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Note 14 - Leases
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Lessee, Operating Leases [Text Block]

NOTE 14 - LEASES

 

We lease several of our operating facilities under various non-cancellable operating leases expiring at various dates through 2037. We are also responsible for common area maintenance, taxes, and insurance at the various branch locations.

 

Future minimum rent payments on our leases were as follows at December 31, 2024:

 

     

For the year ended December 31,:

  (dollars in thousands) 

2025

 $5,349 

2026

  5,843 

2027

  5,747 

2028

  4,830 

2029

  2,663 

Thereafter

  8,282 

Total

 $32,714 

Less amount of payment representing interest

  (3,009)

Total present value of lease payments

 $29,705 

 

The minimum rent payments shown above are given for the existing lease obligation and are not a forecast of future rental expense. Total rental expense, recognized on a straight-line basis, was $5.8 million, $5.7 million, and $5.4 million for the years ended December 31, 2024, 2023, and 2022. The Company received rental income of $612,000, $570,000, and $548,000 for the years ended December 31, 2024, 2023, and 2022.

 

The following table presents the operating lease related assets and liabilities recorded on the consolidated balance sheets, and the weighted-average remaining lease terms and discount rates as of the dates indicated:

 

  

December 31,

  

December 31,

 
  2024  2023 

Operating Leases

 

(dollars in thousands)

 

ROU assets

 $28,048  $29,803 

Lease liabilities

  29,705   31,191 
         

Weighted-average remaining lease term (in years)

  6.65   7.63 

Weighted-average discount rate

  2.83%  1.72%