Note 6 - Premises and Equipment

12 Months Ended

Dec. 31, 2021

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,	2021			2020
Land and buildings	$	15,933		$	12,407
Furniture and equipment		16,345			16,052
Leasehold improvements		3,571			4,277
Right-of-use asset		3,423			4,258
Book value		39,272			36,994
Accumulated depreciation and amortization		(22,732	)		(21,590	)
Net book value	$	16,540		$	15,404

Depreciation and amortization expense on premises and equipment, which excludes operating lease costs in the table below, amounted to $1,200,000, $1,363,000, and $1,211,000 for the years ended December 31, 2021, 2020 and 2019, respectively. During 2021 QNB purchased the underlying assets of one lease which had a right-of-use asset of $945,000 and an operating liability of $952,000.  

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

Year ended December 31,	2021			2020
Lease cost
Operating lease cost	$	628		$	672
Total lease cost		628			672
Other information
Cash paid for amounts included in the measurement of lease liabilities:
Cashflows from operating leases	$	631		$	654
Right-of-use assets obtained in exchange for new operating lease liabilities	$	698		$	1,086
Weighted average remaining lease terms:
Operating leases	13.7 years			14.1 years
Weighted average discount rates:
Operating leases		2.78	%		2.96	%