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LEASES (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Supplemental Balance Sheet Information

The following ROU assets and lease liabilities are reported within the Consolidated Statements of Condition as follows:

(In thousands)						December 31, 2023						December 31, 2022
Operating Leases:
ROU assets						$	2,615					$	3,162
Lease liabilities						2,615						3,162
Weighted average remaining lease term						4.7 years						5.0 years
Weighted average discount rate						5.61		%				5.42		%

Supplemental cash flow information related to operating leases for the years ended December 31:

(In thousands)			2023						2022
Operating cash flows from operating leases			$	924					$	964

As of December 31, 2023, the Corporation did not have any significant additional operating or finance leases that had not yet commenced.

Future Minimum Rental Payments

The following summarizes the remaining scheduled future minimum lease payments for operating leases as of December 31, 2023:

Year			(In thousands)
2024			$	827
2025			785
2026			632
2027			428
2028			393
Thereafter			367
Total minimum lease payments			3,432
Less: amount representing interest (1)			817
Present value of net minimum lease payments			$	2,615

_______________________________

(1) Amount necessary to reduce net minimum lease payments to present value calculated at the Corporation’s incremental borrowing rate.

X

- Definition

Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147478964/842-20-50-4

+ Details

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X

- References

No definition available.

+ Details

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Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
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X

- Definition

Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147478964/842-20-50-6

+ Details

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