LEASES

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

LEASES

The following table shows finance lease right of use assets and finance lease liabilities as of December 31, 2023:

(In Thousands)	Statement of Financial Condition classification	December 31, 2023		December 31, 2022
Finance lease right of use assets	Premises and equipment, net	$	6,576	$	7,006
Finance lease liabilities	Long-term borrowings	7,598		7,783

The following table shows the components of finance and operating lease expense for the year ended December 31, 2023.

(In Thousands)	2023		2022		2021
Finance Lease Cost:
Amortization of right-of-use asset	$	429	$	429	$	474
Interest expense	241		244		257
Operating lease cost	287		285		297
Total Lease Cost	$	957	$	958	$	1,028

A maturity analysis of operating and finance lease liabilities and reconciliation of the undiscounted cash flows to the total operating lease liability is as follows:

(In Thousands)	Operating		Finance
2024	$	255	$	427
2025	257		929
2026	260		387
2027	268		388
2028	271		390
2029 and thereafter	2,029		8,498
Total undiscounted cash flows	3,340		11,019
Discount on cash flows	(770)		(3,421)
Total lease liability	$	2,570	$	7,598

The following table shows the weighted average remaining lease term and weighted average discount rate for both operating and finance leases outstanding as of December 31, 2023.

	Operating		Finance
Weighted-average term (years)	16.31		22.52
Weighted-average discount rate	3.56	%	3.21	%

Leases

LEASES

The following table shows finance lease right of use assets and finance lease liabilities as of December 31, 2023:

(In Thousands)	Statement of Financial Condition classification	December 31, 2023		December 31, 2022
Finance lease right of use assets	Premises and equipment, net	$	6,576	$	7,006
Finance lease liabilities	Long-term borrowings	7,598		7,783

The following table shows the components of finance and operating lease expense for the year ended December 31, 2023.

(In Thousands)	2023		2022		2021
Finance Lease Cost:
Amortization of right-of-use asset	$	429	$	429	$	474
Interest expense	241		244		257
Operating lease cost	287		285		297
Total Lease Cost	$	957	$	958	$	1,028

A maturity analysis of operating and finance lease liabilities and reconciliation of the undiscounted cash flows to the total operating lease liability is as follows:

(In Thousands)	Operating		Finance
2024	$	255	$	427
2025	257		929
2026	260		387
2027	268		388
2028	271		390
2029 and thereafter	2,029		8,498
Total undiscounted cash flows	3,340		11,019
Discount on cash flows	(770)		(3,421)
Total lease liability	$	2,570	$	7,598

The following table shows the weighted average remaining lease term and weighted average discount rate for both operating and finance leases outstanding as of December 31, 2023.

	Operating		Finance
Weighted-average term (years)	16.31		22.52
Weighted-average discount rate	3.56	%	3.21	%