Note 21 - Leases

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

Note 21 – Leases –

The Bank leases certain branch offices through non-cancelable operating leases with terms that range from one to ten years and contain various renewal options for certain of the leases. Certain leases provide for increases in minimum monthly rental payments as defined by the lease agreement. Rental expense under these agreements was $5.6 million, $4.9 million and $2.8 million for the years ended December 31, 2023, 2022 and 2021, respectively. The Company had a weighted average lease term of 6.5 years and 6.0 years and a weighted average discount rate of 3.24% and 2.63% as of December 31, 2023 and 2022, respectively.

Future minimum lease payments under these leases are as follows:

December 31,
	(Dollars in thousands)
2024	$	4,429
2025		3,693
2026		3,473
2027		3,362
2028		3,064
2029 and Thereafter		5,617
Total Future Minimum Lease Payments		23,638
Less Imputed Interest		(2,474	)
Present Value of Lease Liabilities	$	21,164