Leases

12 Months Ended

Dec. 31, 2020

LEASE COMMITMENTS

We lease certain office facilities and office equipment under operating leases. Rent expense for all operating leases totaled $606,000 in 2020, $306,000 in 2019 and $351,000 in 2018. On January 1, 2019, we adopted ASU No. 2016-02, Leases (Topic 842) and its related amendments requiring the recognition of certain operating leases on our balance sheet as lease right-of-use assets (reported as a component of other assets) and related lease liabilities (reported as a component of other liabilities).

The components of total lease expense in 2020 and 2019 were as follows:


Dollars in thousands	2020		2019
Amortization of lease right-of-use assets	$	540	$	130
Short-term lease expense	66		176
Total	$	606	$	306

Right-of-use lease assets totaled $5.5 million and $798,000 at December 31, 2020 and 2019, respectively, and are reported as a component of other assets on our accompanying consolidated balance sheets. The related lease liabilities totaled $5.6 million and $805,000 at December 31, 2020 and 2019, respectively, and are reported as a component of other liabilities in the accompanying consolidated balance sheets. Lease payments under operating leases that were applied to our operating lease liability totaled $358,000 during 2020 and $95,000 during 2019. The following table reconciles future undiscounted lease payments due under non-cancelable operating leases (those amounts subject to recognition) to the aggregate operating lessee lease liability as of December 31, 2020:


Future Lease Payments
Dollars in thousands
2021	$	677
2022	639
2023	441
2024	391
2025	340
Thereafter	1,585
Total undiscounted operating lease liability	$	4,073
Imputed interest	1,527
Total operating lease liability included in the accompanying balance sheet	$	5,600
Weighted average lease term in years	12 years
Weghted average discount rate	1.57		%