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Leases

6 Months Ended

Jun. 30, 2021

NOTE 6 - LEASES

The Company has operating leases for retail bank, home lending branches, and certain equipment. The Company’s leases have remaining lease terms of six months to nine years, some of which include options to extend the leases for up to five years.

The components of lease cost (included in occupancy expense on the Consolidated Statements of Income) are as follows for the three and six months ended June 30, 2021 and 2020:


	Three Months Ended		Three Months Ended
Lease cost:	June 30, 2021		June 30, 2020
Operating lease cost	$	360	$	356
Short-term lease cost		1		1
Total lease cost	$	361	$	357


	Six Months Ended		Six Months Ended
Lease cost:	June 30, 2021		June 30, 2020
Operating lease cost	$	709	$	699
Short-term lease cost		2		9
Total lease cost	$	711	$	708

The following tables provides supplemental information related to operating leases at or for the three and six months ended June 30, 2021 and 2020:


	At or For the			At or For the
Cash paid for amounts included in the	Three Months Ended			Three Months Ended
measurement of lease liabilities:	June 30, 2021			June 30, 2020
Operating cash flows from operating leases	$	353		$	348
Weighted average remaining lease term- operating leases		5.1	years		5.1	years
Weighted average discount rate- operating leases		2.21	%		2.66	%


	At or For the			At or For the
Cash paid for amounts included in the	Six Months Ended			Six Months Ended
measurement of lease liabilities:	June 30, 2021			June 30, 2020
Operating cash flows from operating leases	$	702		$	684
Weighted average remaining lease term- operating leases		5.1	years		5.1	years
Weighted average discount rate- operating leases		2.21	%		2.66	%

The Company’s leases typically do not contain a discount rate implicit in the lease contract. As an alternative, the discount rate used in determining the lease liability for each individual lease was the FHLB of Des Moines’ fixed-advance rate.

Maturities of operating lease liabilities at June 30, 2021 for future periods are as follows:


Remainder of 2021	$	703
2022		1,440
2023		1,069
2024		1,000
2025		650
Thereafter		1,059
Total lease payments		5,921
Less imputed interest		(520)
Total	$	5,401