LEASES |
6 Months Ended |
|---|---|
Jun. 30, 2021 | |
| Leases [Abstract] | |
| Leases |
NOTE 6 – LEASES
Operating leases in which the Company is the lessee are
liabilities, included in other assets and liabilities, respectively,
The Company’s operating
1
44
leases are not complex and do not contain residual value
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.
lease ROU assets and liabilities were $
11.9
12.7
any significant lessor agreements.
The table below summarizes our lease expense and other
Three Months Ended
Six Months Ended
June 30,
June 30,
(Dollars in Thousands)
2021
2020
2021
2020
Operating lease expense
$
362
$
265
$
706
$
422
Short-term lease expense
170
154
310
233
Total
$
532
$
419
$
1,016
$
655
Other information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases
$
402
$
263
$
786
$
424
Right-of-use assets obtained in exchange for new operating lease liabilities
440
-
515
5,120
Weighted average
25.1
15.5
25.1
15.5
Weighted average
2.0%
2.4%
2.0%
2.4%
The table below summarizes the maturity of remaining
(Dollars in Thousands)
June 30, 2021
2021
$
816
2022
1,480
2023
1,086
2024
1,033
2025
855
2026 and thereafter
11,165
Total
$
16,435
Less: Interest
(3,780)
Present Value
$
12,655
At June 30, 2021, the Company had additional operating
two
$
4.8
15 years
.
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
0.2
through 2024, for an aggregate remaining obligation of
0.7
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