Leases

9 Months Ended

Sep. 30, 2020

The Company evaluates contracts at commencement to determine if a lease is present. The Company’s lease contracts are all classified as operating leases and create 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 in accrued interest and other assets and the related lease liabilities in accrued interest and other liabilities on the Consolidated Statement of Financial Condition.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
(Dollars in thousands)

Operating Lease Expense	$	118	$	114	$	353	$	344
Variable Lease Expense	10		17		28		32
Total Lease Expense	$	128	$	131	$	381	$	376


	September 30, 2020			December 31, 2019
Operating Leases:
ROU Assets	$	1,202		$	1,289
Weighted Average Lease Term in Years	7.22			7.06
Weighted Average Discount Rate	2.55		%	2.89		%


	September 30, 2020
Maturity Analysis:
Due in One Year	$	348
Due After One Year to Two Years	255
Due After Two Years to Three Years	156
Due After Three Years to Four Years	113
Due After Four to Five Years	90
Due After Five Years	375
Total	$	1,337
Less: Present Value Discount	132
Lease Liabilities	$	1,205