Leases

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Leases

Leases

The following table shows finance lease right of use assets and finance lease liabilities as of:

(In Thousands)	Statement of Financial Condition classification	September 30, 2020		December 31, 2019
Finance lease right of use assets	Premises and equipment, net	$	5,307	$	5,456
Finance lease liabilities	Long-term borrowings	5,534		5,587

The following table shows the components of finance and operating lease expense for the three and six months ended June 30, 2020 and 2019:

	Three Months Ended September 30,				Nine Months Ended September 30,
(In Thousands)	2020		2019		2020		2019
Finance Lease Cost:
Amortization of right-of-use asset	$	50	$	65	$	150	$	194
Interest expense	53		56		159		168
Operating lease cost	76		99		243		271
Variable lease cost	—		1		—		3
Total Lease Cost	$	179	$	221	$	552	$	636

A maturity analysis of operating and finance lease liabilities and reconciliation of the undiscounted cash flows to the total operating lease liability is as follows:

(In Thousands)	Operating		Finance
2020	$	71	$	70
2021	291		282
2022	298		283
2023	273		284
2024	263		290
2025 and thereafter	3,176		8,004
Total undiscounted cash flows	4,372		9,213
Discount on cash flows	(1,153)		(3,679)
Total lease liability	$	3,219	$	5,534

The following table shows the weighted average remaining lease term and weighted average discount rate for both operating and finance leases outstanding as of September 30, 2020.

	Operating		Finance
Weighted-average term (years)	18.4		27.4
Weighted-average discount rate	3.51	%	3.77	%

Leases

Leases

The following table shows finance lease right of use assets and finance lease liabilities as of:

(In Thousands)	Statement of Financial Condition classification	September 30, 2020		December 31, 2019
Finance lease right of use assets	Premises and equipment, net	$	5,307	$	5,456
Finance lease liabilities	Long-term borrowings	5,534		5,587

The following table shows the components of finance and operating lease expense for the three and six months ended June 30, 2020 and 2019:

	Three Months Ended September 30,				Nine Months Ended September 30,
(In Thousands)	2020		2019		2020		2019
Finance Lease Cost:
Amortization of right-of-use asset	$	50	$	65	$	150	$	194
Interest expense	53		56		159		168
Operating lease cost	76		99		243		271
Variable lease cost	—		1		—		3
Total Lease Cost	$	179	$	221	$	552	$	636

A maturity analysis of operating and finance lease liabilities and reconciliation of the undiscounted cash flows to the total operating lease liability is as follows:

(In Thousands)	Operating		Finance
2020	$	71	$	70
2021	291		282
2022	298		283
2023	273		284
2024	263		290
2025 and thereafter	3,176		8,004
Total undiscounted cash flows	4,372		9,213
Discount on cash flows	(1,153)		(3,679)
Total lease liability	$	3,219	$	5,534

The following table shows the weighted average remaining lease term and weighted average discount rate for both operating and finance leases outstanding as of September 30, 2020.

	Operating		Finance
Weighted-average term (years)	18.4		27.4
Weighted-average discount rate	3.51	%	3.77	%