Leases

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

LEASES

NOTE 8: LEASES

The Company leases offices, plants and vehicles under operating leases. For leases with terms greater than 12 months, the Company records the related asset and liability at the present value of lease payments according to their term. Several of the Company's leases include renewal options and some have termination options that are factored into the Company's determination of the lease payments when appropriate. The Company estimates the incremental borrowing rate in order to discount the lease payments based on the information available at the lease commencement date. 

The Company has various operating leases for office space and vehicles that expire through 2030. Below is a summary of our operating right-of-use assets and operating lease liabilities as of December 31, 2019:

Operating lease right-of-use assets	$	8,695
Operating lease liabilities, current	$	1,946
Operating lease liabilities long-term		7,174
Total operating lease liabilities	$	9,120

Minimum lease payments for our right of use assets over the remaining lease periods as of December 31, 2019, are as follows:

Year ended December 31,
2020	$	1,947
2021		1,851
2022		1,253
2023		1,055
2024		1,076
Thereafter		3,222
Total undiscounted lease payments	$	10,404
Less: Interest		1,284
Present value of lease liabilities		9,120

Premises rent expense was $2,094 and $1,749 for the year ended December 31, 2019 and 2018, respectively.

As of December 2019, the Company had an additional operating lease that had not yet commenced in the amount of $4,591. This operating lease commenced in February 2020 with a lease term through January 2030.

The Company has elected the practical expedient to not separate lease components from non-lease components.

The weighted average remaining lease terms and discount rates for all of operating leases were as follows as of December 31, 2019:

Remaining lease term and discount rate:
Weighted average remaining lease term (years)	6.8
Weighted average discount rate	4.13	%