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Note 6 - Leases | 9 Months Ended
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Sep. 30, 2021
Notes to Financial Statements |
Lessee, Operating Leases [Text Block] | NOTE 6 - LEASES The following table represents the classification of the Company's right of use and lease liabilities:
|  | Statement of Financial Condition Location |  | September 30, 2021 |  |  | December 31, 2020 |
Operating Lease Right of Use Asset: |  |  |  |  |  |  |  |  |  |
Gross carrying amount |  |  |  | $ | 6,805 |  |  | $ | 6,694 |
New lease obligation |  |  |  |  | 866 |  |  |  | 111 |
Accumulated amortization |  |  |  |  | (2,502 | ) |  |  | (1,730 | )
Net recorded value |  | Other assets |  | $ | 5,169 |  |  | $ | 5,075 |
Operating Lease Liabilities: |  |  |  |  |  |  |  |  |  |
Right of use lease obligations |  | Other liabilities |  | $ | 5,169 |  |  | $ | 5,075 |
Lease amortization expense was $292,000 and $221,000 for the three months ended September 30, 2021 and 2020, respectively, and $773,000 and $660,000 for the nine months ended September 30, 2021 and 2020, respectively. At September 30, 2021, the weighted-average remaining lease term for the Company's operating leases was 7.1 years and the weighted-average discount rate used in the measurement of the Company's operating lease liabilities was 2.83%. For each operating lease, the discount rate is the FHLB fixed rate advance rate for the term most closely aligning with the remaining lease term at inception.
|  | For the Three Months Ended |  |  | For the Nine Months Ended |
|  | September 30, |  |  | September 30, |
Lease cost: |  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Operating lease cost |  | $ | 292 |  |  | $ | 221 |  |  | $ | 773 |  |  | $ | 660 |
Short-term lease cost |  |  | 35 |  |  |  | 42 |  |  |  | 127 |  |  |  | 113 |
Sublease income |  |  | (8 | ) |  |  | (19 | ) |  |  | (30 | ) |  |  | (56 | )
Total lease cost |  | $ | 319 |  |  | $ | 244 |  |  | $ | 870 |  |  | $ | 717 |
Other information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 279 |  |  | $ | 238 |  |  | $ | 795 |  |  | $ | 709 |
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 September 30, |  |  |  |
2022 |  | $ | 1,280 |
2023 |  |  | 1,290 |
2024 |  |  | 808 |
2025 |  |  | 505 |
2026 |  |  | 511 |
Thereafter |  |  | 1,833 |
Total future minimum operating lease payments |  |  | 6,227 |
Amounts representing interest |  |  | (1,058 | )
Present value of net future minimum operating lease payments |  | $ | 5,169 |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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