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Note 6 - Premises and Equipment | 12 Months Ended
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Dec. 31, 2024
Notes to Financial Statements |
Property, Plant and Equipment Disclosure [Text Block] | Note 6 – Premises and Equipment Premises and equipment are summarized as of December 31, 2024 and 2023:
|  | Estimated |  |  |  |  |  |  |  |  |
|  | Useful Life |  |  |  |  |  |  |  |  |
|  | (Years) |  |  | 2024 |  |  | 2023 |
|  | (dollars in thousands) |
Land |  |  | - |  |  | $ | 5,253 |  |  | $ | 6,732 |
Buildings |  |  | 10-25 |  |  |  | 11,043 |  |  |  | 11,043 |
Furniture, fixtures and equipment |  |  | 3-7 |  |  |  | 30,746 |  |  |  | 28,548 |
Leasehold improvements |  |  | 10-20 |  |  |  | 28,325 |  |  |  | 27,633 |
Subtotal |  |  |  |  |  |  | 75,367 |  |  |  | 73,956 |
Less: accumulated depreciation, amortization and fair value adjustments |  |  |  |  |  |  | 46,920 |  |  |  | 43,177 |
Total premises and equipment, net |  |  |  |  |  | $ | 28,447 |  |  | $ | 30,779 |
Depreciation and amortization expense of premises and equipment was $4.4 million, $4.5 million and $3.9 million for 2024, 2023 and 2022, respectively. Finance Leases: The Company has a lease agreement for a building accounted for as a finance lease. The lease arrangement requires monthly payments through 2028. As of December 31, 2024, the weighted average remaining term for the finance lease was 3.9 years and the weighted average discount rate used in the measurement of finance lease liabilities was 6.0%. Total finance lease costs for the year ended December 31, 2024 was $0.3 million. The Company has included this lease in premises and equipment as follows December 31, 2024 and 2023:
|  | 2024 |  |  | 2023 |
|  | (dollars in thousands) |
Finance lease |  | $ | 3,423 |  |  | $ | 3,423 |
Less: accumulated amortization |  |  | 2,738 |  |  |  | 2,567 |
|  | $ | 685 |  |  | $ | 856 |
The following is a schedule by year of future minimum lease payments under the finance lease, together with the present value of net minimum lease payments as of December 31, 2024 (dollars in thousands):
2025 |  | $ | 353 |
2026 |  |  | 353 |
2027 |  |  | 353 |
2028 |  |  | 322 |
Thereafter |  |  | - |
Total minimum lease payments |  |  | 1,381 |
Less amount representing interest |  |  | 147 |
Present value of net minimum lease payments |  | $ | 1,234 |
Operating Leases: The Company leases certain premises and equipment under operating leases. As of December 31, 2024, the Company had lease liabilities totaling $15.5 million and right-of-use assets totaling $14.5 million. As of December 31, 2024, the weighted average remaining lease term for operating leases was 6.3 years and the weighted average discount rate used in the measurement of operating lease liabilities was 4.1%. Total operating lease costs for the year ended December 31, 2024 were $3.5 million A maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total operating lease liability is as follows:
|  | December 31, |
|  | 2024 |
|  | (dollars in thousands) |
Lease payments due: |  |  |  |
Less than 1 year |  | $ | 3,576 |
1 year through less than 2 years |  |  | 3,507 |
2 years through less than 3 years |  |  | 2,863 |
3 years through less than 4 years |  |  | 2,384 |
4 years through 5 years |  |  | 1,141 |
After 5 years |  |  | 4,380 |
Total undiscounted cash flows |  |  | 17,851 |
Impact of discounting |  |  | (2,353 | )
Total lease liability |  | $ | 15,498 |

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