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Note 6 - Leases

3 Months Ended

Mar. 31, 2021

NOTE 6 - LEASES

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

	*Statement of Financial Condition Location*	*March 31, 2021*			*December 31, 2020*
Operating Lease Right of Use Asset:
Gross carrying amount		$	6,805		$	6,694
New lease obligation			—			111
Accumulated amortization			(1,951	)		(1,730	)
Net recorded value	Other assets	$	4,854		$	5,075

Operating Lease Liabilities:
Right of use lease obligations	Other liabilities	$	4,854		$	5,075

Amortization expense was $221,000 and $219,000 for the three months ended March 31, 2021 and 2020, respectively. At March 31, 2021, the weighted-average remaining lease term for the operating leases was 8.1 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 Three Months Ended*
	*March 31,*
Lease cost:	*2021*			*2020*
Operating lease cost	$	221		$	219
Short-term lease cost		49			30
Sublease income		(15	)		(18	)
Total lease cost	$	255		$	231

Other information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	241		$	234

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

Twelve months ended March 31,
2022	$	967
2023		1,011
2024		828
2025		502
2026		508
Thereafter		2,089
Total future minimum operating lease payments		5,905
Amounts representing interest		(1,051	)
Present value of net future minimum operating lease payments	$	4,854