Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.21.1
Leases (Tables)
3 Months Ended
Mar. 31, 2021
Leases [Abstract]  
Schedule of Additional Information Related to Company's Leases

The table below presents additional information related to the Company’s leases as of March 31, 2021:

 

 

 

March 31,

2021

 

Weighted-average remaining term (in years) - operating leases

 

 

4.37

 

Weighted-average discount rate - operating leases (1)

 

 

4.00

%

(1) The incremental borrowing rate used to calculate the lease liability was determined based on facts and circumstances of the economic environment and the Company's credit standing as of the effective date of ASC 842. Additionally, the total lease term and total lease payments were also considered in determining the rate.

 

 

 

 

 

Schedule of Company's Operating Lease Liabilities by Contractual Maturity

The following is a schedule of the Company’s operating lease liabilities by contractual maturity as of March 31, 2021:

 

 

 

(Dollars in thousands)

 

 

 

 

 

 

2021 (excluding 3 months ended March 31, 2021)

 

 

1,645

 

2022

 

 

1,643

 

2023

 

 

1,009

 

2024

 

 

812

 

2025

 

 

625

 

Thereafter

 

 

883

 

Total Lease Payments

 

 

6,617

 

Less: Imputed Interest

 

 

386

 

Total present value of lease liabilities

 

 

6,231

 

 

Schedule of Supplemental Cash Flow Information Related to Company's Operating Leases

The below table shows the supplemental cash flow information related to the Company’s operating leases for the three months ended March 31, 2021:

 

 

 

March 31,

2021

 

 

 

(Dollars in thousands)

 

Operating cash flows (fixed payments) included in occupancy and equipment expenses

 

$

571

 

Operating cash flows (liability reduction) included in occupancy and equipment expenses

 

 

507