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Note 7 - Leases

12 Months Ended

Dec. 31, 2024

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