Note 15 - Leases

6 Months Ended

Jun. 30, 2023

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

NOTE 15 - LEASES          

The Company has operating leases on six of its branches. During the six months ended June 30, 2023, the Company made cash payments in the amount of $258,000 for operating leases. The lease expense recognized during this period was $256,000 and was recorded in occupancy expense within the Consolidated Statements of Income. The lease liability had a net decrease of $227,000.  At June 30, 2023, the Company had ROU assets of $1.6 million and a lease liability of $1.7 million recorded on its consolidated balance sheet compared to ROU assets of $1.9 million and a lease liability of $1.9 million at December 31, 2022. The lease agreements have maturity dates ranging from 2023 through 2028, some of which include options for multiple five or ten year extensions. At June 30, 2023, the remaining weighted average lease term was 3.62 years and the weighted average discount rate used was 3.2%.

At June 30, 2023, maturities of operating lease liabilities for future periods were as follows:

Remainder of 2023	$	260,296
2024		522,147
2025		474,815
2026		363,428
2027		147,842
Thereafter		10,371
Total undiscounted lease payments		1,778,899
Less: effect of discounting		(102,097	)
Present value of estimated lease payments (lease liability)	$	1,676,802