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Note 11 - Leases

12 Months Ended

Dec. 31, 2024

(11)	LEASES

The Company is a lessee in certain leasing agreements, such as for branch office space. During 2020, the Bank extended a noncancelable lease agreement for branch office space which expires in March 2025 with annual lease payments of $19,000. The Bank’s subsidiary companies headquartered in Nevada lease office space under sublease agreements that automatically renew for one year periods each October. All of the Company’s leases are classified as operating leases.

The Company had no outstanding ROU assets or corresponding lease liabilities at December 31, 2024. The Company’s right to use an asset over the life of a lease was recorded as an ROU asset included in other assets on the consolidated balance sheets totaling $23,000 at December 31, 2023. The Company recorded a lease liability in other liabilities on the consolidated balance sheets totaling $23,000 at December 31, 2023.

Certain leases may include one or more options to renew, with renewal terms that can extend the lease term from one to 20 years or more. At December 31, 2024, the Company had not entered into any leases that had yet to commence that conveyed the right to control the use of the property to the Company.

Lease expense for the years ended December 31, 2024, 2023 and 2022 was $35,000, $34,000 and $32,000, respectively. The components of lease expense for the years ended December 31, 2024, 2023 and 2022 were as follows:

(In thousands)	2024		2023		2022

Operating lease cost	$	19	$	19	$	19
Short-term lease cost		16		15		13

Totals	$	35	$	34	$	32

Future minimum commitments due under operating lease agreements as of December 31, 2024 are as follows, including renewal options that are reasonably certain to be exercised:

Year ending December 31:	(In thousands)

2025		5
Total lease payments		5
Less imputed interest		(1	)
Total	$	4

The lease term and discount rate at December 31, 2024 and 2023 were as follows:

	2024			2023
Weighted-average remaining lease term (years)		0.25			1.25
Weighted-average discount rate		1.34	%		1.34	%

Supplemental cash flow information for the years ended December 31, 2024, 2023 and 2022 related to leases was as follows:

	2024		2023		2022
	(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	19	$	19	$	19

The Company also leases space to tenants under various operating leases. Lease income recorded under tenant leases was $61,000, $47,000 and $53,000 for the years ended December 31, 2024, 2023 and 2022, respectively. Future minimum lease payments to be received under tenant leases with initial or remaining terms in excess of one year total $110,000, $95,000, $72,000, $49,000 and $45,000 for the years ended December 31, 2025, 2026, 2027, 2028 and 2029, respectively.