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LEASE COMMITMENTS | 12 Months Ended
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Dec. 31, 2021
LEASE COMMITMENTS |
LEASE COMMITMENTS | 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.

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- Definition The entire disclosure of information about leases. + References No definition available. + Details
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- References No definition available. + Details
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