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Note 9 - Leases | 9 Months Ended
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Sep. 30, 2024
Notes to Financial Statements |
Lessee, Operating Leases [Text Block] | Note 9: Leases The Company’s leases are recorded under ASC Topic 842, “Leases”. The Company categorizes leases as short-term, operating or finance leases. Leases with terms of 12 months or less are designated as short-term and are not capitalized. Operating and finance leases are capitalized as right-of-use assets and lease liabilities. Right-of-use assets, included in other assets, represent the Company’s right to use the underlying asset for the lease term and are calculated as the sum of the lease liability and if applicable, prepaid rent, initial direct costs and any incentives received from the lessor. Lease liabilities, included in other liabilities, represent the Company’s obligation to make lease payments and are presented at each reporting date as the net present value of the remaining contractual cash flows. Cash flows are discounted at the Company’s incremental borrowing rate in effect at the commencement date of the lease. The Company does not separate non-lease components from lease components within a single contract. Counterparties for the Company’s lease contracts are external to the Company and not related parties. On June 1, 2024, the Company’s acquisition of FCB added two long-term branch leases. At the Acquisition Date, the leases were remeasured using the Company’s incremental borrowing rate and remaining lease terms, resulting in an increase of $548 to the right of use asset and the lease liability. Lease payments Short-term lease payments are recognized as lease expense on a straight-line basis over the lease term, or for variable lease payments, in the period in which the obligation was incurred. Operating and finance lease payments may be fixed for the term of the lease or variable. If the escalation factor for a variable lease payment is known, such as a specified percentage increase per year or a stated increase at a specified time, the variable payment is included in the cash flows used to determine the lease liability. If the variable payment is based upon an unknown escalator, such as the consumer price index at a future date, the increase is not included in the cash flows used to determine the lease liability. Options to Extend, Residual Value Guarantees, Restrictions and Covenants Certain of the Company’s operating leases offer the option to extend the lease term and the Company has included such extensions in its calculation of the lease liabilities to the extent the options are reasonably certain of being exercised. The lease agreements do not provide for residual value guarantees and have no restrictions or covenants that would impact dividends or require incurring additional financial obligations. The following tables present information about leases as of the dates and for the periods indicated:
|  | September 30, 2024 |  |  | December 31, 2023 |
Lease liability |  | $ | 1,626 |  |  | $ | 1,127 |
Right-of-use asset |  | $ | 1,404 |  |  | $ | 1,096 |
Weighted average remaining lease term (in years) |  |  | 4.89 |  |  |  | 4.39 |
Weighted average discount rate |  |  | 3.85 | % |  |  | 3.29 | %
|  | For the Three Months Ended September 30, |
Lease Expense |  | 2024 |  |  | 2023 |
Operating lease expense |  | $ | 127 |  |  | $ | 91 |
Short-term lease expense |  |  | 5 |  |  |  | 10 |
Total lease expense |  | $ | 132 |  |  | $ | 101 |
Cash paid for amounts included in lease liabilities |  | $ | 131 |  |  | $ | 100 |
|  | For the Nine Months Ended September 30, |
Lease Expense |  | 2024 |  |  | 2023 |
Operating lease expense |  | $ | 315 |  |  | $ | 275 |
Short-term lease expense |  |  | 16 |  |  |  | 11 |
Total lease expense |  | $ | 331 |  |  | $ | 286 |
Cash paid for amounts included in lease liabilities |  | $ | 330 |  |  | $ | 286 |
Right-of-use assets obtained in exchange for operating lease liabilities commencing during the period |  | $ | 548 |  |  | $ | – |
The following table presents a maturity schedule of undiscounted cash flows that contribute to the lease liability:
Undiscounted Cash Flow for the Period |  | As of September 30, 2024 |
Twelve months ending September 30, 2025 |  | $ | 397 |
Twelve months ending September 30, 2026 |  |  | 352 |
Twelve months ending September 30, 2027 |  |  | 303 |
Twelve months ending September 30, 2028 |  |  | 304 |
Twelve months ending September 30, 2029 |  |  | 178 |
Thereafter |  |  | 239 |
Total undiscounted cash flows |  | $ | 1,773 |
Less: discount |  |  | (147 | )
Lease liability |  | $ | 1,626 |

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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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