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LEASE COMMITMENTS | 12 Months Ended
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Dec. 31, 2023
LEASE COMMITMENTS |
LEASE COMMITMENTS | 9. 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 ASC 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, 2023, 2022, and 2021. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | YEAR ENDED DECEMBER 31,
​ | ​ | ​ | 2023 | ​ | ​ | 2022 | ​ | ​ | 2021
​ | ​ | (IN THOUSANDS)
Lease cost | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ |
Financing lease cost: | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ |
Amortization of right-of-use asset | ​ | $ | 277 | ​ | $ | 271 | ​ | $ | 272
Interest expense | ​ |  | 97 | ​ |  | 100 | ​ |  | 106
Operating lease cost | ​ | ​ | 92 | ​ | ​ | 106 | ​ | ​ | 116
Total lease cost | ​ | $ | 466 | ​ | $ | 477 | ​ | $ | 494
​ The following table presents the weighted-average remaining lease term and discount rate for the leases outstanding at December 31, 2023 and 2022. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | AT DECEMBER 31,
​ | ​ | 2023 | ​ | ​ | 2022 | ​
​ |  | OPERATING | ​ |  | FINANCING | ​ | ​ | OPERATING | ​ |  | FINANCING | ​
Weighted-average remaining term (years) |  | 8.4 | ​ |  | 13.9 | ​ | ​ | 10.0 | ​ |  | 15.1 | ​
Weighted-average discount rate |  | 3.75 | % | ​ | 3.77 | % | ​ | 3.54 | % | ​ | 3.62 | %
​ The following table presents the undiscounted cash flows due related to operating and financing leases as of December 31, 2023 and 2022, along with a reconciliation to the discounted amount recorded on the Consolidated Balance Sheets. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
DECEMBER 31, 2023
​ |  | OPERATING |  | FINANCING
​ | ​ | (IN THOUSANDS)
Undiscounted cash flows due in: | ​ | ​ | ​ | ​ | ​ | ​
2024 | ​ | $ | 116 | ​ | $ | 311
2025 | ​ |  | 105 | ​ |  | 311
2026 | ​ |  | 93 | ​ |  | 247
2027 | ​ |  | 69 | ​ |  | 232
2028 | ​ |  | 69 | ​ |  | 200
Thereafter | ​ |  | 312 | ​ |  | 2,215
Total undiscounted cash flows | ​ |  | 764 | ​ |  | 3,516
Discount on cash flows | ​ |  | (106) | ​ |  | (816)
Total lease liabilities | ​ | $ | 658 | ​ | $ | 2,700
​
​ | ​ | ​ | ​ | ​ | ​ | ​
DECEMBER 31, 2022
​ |  | OPERATING |  | FINANCING
​ | ​ | (IN THOUSANDS)
Undiscounted cash flows due in: | ​ | ​ | ​ | ​ | ​ | ​
2023 | ​ | $ | 85 | ​ | $ | 309
2024 | ​ |  | 85 | ​ |  | 249
2025 | ​ |  | 75 | ​ |  | 248
2026 | ​ |  | 69 | ​ |  | 181
2027 | ​ |  | 69 | ​ |  | 181
Thereafter | ​ |  | 382 | ​ |  | 2,397
Total undiscounted cash flows | ​ |  | 765 | ​ |  | 3,565
Discount on cash flows | ​ |  | (122) | ​ |  | (885)
Total lease liabilities | ​ | $ | 643 | ​ | $ | 2,680
​ 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, 2023, 2022, and 2021 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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Period Type: | duration

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- References No definition available. + Details
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Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration