Note 8 - Leases -

6 Months Ended

Jun. 30, 2021

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

Note 8 – Leases –

The Bank leases certain branch offices through non-cancelable operating leases with terms that range from one to ten years and contain various renewal options for certain of the leases. Certain leases provide for increases in minimum monthly rental payments as defined by the lease agreement. Rental expense under these agreements was $1.4 million for each of the six months ended June 30, 2021 and 2020. At June 30, 2021, the Company had a weighted average lease term of 7.4 years and a weighted average discount rate of 2.92%.

Future minimum lease payments under these leases are as follows:

	(Dollars in thousands)
July 1, 2021 through June 30, 2022	$	1,190
July 1, 2022 through June 30, 2023		2,188
July 1, 2023 through June 30, 2024		2,053
July 1, 2024 through June 30, 2025		1,856
July 1, 2025 through June 30, 2026		1,732
July 1, 2026 and Thereafter		5,328
Total Future Minimum Lease Payments		14,347
Less Imputed Interest		(1,563	)
Present Value of Lease Liabilities	$	12,784