The Company was a lessee in certain leasing agreements, such as for branch office space. During 2020, the Bank extended a noncancelable lease agreement for branch office space with annual lease payments of $19,000.  The lease for branch office space expired in March 2025.  The Bank’s subsidiary companies headquartered in Nevada lease office space under sublease agreements that automatically renew for one year periods each October. All of the Company’s leases are classified as operating leases.

The Company had no outstanding ROU assets or corresponding lease liabilities at December 31, 2025 and 2024.

Certain leases may include one or more options to renew, with renewal terms that can extend the lease term from one to 20 years or more. At December 31, 2025 and 2024, the Company had not entered into any leases that had yet to commence that conveyed the right to control the use of the property to the Company.

Lease expense for the years ended December 31, 2025, 2024 and 2023 was $18,000, $35,000, and $34,000, respectively. The components of lease expense for the years ended December 31, 2025, 2024 and 2023 were as follows:

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The lease term and discount rate at December 31, 2025 and 2024 were as follows:

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Supplemental cash flow information for the years ended December 31, 2025, 2024 and 2023 related to leases was as follows:

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The Company also leases space to tenants under various operating leases. Lease income recorded under tenant leases was $114,000, $61,000 and $47,000 for the years ended December 31, 2025, 2024 and 2023, respectively. Future minimum lease payments to be received under tenant leases with initial or remaining terms in excess of one year total $107,000, $88,000, $65,000, $61,000 and $8,000 for the years ended December 31, 2026, 2027, 2028, 2029 and 2030, respectively.