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Note 7 - Leases

12 Months Ended

Dec. 31, 2023

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, 2023*			*December 31, 2022*
Operating Lease Right of Use Asset:
Gross carrying amount		$	7,671		$	7,671
New lease obligation			1,354			—
Accumulated amortization			(5,082	)		(3,964	)
Net recorded value	Other assets	$	3,943		$	3,707

Operating Lease Liabilities:
Right of use lease obligations	Other liabilities	$	3,943		$	3,707

Lease amortization expense was $1.1 million and $1.2 million for the years ended December 31, 2023 and 2022, respectively. At December 31, 2023, the weighted-average remaining lease term for the Company's operating leases was 5.8 years and the weighted-average discount rate used in the measurement of the Company's operating lease liabilities was 3.24%. 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, 2023*			*For the year ended December 31, 2022*
Lease cost:
Operating lease cost	$	1,118		$	1,170
Short-term lease cost		138			114
Sublease income		(25	)		(28	)
Total lease cost	$	1,231		$	1,256

Other information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,304		$	1,296

Future minimum payments under non-cancellable operating leases with terms longer than 12 months, are as follows at December 31, 2023. Future minimum payments on shorter term leases are excluded as the amounts are insignificant.

Twelve months ending December 31,
2024	$	1,131
2025		992
2026		948
2027		322
2028		329
Thereafter		1,071
Total future minimum operating lease payments		4,793
Amounts representing interest		(850	)
Present value of net future minimum operating lease payments	$	3,943