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Note 6 - Leases

3 Months Ended

Mar. 31, 2024

NOTE 6 – LEASES

The Company leases space under non-cancelable operating leases for several of its banking offices and certain office equipment. The leases have remaining terms up to 15 years. At March 31, 2024, the Company had lease right-of-use assets and lease liabilities totaling $25.3 million and $26.3 million, respectively, compared to $26.5 million and $27.4 million, respectively at December 31, 2023, which are reflected in other assets and other liabilities, respectively, in the Company’s Consolidated Balance Sheets.

Maturities of operating lease liabilities are as follows:

	March 31, 2024
	(In Thousands)
2024 (remaining)	$	3,872
2025		4,933
2026		4,106
2027		3,537
2028		2,684
thereafter		11,901
Total lease payments		31,033
Less: imputed interest		(4,689	)
Present value of operating lease liabilities	$	26,344

As of March 31, 2024, the weighted average remaining term of operating leases was 8.2 years and the weighted average discount rate used in the measurement of operating lease liabilities was 3.68%.

Operating cash flows related to leases were $1.4 million and $1.2 million for the three months ended March 31, 2024 and 2023, respectively.

Lease costs during the three months ended March 31, 2024 and 2023 were as follows (in thousands):

	Three Months Ended March 31,
	2024			2023
Operating lease cost	$	1,393		$	1,230
Variable lease cost		216			191
Sublease income		(5	)		(8	)
Net lease cost	$	1,604		$	1,413