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Note 9 - Leases | 9 Months Ended
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Sep. 30, 2024
Notes to Financial Statements |
Lessee, Operating Leases [Text Block] | NOTE 9 Leases A lease is defined as a contract, or part of a contract, that conveys the right to control the use of an identified property, plant or equipment for a period of time in exchange for consideration. Substantially all of the leases in which the Company is the lessee are comprised of real property for offices and office equipment rentals with terms extending through 2037. Portions of certain properties are subleased for terms extending through July 2025. Substantially all of the Company’s leases are classified as operating leases. The Company has no existing finance leases. The Company elected not to include short-term leases (i.e., leases with initial terms of twelve months or less), or equipment leases (deemed immaterial) on the consolidated financial statements. The following table presents the classification of the Company’s right-of-use, or ROU, assets and lease liabilities on the consolidated financial statements as of September 30, 2024 and December 31, 2023:
|  |  | September 30, |  |  | December 31, |
(dollars in thousands) |  |  | 2024 |  |  | 2023 |
Lease Right-of-Use Assets | Classification |  |  |  |  |  |  |  |
Operating lease right-of-use assets | Operating lease right-of-use assets |  | $ | 9,268 |  |  | $ | 5,436 |
Lease Liabilities |  |  |  |  |  |  |  |  |
Operating lease liabilities | Operating lease liabilities |  | $ | 9,643 |  |  | $ | 5,751 |
The calculated amount of the ROU assets and lease liabilities in the table above are impacted by the length of the lease term and the discount rate used to present value the minimum lease payments. The Company’s lease agreements often include one or more options to renew at the Company’s discretion. If at lease inception the Company considers the exercising of a renewal option to be reasonably certain, the Company will include the extended term in the calculation of the ROU asset and lease liability. The Company utilizes its incremental borrowing rate at lease inception, on a collateralized basis, over a similar term for the discount rate. For the Company’s only finance lease, the Company utilized its incremental borrowing rate at lease inception.
|  | September 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Weighted-average remaining lease term, years |  |  |  |  |  |  |  |
Operating leases |  |  | 12.1 |  |  |  | 7.3 |
Weighted-average discount rate |  |  |  |  |  |  |  |
Operating leases |  |  | 4.47 | % |  |  | 3.9 | %
As the Company elected, for all classes of underlying assets, not to separate lease and non‑lease components and instead to account for them as a single lease component, the variable lease cost primarily represents variable payments such as common area maintenance and utilities. Variable lease cost also includes payments for usage or maintenance of those capitalized equipment operating leases. The following table presents lease costs and other lease information for the three and nine months ended September 30, 2024 and 2023:
|  | Three months ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
(dollars in thousands) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Lease costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating lease cost |  | $ | 500 |  |  | $ | 503 |  |  | $ | 1,404 |  |  | $ | 1,438 |
Variable lease cost |  |  | 269 |  |  |  | 219 |  |  |  | 741 |  |  |  | 918 |
Short-term lease cost |  |  | 54 |  |  |  | 46 |  |  |  | 158 |  |  |  | 128 |
Finance lease cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest on lease liabilities |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Amortization of right-of-use assets |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Sublease income |  |  | (47 | ) |  |  | (50 | ) |  |  | (146 | ) |  |  | (169 | )
Net lease cost |  | $ | 776 |  |  | $ | 718 |  |  | $ | 2,157 |  |  | $ | 2,315 |
Other information |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities operating cash flows from operating leases |  | $ | 549 |  |  | $ | 499 |  |  | $ | 1,469 |  |  | $ | 1,275 |
Right-of-use assets obtained in exchange for new operating lease liabilities |  |  | 5,136 |  |  |  | (1,240 | ) |  |  | 5,244 |  |  |  | 1,938 |
Future minimum payments for finance and operating leases with initial or remaining terms of one year or more as of September 30, 2024 were as follows:
|  | Operating |
(dollars in thousands) |  | Leases |
Twelve months ended |  |  |  |
September 30, 2025 |  | $ | 1,747 |
September 30, 2026 |  |  | 1,574 |
September 30, 2027 |  |  | 1,470 |
September 30, 2028 |  |  | 970 |
September 30, 2029 |  |  | 758 |
Thereafter |  |  | 8,309 |
Total future minimum lease payments |  | $ | 14,828 |
Amounts representing interest |  |  | (5,185 | )
Total operating lease liabilities |  | $ | 9,643 |

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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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