Note 6 - Premises and Equipment

12 Months Ended

Dec. 31, 2022

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,	2022			2021
Land and buildings	$	15,970		$	15,933
Furniture and equipment		16,640			16,345
Leasehold improvements		3,622			3,571
Right-of-use asset		2,909			3,423
Book value		39,141			39,272
Accumulated depreciation and amortization		(23,678	)		(22,732	)
Net book value	$	15,463		$	16,540

Depreciation and amortization expense on premises and equipment, which excludes operating lease costs in the table below, amounted to $1,115,000, $1,200,000, and $1,363,000 for the years ended December 31, 2022, 2021 and 2020, respectively. During 2022 QNB renewed one operating lease and recorded a right-of-use asset of $43,000 and an operating liability of $43,000.  

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

Year ended December 31,	2022			2021
Lease cost
Operating lease cost	$	609		$	628
Total lease cost		609			628
Other information
Cash paid for amounts included in the measurement of lease liabilities:
Cashflows from operating leases	$	620		$	631
Right-of-use assets obtained in exchange for new operating lease liabilities	$	43		$	698
Weighted average remaining lease terms:
Operating leases	13.8 years			13.7 years
Weighted average discount rates:
Operating leases		2.78	%		2.78	%