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Note 6 - Leases | 9 Months Ended
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Sep. 30, 2024
Notes to Financial Statements |
Lessee, Operating Leases [Text Block] | Note 6 - Leases The Bank has lease agreements with unaffiliated parties for fifteen locations, comprised of eleven full-service branches, three business centers, and a parking easement. Lease expirations range from one to twenty years, with additional renewal options on certain leases ranging from two to ten years. If the exercise of a renewal option is considered to be reasonably certain, the Company includes the extended term in the calculation of the right-of-use asset and lease liability. At September 30, 2024, the Company's ROU assets and lease liabilities were $17.3 million and $17.8 million, respectively. Total costs incurred by the Company, as a lessee, were $1.6 million and $857,000 for the nine months ended September 30, 2024 and 2023, respectively, and principally related to contractual lease payments on operating leases. The Company's leases do not impose significant covenants or other restrictions on the Company. The following table presents amounts relevant to the Company's assets leased for use in its operations at the dates indicated:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
|  | (In Thousands) |
Operating cash flows from operating leases |  | $ | 700 |  |  | $ | 284 |  |  | $ | 1,564 |  |  | $ | 857 |
Right of use assets obtained in exchange for new operating lease liabilities |  |  | — |  |  |  | 152 |  |  |  | 12,158 |  |  |  | 152 |
The following table presents the weighted-average remaining lease terms and discount rates of the Company's assets leased for use in its operations at the dates indicated:
|  | September 30, 2024 |  |  | December 31, 2023 |
Weighted-average remaining lease term of operating leases (in years) |  |  | 12.6 |  |  |  | 9.0 |
Weighted-average discount rate of operating leases |  |  | 7.2 | % |  |  | 2.4 | %
All lease agreements require the Bank to pay its pro-rata share of building operating expenses. The minimum annual lease payments under non-cancelable operating leases with initial or remaining terms of one year or more through the initial lease term are as follows:
Twelve-month period ending: |  | (In Thousands) |
September 30, 2025 |  | $ | 2,310 |
September 30, 2026 |  |  | 2,333 |
September 30, 2027 |  |  | 2,321 |
September 30, 2028 |  |  | 2,206 |
September 30, 2029 |  |  | 2,106 |
Thereafter |  |  | 18,547 |
Total minimum payments required |  | $ | 29,823 |
Less imputed interest |  |  | 12,095 |
Present value of lease liabilities |  | $ | 17,728 |

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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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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