8.LEASES


	Statement of
	Financial Condition
	Location		3/31/2020		12/31/2019
			(in thousands)
Operating Lease Right of Use Asset:
Gross Carrying Amount		$	8,824	$	8,857
Accumulated Amortization			(802)		(662)
Net Book Value	Operating lease right of use asset	$	8,022	$	8,195

Operating Lease Liabilities
Right of use lease obligations	Operating lease liability	$	8,210	$	8,350

As of March 31, 2020, the weighted-average remaining lease term for operating leases was 35.2 years and the weighted- average discount rate used in the measurement of operating lease liabilities was 4.13%. The Company utilized the FHLB fixed rate advance rate as of December 31, 2018 for the term most closely aligning with the remaining lease term for lease obligations in existence as of December 31, 2018. The Company utilized the FHLB fixed rate advance rate as of April 30, 2019 as a basis for determining the discount rate for one contract which was entered into during April 2019.


	Three Months Ended
		3/31/2020		3/31/2019
		(in thousands)
Lease Cost:
Operating lease cost	$	140	$	111
Total lease cost	$	140	$	111

Other information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	102	$	130

Maturity analysis of liabilities under operating leases with terms longer than 12 months, are as follows at March 31, 2020:


	As of March 31, 2020
		(in thousands)
Twelve months ended March 31,
2020	$	533
2021		521
2022		527
2023		531
2024		545
Thereafter		18,847
Total undiscounted lease payments	$	21,504
Amounts representing interest		(13,294)
Lease liability	$	8,210