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Note 6 - Leases

3 Months Ended

Mar. 31, 2025

NOTE 6 – LEASES

The Company has operating leases for retail bank and home lending branches, loan production offices, and certain equipment. At March 31, 2025, these leases have remaining terms ranging from one month to five years and three months, 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 three months ended March 31, 2025 and 2024 are as follows:

	Three Months Ended March 31,		Three Months Ended March 31,
Lease cost:	2025		2024
Operating lease cost	$	471	$	474
Short-term lease cost		4		3
Total lease cost	$	475	$	477

The following table provides supplemental information related to operating leases at or for the three months ended March 31, 2025 and 2024:

	At or For the Three months Ended March 31,
Cash paid for amounts included in the measurement of lease liabilities:	2025			2024
Operating cash flows from operating leases	$	483		$	490
Weighted average remaining lease term- operating leases (in years)		3.4			3.8
Weighted average discount rate- operating leases		3.17	%		2.97	%

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, 2025 for future periods are as follows:

Remainder of 2025	$	1,216
2026		1,572
2027		1,273
2028		531
2029		402
Thereafter		676
Total lease payments		5,670
Less imputed interest		(521	)
Total	$	5,149