Operating Lease Liabilities

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Operating Lease Liabilities

NOTE 10 – OPERATING LEASE LIABILITIES:

The current and noncurrent portion of the Corporation’s operating lease arrangements as of December 31, 2019 were as follows:

Operating lease liabilities - current portion	$	612
Noncurrent operating lease liabilities		3,651
Total operating lease liabilities	$	4,263

Future operating lease payments as of December 31, 2019 were as follows:

2020	$	623
2021		557
2022		470
2023		401
2024		356
2025 and thereafter		4,170
Total undiscounted payments		6,577
Less:  amount representing interest		(2,314	)
Present value of net minimum lease payments	$	4,263

At December 31, 2019, the weighted average remaining lease term approximated 8 years and the weighted average discount rate approximated 3.98%.

The components of lease cost for the year ended December 31, 2019, were as follows:

Short-term operating lease costs	$	93
Long-term operating lease costs		682
Total operating lease costs	$	775

Cash paid for amounts included in the measurement of operating lease liabilities totaled $775 for the year ended December 31, 2019, and was classified as operating cash flows in the consolidated statement of cash flows.