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Note 6 - Leases

6 Months Ended

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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- References

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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

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