XML 35 R17.htm IDEA: XBRL DOCUMENT v3.26.1
LEASE COMMITMENTS
12 Months Ended
Dec. 31, 2025
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, 2025 and 2024.

YEAR ENDED DECEMBER 31, 

2025

2024

(IN THOUSANDS)

Lease cost

  ​

Financing lease cost

  ​

Amortization of right-of-use asset

$

225

$

225

Interest expense

 

100

 

108

Operating lease cost

252

251

Total lease cost

$

577

$

584

Cash paid on leases

  ​

Financing leases

$

288

$

276

Operating leases

244

241

Total cash paid on leases

$

532

$

517

The following table presents the weighted-average remaining lease term and discount rate for the leases outstanding at December 31, 2025 and 2024.

  ​ ​ ​

AT DECEMBER 31, 

2025

2024

  ​ ​ ​

OPERATING

  ​ ​ ​

FINANCING

OPERATING

  ​ ​ ​

FINANCING

Weighted-average remaining term (years)

 

7.5

 

12.3

8.5

 

13.1

Weighted-average discount rate

 

4.30

%

3.84

%

4.31

%

3.86

%

The following table presents the undiscounted cash flows due related to operating and financing leases as of December 31, 2025 and 2024, along with a reconciliation to the discounted amount recorded on the Consolidated Balance Sheets.

DECEMBER 31, 2025

  ​ ​ ​

OPERATING

  ​ ​ ​

FINANCING

(IN THOUSANDS)

Undiscounted cash flows due in:

2026

$

240

$

291

2027

 

208

 

278

2028

 

205

 

246

2029

 

207

 

223

2030

 

210

 

233

Thereafter

 

610

 

1,895

Total undiscounted cash flows

 

1,680

 

3,166

Discount on cash flows

 

(254)

 

(665)

Total lease liabilities

$

1,426

$

2,501

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

The Company leased approximately 1,049 square feet of office space within its headquarters building to a Director of the Company until February 20, 2025. The amount paid by this related party totaled $2,000 and $13,000 for the years ended December 31, 2025 and 2024, respectively, and is reported in net occupancy expense on the Consolidated Statements of Operations.