LEASES

6 Months Ended

Jun. 30, 2022

LEASES

LEASES

NOTE 6 - LEASES

The Company has operating leases for retail bank branches, home lending branches, and certain equipment. The Company’s leases have remaining lease terms of five months to eight years, some of which include options to extend the leases for up to five years.

The components of lease cost (included in occupancy expense on the Consolidated Statements of Income) are as follows for the three and six months ended June 30, 2022 and 2021:

	Three Months Ended		Three Months Ended
Lease cost:	June 30, 2022		June 30, 2021
Operating lease cost	$	348	$	360
Short-term lease cost		7		1
Total lease cost	$	355	$	361

	Six Months Ended		Six Months Ended
Lease cost:	June 30, 2022		June 30, 2021
Operating lease cost	$	691	$	709
Short-term lease cost		8		2
Total lease cost	$	699	$	711

The following tables provide supplemental information related to operating leases at or for the three and six months ended June 30, 2022 and 2021:

	At or For the			At or For the
Cash paid for amounts included in the	Three Months Ended			Three Months Ended
measurement of lease liabilities:	June 30, 2022			June 30, 2021
Operating cash flows from operating leases	$	357		$	353
Weighted average remaining lease term- operating leases		4.7	years		5.1	years
Weighted average discount rate- operating leases		2.05	%		2.21	%

	At or For the			At or For the
Cash paid for amounts included in the	Six Months Ended			Six Months Ended
measurement of lease liabilities:	June 30, 2022			June 30, 2021
Operating cash flows from operating leases	$	703		$	702
Weighted average remaining lease term- operating leases		4.7	years		5.1	years
Weighted average discount rate- operating leases		2.05	%		2.21	%

The Company’s leases typically do not contain a discount rate implicit in the lease contract.  As an alternative, the discount rate used in determining the lease liability for each individual lease was the FHLB of Des Moines’ fixed-advance rate. 

Maturities of operating lease liabilities at June 30, 2022 for future periods are as follows:

2022	$	720
2023		1,226
2024		1,173
2025		861
2026		736
Thereafter		688
Total lease payments		5,404
Less imputed interest		(323)
Total	$	5,081