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Note 7 - Leases

3 Months Ended

Mar. 31, 2024

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 six months to six years and nine 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 three months ended March 31, 2024 and 2023 are as follows:

	Three Months Ended		Three Months Ended
Lease cost:	March 31, 2024		March 31, 2023
Operating lease cost	$	474	$	409
Short-term lease cost		3		4
Total lease cost	$	477	$	413

The following tables provide supplemental information related to operating leases at or for the three months ended March 31, 2024 and 2023:

	At or For the			At or For the
	Three Months Ended			Three Months Ended
Cash paid for amounts included in the measurement of lease liabilities:	March 31, 2024			March 31, 2023
Operating cash flows from operating leases	$	490		$	424
Weighted average remaining lease term- operating leases (in years)		3.8			4.6
Weighted average discount rate- operating leases		2.97	%		2.83	%

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 March 31, 2024 for future periods are as follows:

Remainder of 2024	$	1,446
2025		1,628
2026		1,475
2027		1,173
2028		428
Thereafter		954
Total lease payments		7,104
Less imputed interest		(694	)
Total	$	6,410