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OPERATING LEASES | 9 Months Ended
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Sep. 30, 2025
Leases [Abstract] |
OPERATING LEASES | OPERATING LEASES The Company leases office space in various locations in Alabama, Pennsylvania, and Mississippi. These leases have terms expiring from 2025 through 2029 but contain optional extension terms. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. Supplemental balance sheet information related to operating leases was as follows:
(In thousands) | September 30, 2025 |  | December 31, 2024 |  |
Operating lease right-of-use assets: |  |  |  |  |
Operating lease right-of-use assets | $ | 2,391 |  |  | $ | 3,092 |  |  |
Operating lease liabilities: |  |  |  |  |
Other accrued liabilities | 932 |  | 944 |  |
Operating lease liabilities, less current portion | 1,588 |  |  | 2,293 |  |  |
Total operating lease liabilities | $ | 2,520 |  |  | $ | 3,237 |  |  |
Weighted average remaining lease term in years | 3.0 |  | 3.6 |  |
Weighted average discount rate | 4.0% |  | 4.1% |  |
Because our leases do not provide a readily determinable implicit rate, we use our incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. The incremental borrowing rate is the estimated rate incurred to borrow on a collateralized basis over a similar term and amount equal to the lease payments in a similar economic environment. We used the incremental borrowing rate on January 1, 2019, for operating leases that commenced prior to that date. The future minimum lease payments under these operating leases subsequent to September 30, 2025 are as follows:
(In thousands) |
2025 (remaining three months) | $ | 252 |
2026 | 1,020 |
2027 | 709 |
2028 | 462 |
2029 | 231 |
Total lease payments | 2,674 |
Less imputed interest | (154) |
Total | $ | 2,520 |
Total lease expense for the nine months ended September 30, 2025 and 2024 was $0.8 million and $1.4 million, respectively. Total cash paid for amounts included in the measurement of lease liabilities within operating cash flows from operating leases for the nine months ended September 30, 2025 and 2024 was $0.8 million and $1.4 million, respectively.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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