Note 10 - Leases

3 Months Ended

Mar. 31, 2020

Note

10.

Leases

The Company evaluates all contracts at commencement to determine if a lease is present. The Company’s lease contracts are all classified as operating leases and created operating right-of-use (“ROU”) assets and corresponding lease liabilities on the balance sheet. The leases are primarily ROU assets of land and building for branch and loan production locations. ROU assets are reported on the accrued interest and other assets line and the related lease liabilities on the accrued interest and other liabilities line on the Consolidated Statement of Financial Condition.

The following tables present the ROU assets, lease expense, weighted average term, discount rate and maturity analysis of lease liabilities for operating leases for the periods indicated.

	Three Months Ended
	March 31,
	2020		2019
(Dollars in thousands)

Operating Lease Expense	$	116	$	115
Variable Lease Expense		9		8
Total Lease Expense	$	125	$	123

	March 31,			December 31,
	2020			2019
Operating Leases:
ROU Assets	$	1,205		$	1,289
Weighted Average Lease Term in Years		7.11			7.06
Weighted Average Discount Rate		2.90	%		2.89	%

	March 31,
	2020
Maturity Analysis:
Due in One Year	$	405
Due After One Year to Two Years		292
Due After Two Years to Three Years		142
Due After Three Years to Four Years		66
Due After Four to Five Years		48
Due After Five Years		398
Total	$	1,351
Less: Present Value Discount		143
Lease Liabilities	$	1,208