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Note 7 - Leases

12 Months Ended

Dec. 31, 2024

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, 2024*			*December 31, 2023*
Operating Lease Right of Use Asset:
Gross carrying amount		$	9,025		$	7,671
New lease obligation			592			1,354
Accumulated amortization			(6,103	)		(5,082	)
Net recorded value	Other assets	$	3,514		$	3,943

Operating Lease Liabilities:
Right of use lease obligations	Other liabilities	$	3,514		$	3,943

Lease amortization expense was $1.0 million and $1.1 million for the years ended December 31, 2024 and 2023, respectively. At December 31, 2024, the weighted-average remaining lease term for the Company's operating leases was 4.9 years and the weighted-average discount rate used in the measurement of the Company's operating lease liabilities was 3.73%. 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 years ended December 31,*
	*2024*			*2023*
Lease cost:
Operating lease cost	$	1,021		$	1,118
Short-term lease cost		164			138
Sublease income		(24	)		(25	)
Total lease cost	$	1,161		$	1,231

Other information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,207		$	1,304

Future minimum payments under non-cancellable operating leases with terms longer than 12 months, are as follows at December 31, 2024. Future minimum payments on shorter term leases are excluded as the amounts are insignificant.

Twelve months ending December 31,
2025	$	1,046
2026		1,022
2027		598
2028		544
2029		329
Thereafter		741
Total future minimum operating lease payments		4,280
Amounts representing interest		(766	)
Present value of net future minimum operating lease payments	$	3,514