Leases

12 Months Ended

Dec. 31, 2021

Leases

Leases

NOTE 6 - LEASES

The Company has operating leases for retail bank and home lending branches, and certain equipment.  The Company’s leases have remaining lease terms of11 months to eight years and six months, 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 years ended December 31, 2021 and 2020:

	Year Ended		Year Ended
Lease cost:	December 31, 2021		December 31, 2020
Operating lease cost	$	1,433	$	1,393
Short-term lease cost		5		11
Total lease cost	$	1,438	$	1,404

The following table provides supplemental information related to operating leases at or for the years ended December 31, 2021 and 2020:

	At or For the			At or For the
Cash paid for amounts included in the	Twelve Months Ended			Twelve Months Ended
measurement of lease liabilities:	December 31, 2021			December 31, 2020
Operating cash flows from operating leases	$	1,402		$	1,365
Weighted average remaining lease term- operating leases		4.8	years		5.4	years
Weighted average discount rate- operating leases		2.17	%		2.48	%

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 December 31, 2021 for future periods are as follows:

2022	$	1,398
2023		1,027
2024		968
2025		650
2026		520
Thereafter		539
Total lease payments		5,102
Less imputed interest		(310)
Total	$	4,792