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Note 7 - Leases

12 Months Ended

Dec. 31, 2023

NOTE 7 – LEASES

The Company has operating leases for retail bank and home lending branches, loan production offices, and certain equipment. The Company’s leases have remaining lease terms of three months to six years and six months, some of which include options to extend the leases for up to five years.

The components of lease cost (included in occupancy expense on the Consolidated Statements of Income) for the years indicated are as follows:

	For Year Ended December 31,
Lease cost:	2023		2022		2021
Operating lease cost	$	1,837	$	1,422	$	1,433
Short-term lease cost		19		21		5
Total lease cost	$	1,856	$	1,443	$	1,438

The following table provides supplemental information related to operating leases at or for the years indicated:

Cash paid for amounts included in the	At or For the Year Ended December 31,
measurement of lease liabilities:	2023			2022
Operating cash flows from operating leases	$	1,882		$	1,431
Weighted average remaining lease term - operating leases (in years)		4.0			4.6
Weighted average discount rate - operating leases		2.95	%		2.42	%

The Company’s leases typically do not contain a discount rate implicit in the lease contract. As an alternative, the discount rate used in determining the lease liability for each individual lease was the FHLB of Des Moines’ fixed advance rate.

Maturities of operating lease liabilities at December 31, 2023 for future periods are as follows:

2024	$	1,933
2025		1,628
2026		1,475
2027		1,173
2028		428
Thereafter		955
Total lease payments		7,592
Less imputed interest		(744	)
Total	$	6,848