Annual report [Section 13 and 15(d), not S-K Item 405]

Note 6 - Leases

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Note 6 - Leases
12 Months Ended
Dec. 31, 2024
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, 2024

   

December 31, 2023

 

Right-of-use assets

  $ 26,059     $ 26,451  

Lease liabilities

  $ 27,053     $ 27,435  

Weighted average remaining lease term

    7.8       8.2  

Weighted average discount rate

    3.8

%

    3.7

%

 

Lease costs during the years ended December 31, 2024 and 2023 were as follows (in thousands):

 

   

2024

   

2023

 

Operating lease cost

  $ 5,706     $ 5,202  

Short-term lease cost

    75       -  

Variable lease cost

    852       803  

Sublease income

    (19 )     (21 )

Net lease cost

  $ 6,614     $ 5,984  

 

The following table reconciles future undiscounted lease payments due under non-cancelable leases to the aggregate lease liability as of December 31, 2024:

 

   

(In Thousands)

 

2024

  $ 5,651  

2025

    4,808  

2026

    4,206  

2027

    3,362  

2028

    2,795  

Thereafter

    10,961  

Total lease payments

  $ 31,783  

Less: imputed interest

    (4,730 )

Present value of operating lease liabilities

  $ 27,053