Note 6 - Premises and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Premises and Equipment

Note 6 - Premises and Equipment

Premises and equipment, stated at cost less accumulated depreciation and amortization, are summarized below:

December 31,	2023			2022
Land and buildings	$	16,102		$	15,970
Furniture and equipment		14,470			16,640
Leasehold improvements		3,632			3,622
Right-of-use asset		2,722			2,909
Book value		36,926			39,141
Accumulated depreciation and amortization		(21,974	)		(23,678	)
Net book value	$	14,952		$	15,463

Depreciation and amortization expense on premises and equipment, which excludes operating lease costs in the table below, amounted to $1,714,000, $1,115,000, and $1,200,000 for the years ended December 31, 2023, 2022 and 2021, respectively. During 2023 QNB renewed one operating lease and recorded a right-of-use asset of $369,000 and an operating liability of $369,000.

The following table summarized the quantitative attributes of QNB’s operating leases:

Year ended December 31,	2023			2022
Lease cost
Operating lease cost	$	618		$	609
Total lease cost		618			609
Other information
Cash paid for amounts included in the measurement of lease liabilities:
Cashflows from operating leases	$	626		$	620
Right-of-use assets obtained in exchange for new operating lease liabilities	$	369		$	43
Weighted average remaining lease terms:
Operating leases	13.1 years			13.8 years
Weighted average discount rates:
Operating leases		2.90	%		2.78	%