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Note 6 - Leases | 6 Months Ended
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Jun. 30, 2024
Notes to Financial Statements |
Lessee, Operating Leases [Text Block] | NOTE 6 – 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 five months to six years, 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 and six months ended June 30, 2024 and 2023 are as follows:
|  | Three Months Ended |  |  | Three Months Ended |
Lease cost: |  | June 30, 2024 |  |  | June 30, 2023 |
Operating lease cost |  | $ | 475 |  |  | $ | 471 |
Short-term lease cost |  |  | 2 |  |  |  | 5 |
Total lease cost |  | $ | 477 |  |  | $ | 476 |
|  | Six Months Ended |  |  | Six Months Ended |
Lease cost: |  | June 30, 2024 |  |  | June 30, 2023 |
Operating lease cost |  | $ | 949 |  |  | $ | 881 |
Short-term lease cost |  |  | 5 |  |  |  | 9 |
Total lease cost |  | $ | 954 |  |  | $ | 890 |
The following tables provide supplemental information related to operating leases at or for the three and six months ended June 30, 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: |  | June 30, 2024 |  |  | June 30, 2023 |
Operating cash flows from operating leases |  | $ | 490 |  |  | $ | 482 |
Weighted average remaining lease term- operating leases (in years) |  |  | 3.7 |  |  |  | 4.4 |
Weighted average discount rate- operating leases |  |  | 2.99 | % |  |  | 2.92 | %
|  | At or For the |  |  | At or For the |
|  | Six Months Ended |  |  | Six Months Ended |
Cash paid for amounts included in the measurement of lease liabilities: |  | June 30, 2024 |  |  | June 30, 2023 |
Operating cash flows from operating leases |  | $ | 980 |  |  | $ | 906 |
Weighted average remaining lease term- operating leases (in years) |  |  | 3.7 |  |  |  | 4.4 |
Weighted average discount rate- operating leases |  |  | 2.99 | % |  |  | 2.92 | %
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 June 30, 2024 for future periods are as follows:
Remainder of 2024 |  | $ | 963 |
2025 |  |  | 1,628 |
2026 |  |  | 1,475 |
2027 |  |  | 1,173 |
2028 |  |  | 428 |
Thereafter |  |  | 954 |
Total lease payments |  |  | 6,621 |
Less imputed interest |  |  | (642 | )
Total |  | $ | 5,979 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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