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LEASES
 12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
LEASES

Note 13—LEASES

The Company has operating leases on three of its facilities. The leases have maturities ranging from February 2025 to December 2028 some of which include extensions of multiple five-year terms. The right-of-use asset was $2.7 million and $2.8 million at December 31, 2022 and December 31, 2021, respectively. The lease liability was $2.8 million and $3.0 million at December 31, 2022 and December 31, 2021, respectively. During the twelve-month period ended December 31, 2022, the Company made cash payments in the amount of $326.6 thousand for operating leases and the lease liability was reduced by $197.3 thousand. The lease expense recognized during the twelve-month periods ended December 31, 2022, December 31, 2021, December 31, 2020 amounted to $354.8 thousand, $323.0 thousand, and $323.0 thousand, respectively. The weighted average remaining lease term as of December 31, 2022, is 14.38 years and the weighted average discount rate used is 4.37%. The following table shows future undiscounted lease payments for operating leases with initial terms of one year or more as of December 31, 2022.

  

(Dollars in thousands)    
2022  $262 
2023   268 
2024   275 
2025   281 
2026   254 
Thereafter   2,520 
Total undiscounted lease payments  $3,860 
Less effect of discounting   (1,028)
Present value of estimated lease payments (lease liability)   2,832 

 

In addition to the leases discussed above, the Company has entered into a facility lease agreement that will commence on January 1, 2023. The ROU asset and lease liability are recognized at lease commencement by calculating the present value of lease payments over the lease term. A right-of-use asset of $823.8 thousand and a lease liability of $824.6 thousand will be recognized upon commencement. The term will be sixty-nine months with a discount rate of 3.87%.