Lease Commitments

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Lease Commitments

8.LEASE COMMITMENTS

The following table presents information associated with our obligations under leases for the years ended December 31, 2022 and 2021:

	2022			2021
Weighted-average remaining term (years)		11.0			12.9
Weighted-average discount rate		5.1	%		4.9	%

Total lease expense recorded during the years ended December 31, 2022 and 2021 was $805 and $206, respectively. The Company leases its administration and operating facility and six offices under lease agreements with various expirations through 2039.

Certain of the Company’s leases contain options to renew the lease after the initial term. Management considers the Company’s historical pattern of exercising renewal options on leases and the positive performance of the leased locations, when determining whether it is reasonably certain that the leases will be renewed. If management concludes that there is reasonable certainty about the renewal option, it is included in the calculation of the remaining term of each applicable lease.

The following table presents the undiscounted cash flows due related to operating leases as of December 31, 2022:

(In Thousands)	Amount
2023	$	1,167
2024		1,179
2025		1,170
2026		1,205
2027 and thereafter		8,897
Total Undiscounted Cash Flows	$	13,618
Discount on Cash Flows		(3,399	)
Total lease liabilities	$	10,219