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LEASE COMMITMENTS

12 Months Ended

Dec. 31, 2021

10. LEASE COMMITMENTS

The Company has operating and financing leases for several office locations and equipment. Several assumptions and judgments were made when applying the requirements of ASU 2016-02, Leases (Topic 842), to the Company’s lease commitments, including the allocation of consideration in the contracts between lease and non-lease components, determination of the lease term, and determination of the discount rate used in calculating the present value of the lease payments. See Note 1 for information on policy elections.

The following table presents the lease cost associated with both operating and financing leases for the years ended December 31, 2021, 2020, and 2019.



	YEAR ENDED DECEMBER 31,
		2021		2020		2019

	(IN THOUSANDS)
Lease cost
Financing lease cost:
Amortization of right-of-use asset	$	272	$	271	$	258
Interest expense		106		112		117
Operating lease cost		116		116		117
Total lease cost	$	494	$	499	$	492

The following table presents the weighted-average remaining lease term and discount rate for the leases outstanding at December 31, 2021 and 2020.

AT DECEMBER 31,

2021

2020

OPERATING

FINANCING

OPERATING

FINANCING

Weighted-average remaining term (years)

11.0

15.5

11.4

16.0

Weighted-average discount rate

3.53

3.56

3.49

3.52

The following table presents the undiscounted cash flows due related to operating and financing leases as of December 31, 2021 and 2020, along with a reconciliation to the discounted amount recorded on the Consolidated Balance Sheets.


DECEMBER 31, 2021
	OPERATING		FINANCING

	(IN THOUSANDS)
Undiscounted cash flows due in:
2022	$	98	$	320
2023		69		309
2024		69		249
2025		69		248
2026		69		181
Thereafter		452		2,578
Total undiscounted cash flows		826		3,885
Discount on cash flows		(144)		(986)
Total lease liabilities	$	682	$	2,899


DECEMBER 31, 2020
	OPERATING		FINANCING

	(IN THOUSANDS)
Undiscounted cash flows due in:
2021	$	120	$	316
2022		98		320
2023		69		309
2024		69		249
2025		69		248
Thereafter		520		2,760
Total undiscounted cash flows		945		4,202
Discount on cash flows		(169)		(1,093)
Total lease liabilities	$	776	$	3,109

The Company leases approximately 1,049 square feet of office space within its headquarters building to a Director of the Company. The amount paid by this related party totaled $13,000 for the years ended December 31, 2021, 2020, and 2019 and is reported in net occupancy expense on the Consolidated Statements of Operations.