Note 14 - Leases

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

NOTE 14 - LEASES

The Company leases several of its operating facilities under various non-cancellable operating leases expiring at various dates through 2037. The Company is also responsible for common area maintenance, taxes, and insurance at the various branch locations.

Future minimum rent payments on the Company’s leases were as follows at December 31, 2023:

(dollars in thousands)
For the year ended December 31,:
2024	$	4,728
2025		5,109
2026		5,121
2027		4,998
2028		4,052
Thereafter		10,699
Total	$	34,707
Less amount of payment representing interest		(3,516	)
Total present value of lease payments	$	31,191

The minimum rent payments shown above are given for the existing lease obligation and are not a forecast of future rental expense. Total rental expense, recognized on a straight-line basis, was $5.7 million, $5.4 million, and $5.3 million for the years ended December 31, 2023, 2022, and 2021, respectively. The Company received rental income of $570,000, $548,000, and $479,000 for the years ended December 31, 2023, 2022, and 2021, respectively.

The following table presents the operating lease related assets and liabilities recorded on the consolidated balance sheets, and the weighted-average remaining lease terms and discount rates as of  December 31, 2023 and December 31, 2022:

	December 31,			December 31,
(dollars in thousands)	2023			2022
Operating Leases
ROU assets	$	29,803		$	25,447
Lease liabilities		31,191			26,523
Weighted-average remaining lease term (in years)		7.63			7.91
Weighted-average discount rate		1.72	%		2.19	%