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Note 6 - Premises and Equipment | 12 Months Ended
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Dec. 31, 2023
Notes to Financial Statements |
Premises and Equipment | Note 6. Premises and Equipment The following summarizes the components of premises and equipment as of December 31, 2023 and 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022
​ | ​ | (dollars in thousands)
​ | ​ | ​ | ​ | ​ | ​ | ​
Land | ​ | $ | 17,807 | ​ | $ | 17,804
Buildings (useful lives 15 to 39 years) | ​ |  | 110,271 | ​ |  | 104,780
Construction in process - buildings | ​ | ​ | 7,773 | ​ | ​ | 3,997
Furniture and equipment (useful lives 3 to 15 years) | ​ |  | 52,350 | ​ |  | 54,305
Premises and equipment | ​ |  | 188,201 | ​ |  | 180,886
Less accumulated depreciation | ​ |  | 64,924 | ​ |  | 62,938
Premises and equipment, net | ​ | $ | 123,277 | ​ | $ | 117,948
​ | ​ | ​ | ​ | ​ | ​ | ​
​ Construction in process – buildings consists of renovation costs on existing branch facilities as well as construction costs on new branch facilities. The Company entered into a construction contract in 2023 for the construction of a new CRBT facility in Cedar Rapids, Iowa. The Company will pay the contractor a contract price of approximately $17.0 million, subject to additions and deductions as provided in the contract documents. As of December 31, 2023, the Company has paid $2.8 million of the contract price, resulting in a remaining future commitment of $14.2 million. Construction is anticipated to be completed in 2024. As a lessee, the Company has entered into operating leases for certain branch locations. Total lease expenses were $469 thousand and $412 thousand for the year ended December 31, 2023 and 2022, respectively. At December 31, 2023 and 2022, 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 $3.5 million and $3.0 million, respectively. During the year ended December 31, 2023, the Company increased its ROU assets by $1.1 million with a new operating lease for m2’s office relocation. During the year ended December 31, 2022, the Company acquired $8.4 million of ROU assets as part of the acquisition of GFED. ​ At December 31, 2023, the contractual maturities of operating lease liabilities were as follows: ​
​ | ​ | ​ | ​
​ |  | Amount
Year ending December 31: |  | (dollars in thousands)
2024 |  | ​ | 405
2025 |  | ​ | 343
2026 |  | ​ | 323
2027 |  | ​ | 316
2028 |  | ​ | 318
Thereafter |  | ​ | 2,392
​ | ​ | $ | 4,097
​ | ​ | ​ | ​
​ 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 $2.0 million and $2.3 million for the years ended December 31, 2023 and 2022, respectively. At December 31, 2023 and 2022, the Company’s net investment in direct financing leases was $30.2 million and $31.1 million, respectively. ​ Note 6. Premises and Equipment (continued) ​ As of December 31, 2023, the contractual maturities of sales-type and direct financing lease receivables were as follows: ​
​ | ​ | ​ | ​
​ |  | Amount
Year ending December 31: |  | (dollars in thousands)
2024 |  | ​ | 1,762
2025 |  | ​ | 7,519
2026 |  | ​ | 4,360
2027 |  | ​ | 6,141
2028 |  | ​ | 14,721
Thereafter |  | ​ | 463
Total lease payments receivable | ​ | $ | 34,966
Unguaranteed residual values | ​ | ​ | 165
Unearned lease/residual income | ​ | ​ | (3,967)
​ | ​ | $ | 31,164
Plus deferred origination costs, net of fees | ​ | ​ | 75
​ | ​ | $ | 31,239
Less allowance | ​ | ​ | (992)
Total lease payments receivable | ​ | $ | 30,247
​ | ​ | ​ | ​
​ The

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