occur during the second quarter of 2022 and the third quarter of 2022.
A related party is the lessor in an operating lease with
The Company’s minimum
payment is $
through 2024, for an aggregate remaining obligation of
million at June 30, 2021.