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Note 7 - Leases | 12 Months Ended
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Dec. 31, 2024
Notes to Financial Statements |
Lessee, Operating Leases [Text Block] | NOTE 7 – LEASES The Company has operating leases for retail bank and home lending branches, loan production offices, and certain equipment. At December 31, 2024, these leases have remaining terms ranging from three months to 5.5 years, with some including options to extend 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: |  | 2024 |  |  | 2023 |  |  | 2022 |
Operating lease cost |  | $ | 1,896 |  |  | $ | 1,837 |  |  | $ | 1,422 |
Short-term lease cost |  |  | 10 |  |  |  | 19 |  |  |  | 21 |
Total lease cost |  | $ | 1,906 |  |  | $ | 1,856 |  |  | $ | 1,443 |
The following table provides supplemental information related to operating leases at or for the years indicated:
|  | At or For the Year Ended December 31, |
Cash paid for amounts included in the measurement of lease liabilities: |  | 2024 |  |  | 2023 |
Operating cash flows from operating leases |  | $ | 1,950 |  |  | $ | 1,882 |
Weighted average remaining lease term- operating leases (in years) |  |  | 3.5 |  |  |  | 4.0 |
Weighted average discount rate- operating leases |  |  | 3.14 | % |  |  | 2.95 | %
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, 2024 for future periods are as follows:
2025 |  | $ | 1,706 |
2026 |  |  | 1,572 |
2027 |  |  | 1,273 |
2028 |  |  | 531 |
2029 |  |  | 402 |
Thereafter |  |  | 676 |
Total lease payments |  |  | 6,160 |
Less imputed interest |  |  | (604 | )
Total |  | $ | 5,556 |

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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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