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Note 7 - Leases

12 Months Ended

Dec. 31, 2020

NOTE 7 - LEASES

The following table represents the classification of the Company's right of use and lease liabilities:

	Statement of Financial Condition Location	*December 31, 2020*			*December 31, 2019*
Operating Lease Right of Use Asset:
Gross carrying amount		$	6,694		$	—
New lease obligation			111			6,694
Accumulated amortization			(1,730	)		(848	)
Net recorded value	Other assets	$	5,075		$	5,846

Operating Lease Liabilities:
Right of use lease obligations	Other liabilities	$	5,075		$	5,846

Amortization expense was $882,000 and $848,000 for the years ended December 31, 2020 and 2019, respectively. At December 31, 2020, the weighted-average remaining lease term for the operating leases was 8.2 years and the weighted-average discount rate used in the measurement of operating lease liabilities was 3.13%. The Company utilized the FHLB fixed rate advance rate for the term most closely aligning with the remaining lease term at inception.

	For the year ended December 31, 2020			For the year ended December 31, 2019
Lease cost:
Operating lease cost	$	882		$	848
Short-term lease cost		152			112
Sublease income		(74	)		(51	)
Total lease cost	$	960		$	909

Other information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	948		$	901

Future minimum payments under non-cancellable operating leases with terms longer than 12 months, are as follows at December 31, 2020. Future minimum payments on shorter term leases are excluded as the amounts are insignificant.

Twelve months ended December 31,
2021	$	962
2022		1,002
2023		956
2024		501
2025		507
Thereafter		2,217
Total future minimum operating lease payments		6,145
Amounts representing interest		(1,070	)
Present value of net future minimum operating lease payments	$	5,075