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LEASES
 12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
LEASES

Note 13—LEASES

The Company has operating leases on three of its facilities. The leases have maturities ranging from September 2024 to December 2028 some of which include extensions of multiple five-year terms. The right-of-use asset and lease liability were $2.8 and $3.0 million, respectively, at December 31, 2021. During the twelve-month period ended December 31, 2021, the Company made cash payments in the amount of $297.6 thousand for operating leases and the lease liability was reduced by $164.6 thousand. The lease expense recognized during the twelve-month period ended December 31, 2021, amounted to $323.0 thousand . The weighted average remaining lease term as of December 31, 2021, is 15.08 years and the weighted average discount rate used is 4.42%. The following table shows future undiscounted lease payments for operating leases with initial terms of one year or more as of December 31, 2021 are as follow:

 

(Dollars in thousands)    
2022  $303 
2023   309 
2024   282 
2025   222 
2026   226 
Thereafter    2,751 
Total undiscounted lease payments  $4,093 
Less effect of discounting   (1,143)
Present value of estimated lease payments (lease liability)   2,950