Lease Commitments

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Lease Commitments

8. LEASE COMMITMENTS

The following table presents information associated with our obligations under leases for the year ended December 31, 2021.

	2021			2020
Weighted-average remaining term (years)		12.9			6.1
Weighted-average discount rate		4.9	%		2.4	%

Total lease expense recorded during the year ended December 31, 2021 and 2020 was $206 and $65, respectively. The Company leases its administration and operating facility and six offices under lease agreements with various expirations through February 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, 2021:

(In Thousands)	Amount
2022	$	403
2023		409
2024		426
2025		434
2026 and thereafter		4,424
Total Undiscounted Cash Flows	$	6,096
Discount on Cash Flows		(1,416	)
Total lease liabilities	$	4,680