Leases

12 Months Ended

Dec. 31, 2024

Note 6 - Leases

The Bank leases space for retail branches, LPOs and ATMs. Our leases have remaining lease terms of 3 months to just under 14 years, some of which may include options to renew the leases and some of which may include options to terminate the leases prior to the end date of the lease term. The Bank does receive rental income for the leasing of available space.

The below tables provide information on the Bank’s operating leases:


	(In Thousands)
	December 31, 2024		December 31, 2023		December 31, 2022
Operating lease cost (1)	$	979	$	540	$	244
Operating cash flows (2)	$	42	$	45	$	26

(1) Included in net occupancy expense on Company's consolidated statement of income
(2) Included in customer service fees on Company's consolidated statement of income


	(In Thousands)
	December 31, 2024		December 31, 2023
Operating lease assets (1)	$	6,403	$	5,918
Operating lease liabilities (2)	$	6,403	$	5,918

(1) Included in other assets on Company's consolidated balance sheets
(2) Included in accrued interest and other liabilities on Company's consolidated balance sheets

Operating lease term and discount rates of our lessee arrangements at December 31, 2024 and 2023 were as follows:


	December 31, 2024			December 31, 2023
Weighted average remaining lease term (years)		11.07			9.78
Weighted average discount rate		5.49	%		4.34	%

The future lease payments based on maturity for our lessee liability arrangements at December 31, 2024 are as follows:


	(In Thousands)
2025	$	987
2026		953
2027		911
2028		833
2029		774
2030 and thereafter		3,291
Total future lease payments	$	7,749
Less: interest		1,346
Present value of operating lease liability arrangements	$	6,403