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Note 4 - Premises and Equipment, Net | 12 Months Ended
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Dec. 31, 2022
Notes to Financial Statements |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 4 - PREMISES AND EQUIPMENT, NET Year-end premises and equipment were as follows:
|  | 2022 |  |  | 2021 |
Land and improvements |  | $ | 13,532,000 |  |  | $ | 15,111,000 |
Buildings |  |  | 53,865,000 |  |  |  | 56,168,000 |
Furniture and equipment |  |  | 22,941,000 |  |  |  | 22,974,000 |
|  |  | 90,338,000 |  |  |  | 94,253,000 |
Less: accumulated depreciation |  |  | 38,862,000 |  |  |  | 36,955,000 |
Total premises and equipment |  | $ | 51,476,000 |  |  | $ | 57,298,000 |
Depreciation expense totaled $6.0 million in 2022, $5.8 million in 2021, and $5.2 million in 2020. We enter into facility leases in the normal course of business. As of December 31, 2022, we were under lease contracts for eleven of our branch facilities. The leases have maturity dates ranging from June, 2023 through December, 2029, with a weighted average life of 2.5 years as of December 31, 2022. All of our leases have multiple three- to five-year extensions; however, these 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 commencement 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 5.47% as of December 31, 2022. 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, totaled $3.5 million as of December 31, 2022, and totaled $2.9 million and $2.8 million as of December 31, 2021, respectively. 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 $1.3 million, $1.2 million and $1.4 million in 2022, 2021 and 2020, respectively Future lease payments were as follows as of December 31, 2022:
2023 |  | $ | 1,091,000 |
2024 |  |  | 883,000 |
2025 |  |  | 443,000 |
2026 |  |  | 339,000 |
2027 |  |  | 288,000 |
Thereafter |  |  | 1,589,000 |
Total undiscounted lease payments |  |  | 4,633,000 |
Less effect of discounting |  |  | (1,118,000 | )
Present value of future lease payments (lease liability) |  |  | 3,515,000 |

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