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Note 6 - Premises and Equipment and Premises Held for Sale | 12 Months Ended
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Dec. 31, 2023
Notes to Financial Statements |
Property, Plant and Equipment Disclosure [Text Block] | (6) Premises & Equipment and Premises Held for Sale A summary of premises and equipment follows:
December 31, (in thousands) |  | 2023 |  |  | 2022 |
Land |  | $ | 22,517 |  |  | $ | 23,011 |
Buildings and improvements |  |  | 71,695 |  |  |  | 72,322 |
Furniture and equipment |  |  | 24,602 |  |  |  | 25,367 |
Construction in progress |  |  | 2,782 |  |  |  | 1,660 |
Right-of-use operating lease asset |  |  | 21,007 |  |  |  | 19,694 |
Total |  |  | 142,603 |  |  |  | 142,054 |
Accumulated depreciation and amortization |  |  | (41,429 | ) |  |  | (40,442 | )
Total premises and equipment |  | $ | 101,174 |  |  | $ | 101,612 |
Depreciation expense related to premises and equipment was $7.7 million in 2023, $6.5 million in 2022 and $4.8 million in 2021, respectively. Premises and equipment are presented on the consolidated balance sheets net of related depreciation on the respective assets as well as fair value adjustments associated with purchase accounting. As of December 31, 2023, Bancorp’s branch network consists of 71 locations throughout Louisville, central, eastern and northern, Kentucky, as well as the Indianapolis, Indiana and Cincinnati, Ohio markets. As a result of the prior year CB acquisition, 15 branches were acquired, four of which were closed shortly acquisition as a result of overlapping with existing locations of the Bank. In addition to the premises and equipment detailed above, premises held for sale totaling $2.5 million was also recorded on Bancorp’s consolidated balance sheets as of December 31, 2023, which consists of three vacant parcels of land, an acquired administrative building and two former branch locations. Bancorp has operating leases for various locations with terms ranging from approximately three months to 17 years, several of which include options to extend the leases in five-year increments. A total of four operating leases were added as a result of the CB acquisition in 2022. Options reasonably expected to be exercised are included in determination of the right-of-use asset. Bancorp elected to use a practical expedient to expense short-term lease obligations associated with leases with original terms of 12 months or less. Bancorp elected not to separate non-lease components from lease components for its operating leases. The right-of-use lease asset and operating lease liability are recorded in premises and equipment and other liabilities on the consolidated balance sheet. Balance sheet, income statement, and cash flow detail regarding operating leases follows:
December 31, (dollars in thousands) |  | 2023 |  |  | 2022 |
Balance Sheet |  |  |  |  |  |  |  |
Operating lease right-of-use asset |  | $ | 21,007 |  |  | $ | 19,694 |
Operating lease liability |  |  | 22,487 |  |  |  | 21,008 |
Weighted average remaining lease term (years) |  |  | 9.8 |  |  |  | 9.0 |
Weighted average discount rate |  |  | 2.84 | % |  |  | 2.57 | %
Maturities of lease liabilities: |  |  |  |  |  |  |  |
One year or less |  | $ | 3,365 |  |  | $ | 3,453 |
Year two |  |  | 2,864 |  |  |  | 3,293 |
Year three |  |  | 2,543 |  |  |  | 2,739 |
Year four |  |  | 2,536 |  |  |  | 2,339 |
Year five |  |  | 2,547 |  |  |  | 2,245 |
Greater than five years |  |  | 12,059 |  |  |  | 9,559 |
Total lease payments |  | $ | 25,914 |  |  | $ | 23,628 |
Less imputed interest |  |  | 3,427 |  |  |  | 2,620 |
Total |  | $ | 22,487 |  |  | $ | 21,008 |
Years ended December 31, (in thousands) |  | 2023 |  |  | 2022 |  |  | 2021 |
Income Statement |  |  |  |  |  |  |  |  |  |  |  |
Components of lease expense: |  |  |  |  |  |  |  |  |  |  |  |
Operating lease cost |  | $ | 3,338 |  |  | $ | 3,077 |  |  | $ | 2,239 |
Variable lease cost |  |  | 313 |  |  |  | 237 |  |  |  | 227 |
Less sublease income |  |  | 101 |  |  |  | 96 |  |  |  | 95 |
Total lease cost |  | $ | 3,550 |  |  | $ | 3,218 |  |  | $ | 2,371 |
Years ended December 31, (in thousands) |  | 2023 |  |  | 2022 |  |  | 2021 |
Cash flow Statement |  |  |  |  |  |  |  |  |  |  |  |
Supplemental cash flow information: |  |  |  |  |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 4,063 |  |  | $ | 3,833 |  |  | $ | 2,568 |
As of December 31, 2023, Bancorp had entered into one lease agreement that had yet to commence.

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