Annual report [Section 13 and 15(d), not S-K Item 405]

Note 6 - Leases

v3.25.4
Note 6 - Leases
12 Months Ended
Dec. 31, 2025
Notes to Financial Statements  
Lessee, Operating Leases [Text Block]

NOTE 6.         LEASES

 

The Company leases space under non-cancelable operating leases for several of its banking offices and certain office equipment. The Company reports its right-of-use asset in other assets and its lease liabilities in other liabilities in its Consolidated Balance Sheets.

 

Supplemental balance sheet information related to operating leases is as follows:

 

   

December 31, 2025

   

December 31, 2024

 

Right-of-use assets

  $ 22,018     $ 26,059  

Lease liabilities

  $ 23,060     $ 27,053  

Weighted average remaining lease term

    7.3       7.8  

Weighted average discount rate

    3.9

%

    3.8

%

 

Lease costs during the years ended December 31, 2025 and 2024 were as follows (in thousands):

 

   

2025

   

2024

 

Operating lease cost

  $ 5,998     $ 5,706  

Short-term lease cost

    35       75  

Variable lease cost

    895       852  

Sublease income

    (20 )     (19 )

Net lease cost

  $ 6,908     $ 6,614  

 

The following table reconciles future undiscounted lease payments due under non-cancelable leases to the aggregate lease liability as of December 31, 2025:

 

   

(In Thousands)

 

2025

  $ 5,376  

2026

    4,308  

2027

    3,357  

2028

    2,776  

2029

    2,313  

Thereafter

    8,789  

Total lease payments

  $ 26,919  

Less: imputed interest

    (3,859 )

Present value of operating lease liabilities

  $ 23,060