Annual report pursuant to Section 13 and 15(d)

Operating Leases

v3.20.4
Operating Leases
12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
Operating Leases

NOTE 12. OPERATING LEASES

Minimum future rental expense related to leased office space and equipment by the Company on non-cancellable operating lease agreements are as follows:

 

 

 

December 31,

 

 

 

(Dollars in thousands)

 

2021

 

$

2,236

 

2022

 

 

1,395

 

2023

 

 

982

 

2024

 

 

810

 

2025

 

 

628

 

Total rental expense

 

$

6,051

 

 

Many of the Company’s operating leases contain renewal options. Lease expenses of $2.7 million and $1.8 million for the years ended December 31, 2020 and 2019 have been included in occupancy expense on the consolidated statement of income.

The Company currently leases one of its branch locations from a Company director. The expense incurred by the Company under this lease was $157 thousand, $157 thousand, and $155 thousand for the years ended December 31, 2020, 2019, and 2018, respectively.