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Note 4 - Premises and Equipment, Net | 6 Months Ended
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Jun. 30, 2022
Notes to Financial Statements |
Property, Plant and Equipment Disclosure [Text Block] |
4. | PREMISES AND EQUIPMENT, NET
Premises and equipment are comprised of the following:
|  | June 30, 2022 |  |  | December 31, 2021 |
Land and improvements |  | $ | 13,504,000 |  |  | $ | 15,111,000 |
Buildings |  |  | 51,555,000 |  |  |  | 56,168,000 |
Furniture and equipment |  |  | 22,647,000 |  |  |  | 22,974,000 |
|  |  | 87,706,000 |  |  |  | 94,253,000 |
Less: accumulated depreciation |  |  | 36,304,000 |  |  |  | 36,955,000 |
Premises and equipment, net |  | $ | 51,402,000 |  |  | $ | 57,298,000 |
Depreciation expense totaled $1.5 million and $1.4 million during the second quarters of 2022 and 2021, respectively. Depreciation expense totaled $3.1 million during the first six months of 2022, compared to $2.8 million during the first six months of 2021. We enter into facility leases in the normal course of business. As of June 30, 2022 and December 31, 2021, we were under lease contracts for ten of our banking facilities. The leases had maturity dates ranging from June, 2023 through December, 2026, with a weighted average life of 2.5 years and 2.8 years as of June 30, 2022 and December 31, 2021, respectively. All of our leases have multiple three- to five-year extensions; however, those were not factored in the lease maturities and weighted average lease term as it is not reasonably certain we will exercise the options. Leases are classified as either operating or finance leases at the lease commitment date, with all of our current leases determined to be operating leases. Lease expense for operating leases is recognized on a straight-line basis over the lease term. Right-of-use assets represent our right to use an underlying asset for the lease term, while lease liabilities represent our obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at the lease commencement date at the estimated present value of lease payments over the lease term. We use our incremental borrowing rate, on a collateralized basis, at lease commencement to calculate the present value of lease payments. The weighted average discount rate for leases was 4.70% as of June 30, 2022 and December 31, 2021. The right-of-use assets, included in premises and equipment, net on our Consolidated Balance Sheets, and the lease liabilities, included in other liabilities on our Consolidated Balance Sheets, each totaled $3.0 million as of June 30, 2022, and $3.6 million as of December 31, 2021. As permitted by applicable accounting standards, we have elected not to recognize short-term leases with original terms of twelve months or less on our Consolidated Balance Sheet. Total operating lease expense associated with the leases aggregated $0.2 million during the second quarters of 2022 and 2021, and $0.4 million during the first six months of 2022 and 2021. Future lease payments at June 30, 2022 totaled $4.3 million, comprised of $0.6 million in one year, $1.2 million in one to three years, $0.2 million in three to five years and $2.3 million in over five years. Future lease payments at December 31, 2021 totaled $3.6 million, comprised of $0.8 million in one year, $1.4 million in one to three years, $0.3 million in three to five years and $1.1 million in over five years. As part of the relocation of our Lansing operations, we completed the sale of our Lansing facility on July 14, 2022. For financial statement purposes in this Form 10-Q, we transferred from premises and equipment, net to other assets the $2.8 million in net proceeds from the sale and recorded a loss on sale of $0.4 million.

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