Annual report pursuant to Section 13 and 15(d)

Note 6 - Leases

v3.20.1
Note 6 - Leases
12 Months Ended
Dec. 31, 2019
Notes to Financial Statements  
Lessee, Operating Leases [Text Block]

NOTE 6.

LEASES

 

The Company leases space under non-cancelable operating leases for several of its banking offices and certain office equipment. The Company reports its right-of-use asset in other assets and its lease liabilities in other liabilities in its Consolidated Balance Sheet.

 

Supplemental balance sheet information related to operating leases is as follows:

 

       

December 31, 2019

 

Right-of-use assets

  $ 13,292  

Lease liabilities

  $ 13,350  

Weighted average remaining lease term

    5.5  

Weighted average discount rate

    3.18

%

 

 

Lease costs during the year ended December 31, 2019 were as follows (in thousands):

 

   

2019

 

Operating lease cost

  $ 3,421  

Short-term lease cost

    65  

Variable lease cost

    154  

Sublease income

    (70 )

Net lease cost

  $ 3,570  

 

 

Maturities of operating lease liabilities as of December 31, 2019 are as follows:

 

   

(In Thousands)

 

2020

  $ 3,005  

2021

    2,383  

2022

    2,425  

2023

    2,024  

2024

    1,074  

Thereafter

    2,439  

Total

  $ 13,350