Note 6 - Leases

6 Months Ended

Jun. 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	June 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			(2,211	)		(1,730	)
Net recorded value	Other assets	$	5,460		$	5,075
Operating Lease Liabilities:
Right of use lease obligations	Other liabilities	$	5,460		$	5,075

Amortization expense was $260,000 and $221,000 for the three months ended  June 30, 2021 and 2020, respectively, and $481,000 and $439,000 for the six months ended June 30, 2021 and 2020, respectively.  At  June 30, 2021, the weighted-average remaining lease term for the operating leases was 7.3 years and the weighted-average discount rate used in the measurement of operating lease liabilities was 2.83%. The Company utilized 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 Six Months Ended
	June 30,						June 30,
Lease cost:	2021			2020			2021			2020
Operating lease cost	$	260		$	221		$	481		$	439
Short-term lease cost		43			41			92			71
Sublease income		(7	)		(20	)		(22	)		(38	)
Total lease cost	$	296		$	242		$	551		$	472
Other information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	275		$	238		$	516		$	471

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 June 30,
2022	$	1,230
2023		1,297
2024		962
2025		543
2026		510
Thereafter		1,961
Total future minimum operating lease payments		6,503
Amounts representing interest		(1,043	)
Present value of net future minimum operating lease payments	$	5,460