Leases (Tables)

3 Months Ended

Mar. 31, 2020

Leases [Abstract]

Schedule of Lease Assets and Liabilities

Supplemental balance sheet information related to leases was as follows:

(in thousands)	Classification	March 31, 2020			December 31, 2019
Lease Right-of-Use Assets
Operating lease right-of-use assets	Other assets	$	4,237		$	4,499
Finance lease right-of-use asset	Premises and equipment, net	613			637
Total right-of-use assets		$	4,850		$	5,136
Lease Liabilities
Operating lease liability	Other liabilities	$	5,202		$	5,430
Finance lease liability	Long-term debt	1,194			1,225
Total lease liabilities		$	6,396		$	6,655
Weighted-average remaining lease term
Operating leases		8.88 years			8.90 years
Finance lease		6.42 years			6.67 years
Weighted-average discount rate
Operating leases		3.80		%	3.78		%
Finance lease		8.89		%	8.89		%

Lease Costs and Other Information

The following table represents lease costs and other lease information. As the Company elected, for all classes of underlying assets, not to separate lease and non-lease components and instead to account for them as a single lease component, the variable lease cost primarily represents variable payments such as common area maintenance and utilities.

	Three Months Ended		Three Months Ended
	March 31,		March 31,
(in thousands)	2020		2019
Lease Costs
Operating lease cost	$	319	$	193
Variable lease cost	39		35
Short-term lease cost	—		1
Interest on lease liabilities (1)	26		29
Amortization of right-of-use assets	24		24
Net lease cost	$	408	$	282
Other Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	503	$	359
Operating cash flows from finance lease	27		29
Finance cash flows from finance lease	31		27
Right-of-use assets obtained in exchange for new operating lease liabilities	—		—
Right-of-use assets obtained in exchange for new finance lease liabilities	—		—

(1) Included in long-term debt interest expense in the Company’s consolidated statements of income. All other lease costs in this table are included in occupancy expense of premises, net.

Schedule of Finance Lease Liability Maturity

Future minimum payments for finance leases and operating leases with initial or remaining terms of one year or more as of March 31, 2020 were as follows:

(in thousands)	Finance Leases		Operating Leases
Twelve Months Ended:
December 31, 2020	$	173	$	843
December 31, 2021	235		1,074
December 31, 2022	240		973
December 31, 2023	245		912
December 31, 2024	250		682
Thereafter	426		2,131
Total undiscounted lease payment	$	1,569	$	6,615
Amounts representing interest	(375)		(1,413)
Lease liability	$	1,194	$	5,202

Schedule of Operating Lease Liability Maturity

Future minimum payments for finance leases and operating leases with initial or remaining terms of one year or more as of March 31, 2020 were as follows:

(in thousands)	Finance Leases		Operating Leases
Twelve Months Ended:
December 31, 2020	$	173	$	843
December 31, 2021	235		1,074
December 31, 2022	240		973
December 31, 2023	245		912
December 31, 2024	250		682
Thereafter	426		2,131
Total undiscounted lease payment	$	1,569	$	6,615
Amounts representing interest	(375)		(1,413)
Lease liability	$	1,194	$	5,202