Note 6 - Leases

12 Months Ended

Dec. 31, 2022

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 Sheet.

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

	December 31, 2022			December 31, 2021
Right-of-use assets	$	18,816		$	17,916
Lease liabilities	$	19,614		$	18,549
Weighted average remaining lease term		6.6			6.8
Weighted average discount rate		2.81	%		2.46	%

Lease costs during the years ended December 31, 2022 and 2021 were as follows (in thousands):

	2022			2021
Operating lease cost	$	4,379		$	4,009
Short-term lease cost		68			-
Variable lease cost		610			430
Sublease income		(40	)		(94	)
Net lease cost	$	5,017		$	4,345

The following table reconciles future undiscounted lease payments due under non-cancelable leases to the aggregate lease liability as of December 31, 2022:

	(In Thousands)
2023	$	4,281
2024		3,360
2025		3,249
2026		2,626
2027		2,132
Thereafter		6,042
Total lease payments	$	21,690
Less: imputed interest		(2,076	)
Present value of operating lease liabilities	$	19,614