Note 15 - Leases

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

NOTE 15 - LEASES          

The Company has operating leases on six of its branches. During the three months ended March 31, 2024, the Company made cash payments in the amount of $130,000 for operating leases. The lease expense recognized during this period was $128,000 and was recorded in occupancy expense within the Consolidated Statements of Income. The lease liability had a net decrease of $119,000.  At March 31, 2024, the Company had ROU assets of $1.3 million and a lease liability of $1.3 million recorded on its consolidated balance sheet compared to ROU assets of $1.4 million and a lease liability of $1.4 million at December 31, 2023. The lease agreements have maturity dates ranging from 2024 through 2028, some of which include options for multiple five or ten year extensions. At March 31, 2024, the remaining weighted average lease term was 2.94 years and the weighted average discount rate used was 3.2%.

At March 31, 2024, maturities of operating lease liabilities for future periods were as follows:

	Dollars in thousands
Remainder of 2024	$	392
2025		475
2026		363
2027		148
2028		10
Total undiscounted lease payments		1,388
Less: effect of discounting		(65	)
Present value of estimated lease payments (lease liability)	$	1,323