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Note 8 - Leases | 3 Months Ended
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Mar. 31, 2023
Notes to Financial Statements |
Lessee, Operating Leases [Text Block] | Note 8. Leases Operating leases are recorded as a right of use (“ROU”) asset and operating lease liability. The ROU asset is recorded in other assets, while the lease liability is recorded in other liabilities on the condensed balance sheet beginning January 1, 2019, when the Company adopted ASU 2016-02, on a prospective basis. The ROU asset represents the right to use an underlying asset during the lease term and the lease liability represents the obligation to make lease payments arising from the lease. The ROU asset and lease liability have been recognized based on the present value of the lease payments using a discount rate that represented our incremental borrowing rate at the lease commencement date or the date of adoption of ASU 2016-02. The lease expense, which is comprised of the amortization of the ROU asset and the implicit interest accreted on the lease liability, is recognized on a straight-line basis over the lease term, and is recorded in occupancy expense in the condensed statements of income. The Company’s current operating leases relate to one existing bank branch and one operating lease acquired in a prior bank acquisition. The acquired operating lease was for vacant land and will terminate in July of 2029. The Company’s ROU asset was $625 thousand as of March 31, 2023 compared to $648 thousand as of December 31, 2022. The operating lease liability as of March 31, 2023, was $647 thousand compared to $670 thousand as of December 31, 2022. The Company’s total operating leases have remaining terms of 2 - 6 years; compared with 2 months to 6.5 years as of December 31, 2022. The March 31, 2023 weighted average discount rate of 3.28% did not change from December 31, 2022. Future minimum lease payments as of the dates indicated are as follows:
Year |  | March 31, 2023 |
(Amounts in thousands) |  |  |  |
2024 |  | $ | 119 |
2025 |  |  | 113 |
2026 |  |  | 101 |
2027 |  |  | 101 |
2028 and thereafter |  |  | 235 |
Total lease payments |  |  | 669 |
Less: Interest |  |  | (22 | )
Present value of lease liabilities |  | $ | 647 |
Year |  | December 31, 2022 |
(Amounts in thousands) |  |  |  |
2023 |  | $ | 119 |
2024 |  |  | 117 |
2025 |  |  | 101 |
2026 |  |  | 101 |
2027 and thereafter |  |  | 261 |
Total lease payments |  |  | 699 |
Less: Interest |  |  | (29 | )
Present value of lease liabilities |  | $ | 670 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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