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Note 6 - Leases

9 Months Ended

Sep. 30, 2025

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.  At  September 30, 2025, these leases have remaining terms ranging from two months to nine years and ten 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 and nine months ended September 30, 2025 and 2024 are as follows:

		Three Months Ended September 30,
Lease cost:		2025				2024
Operating lease cost		$	494			$	464
Short-term lease cost			7				2
Total lease cost		$	501			$	466

		Nine Months Ended September 30,
Lease cost:		2025				2024
Operating lease cost		$	1,459			$	1,414
Short-term lease cost			21				10
Total lease cost		$	1,480			$	1,424

The following table provides supplemental information related to operating leases at or for the three and nine months ended September 30, 2025 and 2024:

		At or For the Three months Ended September 30,
Cash paid for amounts included in the measurement of lease liabilities:		2025				2024
Operating cash flows from operating leases		$	508			$	483
Weighted average remaining lease term- operating leases (in years)			4.7				3.5
Weighted average discount rate- operating leases			3.83	%			3.01	%

		At or For the Nine months Ended September 30,
Cash paid for amounts included in the measurement of lease liabilities:		2025				2024
Operating cash flows from operating leases		$	1,496			$	1,462
Weighted average remaining lease term- operating leases (in years)			4.7				3.5
Weighted average discount rate- operating leases			3.83	%			3.01	%

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  September 30, 2025 for future periods are as follows:

Remainder of 2025		$	491
2026			1,941
2027			1,683
2028			1,066
2029			947
Thereafter			1,931
Total lease payments			8,059
Less imputed interest			(1,066	)
Total		$	6,993

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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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