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Note 5 - Premises and Equipment | 12 Months Ended
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Dec. 31, 2022
Notes to Financial Statements |
Premises and Equipment | Note 5. Premises and Equipment The following summarizes the components of premises and equipment as of December 31, 2022 and 2021: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021
​ | ​ | (dollars in thousands)
​ | ​ | ​ | ​ | ​ | ​ | ​
Land | ​ | $ | 17,804 | ​ | $ | 12,513
Buildings (useful lives 15 to 39 years) | ​ |  | 108,777 | ​ |  | 70,860
Furniture and equipment (useful lives 3 to 15 years) | ​ |  | 54,305 | ​ |  | 47,517
Premises and equipment | ​ |  | 180,886 | ​ |  | 130,890
Less accumulated depreciation | ​ |  | 62,938 | ​ |  | 52,360
Premises and equipment, net | ​ | $ | 117,948 | ​ | $ | 78,530
​ | ​ | ​ | ​ | ​ | ​ | ​
​ As a lessee, the Company has entered into operating leases for certain branch locations. Total lease expenses were $412 thousand and $636 thousand for the year ended December 31, 2022 and 2021, respectively. At December 31, 2022 and 2021, the Company’s ROU assets (included in other assets on the consolidated balance sheets) and operating lease liabilities (included in other liabilities on the consolidated balance sheets) were both $3.0 million and $1.3 million, respectively. During the year ended December 31, 2022, the Company acquired $8.4 million of ROU assets as part of the acquisition of GFED. Additionally, there was one ROU asset added for a lease in which the Company was the lessee, offset by a negative ROU for a lease in which the Company was the lessor. The addition of capitalized ROU assets was also offset by the termination of one lease from the Company purchasing a building previously leased and the termination of one lease for the sale of a branch location that was previously leased. One ROU asset was capitalized during the year ended December 31, 2021. At December 31, 2022, the contractual maturities of operating lease liabilities were as follows: ​
​ | ​ | ​ | ​
​ |  | Amount
Year ending December 31: |  | (dollars in thousands)
2023 |  | ​ | 571
2024 |  | ​ | 336
2025 |  | ​ | 262
2026 |  | ​ | 240
2027 |  | ​ | 230
Thereafter |  | ​ | 2,635
​ | ​ | $ | 4,274
​ | ​ | ​ | ​
​ As a lessor, the Company leases certain types of commercial vehicles and industrial equipment to its customers. The Company recognized lease-related revenue, primarily interest income from direct financing leases of $2.3 million and $4.0 million for the years ended December 31, 2022 and 2021, respectively. At December 31, 2022 and 2021, the Company’s net investment in direct financing leases was $31.1 million and $44.2 million, respectively. ​ As of December 31, 2022, the contractual maturities of sales-type and direct financing lease receivables were as follows: ​
​ | ​ | ​ | ​
​ |  | Amount
Year ending December 31: |  | (dollars in thousands)
2023 |  | ​ | 1,854
2024 |  | ​ | 8,910
2025 |  | ​ | 11,046
2026 |  | ​ | 4,723
2027 |  | ​ | 6,741
Thereafter |  | ​ | 1,480
Total lease payments receivable | ​ | $ | 34,754
Unguaranteed residual values | ​ | ​ | 165
Unearned lease/residual income | ​ | ​ | (3,030)
​ | ​ | $ | 31,889
Plus deferred origination costs, net of fees | ​ | ​ | 226
​ | ​ | $ | 32,115
Less allowance | ​ | ​ | (970)
Total lease payments receivable | ​ | $ | 31,145
​ The

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