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Note 10 - Leases

9 Months Ended

Sep. 30, 2025

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

Leases:

The Company has operating leases for branch office locations, vehicles, land and certain office equipment such as printers and copiers. The leases have remaining lease terms of up to 16.8 years, some of which had options to extend the lease for up to 15 years. The right of use assets and lease liabilities were $7.7 million and $8.0 million as of September 30, 2025, respectively, and $9.7 million and $9.9 million at December 31, 2024, respectively. The right of use assets are included in other assets while the lease liabilities are included in other liabilities on the balance sheet.

Lease expense for the three and nine month periods ended September 30, 2025 was $392,000 and $1.0 million, respectively. Lease expense for the three and nine month periods ended September 30, 2024 was $327,000 and $985,000, respectively. The weighted-average remaining lease term for all leases was 8.68 years as of September 30, 2025. The weighted-average discount rate was 3.47% for all leases as of September 30, 2025.

Maturities of lease liabilities are as follows as of September 30, 2025:

2025 (3 months)		$	347
2026			1,325
2027			1,192
2028			1,132
2029			1,016
Thereafter			4,419
Total Payments			9,431
Less: lease liability expense			(1,415	)
Total		$	8,016