Annual report pursuant to Section 13 and 15(d)

Note 6 - Leases

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Note 6 - Leases
12 Months Ended
Dec. 31, 2023
Notes to Financial Statements  
Lessee, Operating Leases [Text Block]

NOTE 6.         LEASES

 

The Company leases space under non-cancelable operating leases for several of its banking offices and certain office equipment. The Company reports its right-of-use asset in other assets and its lease liabilities in other liabilities in its Consolidated Balance Sheets.

 

Supplemental balance sheet information related to operating leases is as follows:

 

   

December 31, 2023

   

December 31, 2022

 

Right-of-use assets

  $ 26,451     $ 18,816  

Lease liabilities

  $ 27,435     $ 19,614  

Weighted average remaining lease term

    8.2       6.6  

Weighted average discount rate

    3.67 %     2.81 %

 

Lease costs during the years ended December 31, 2023 and 2022 were as follows (in thousands):

 

   

2023

   

2022

 

Operating lease cost

  $ 5,202     $ 4,379  

Short-term lease cost

    -       68  

Variable lease cost

    803       610  

Sublease income

    (21 )     (40 )

Net lease cost

  $ 5,984     $ 5,017  

 

The following table reconciles future undiscounted lease payments due under non-cancelable leases to the aggregate lease liability as of December 31, 2023:

 

   

(In Thousands)

 

2024

  $ 5,208  

2025

    4,930  

2026

    4,105  

2027

    3,536  

2028

    2,683  

Thereafter

    11,899  

Total lease payments

  $ 32,361  

Less: imputed interest

    (4,926 )

Present value of operating lease liabilities

  $ 27,435