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Note 7 - Leases

12 Months Ended

Dec. 31, 2021

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, 2021*			*December 31, 2020*
Operating Lease Right of Use Asset:
Gross carrying amount		$	6,805		$	6,694
New lease obligation			866			111
Accumulated amortization			(2,794	)		(1,730	)
Net recorded value	Other assets	$	4,877		$	5,075

Operating Lease Liabilities:
Right of use lease obligations	Other liabilities	$	4,877		$	5,075

Lease amortization expense was $1.1 million and $882,000 for the years ended December 31, 2021 and 2020, respectively. At December 31, 2021, the weighted-average remaining lease term for the Company's operating leases was 7.0 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 year ended December 31, 2021*			*For the year ended December 31, 2020*
Lease cost:
Operating lease cost	$	1,064		$	882
Short-term lease cost		161			152
Sublease income		(38	)		(74	)
Total lease cost	$	1,187		$	960

Other information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,110		$	948

Future minimum payments under non-cancellable operating leases with terms longer than 12 months, are as follows at December 31, 2021. Future minimum payments on shorter term leases are excluded as the amounts are insignificant.

Twelve months ended December 31,
2022	$	1,294
2023		1,241
2024		656
2025		506
2026		495
Thereafter		1,722
Total future minimum operating lease payments		5,914
Amounts representing interest		(1,037	)
Present value of net future minimum operating lease payments	$	4,877