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LEASE COMMITMENTS

12 Months Ended

Dec. 31, 2024

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, 2024 and 2023.



	YEAR ENDED DECEMBER 31,
		2024		2023

	(IN THOUSANDS)
Lease cost
Financing lease cost:
Amortization of right-of-use asset	$	225	$	277
Interest expense		108		97
Operating lease cost		251		92
Total lease cost	$	584	$	466

The following table presents the weighted-average remaining lease term and discount rate for the leases outstanding at December 31, 2024 and 2023.

AT DECEMBER 31,

2024

2023

OPERATING

FINANCING

OPERATING

FINANCING

Weighted-average remaining term (years)

8.5

13.1

8.4

13.9

Weighted-average discount rate

4.31

3.86

3.75

3.77

The following table presents the undiscounted cash flows due related to operating and financing leases as of December 31, 2024 and 2023, along with a reconciliation to the discounted amount recorded on the Consolidated Balance Sheets.


DECEMBER 31, 2024
	OPERATING		FINANCING

	(IN THOUSANDS)
Undiscounted cash flows due in:
2025	$	233	$	288
2026		223		291
2027		202		278
2028		205		246
2029		207		223
Thereafter		821		2,128
Total undiscounted cash flows		1,891		3,454
Discount on cash flows		(319)		(765)
Total lease liabilities	$	1,572	$	2,689


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

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, 2024 and 2023 and is reported in net occupancy expense on the Consolidated Statements of Operations.