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LEASE COMMITMENTS (Tables)
12 Months Ended
Dec. 31, 2023
LEASE COMMITMENTS  
Schedule of lease cost associated with both operating and financing leases

YEAR ENDED DECEMBER 31, 

2023

2022

2021

(IN THOUSANDS)

Lease cost

  

  

Financing lease cost:

  

  

  Amortization of right-of-use asset

$

277

$

271

$

272

  Interest expense

 

97

 

100

 

106

Operating lease cost

92

106

116

Total lease cost

$

466

$

477

$

494

Schedule of weighted-average remaining lease term and discount rates

The following table presents the weighted-average remaining lease term and discount rate for the leases outstanding at December 31, 2023 and 2022.

    

AT DECEMBER 31, 

2023

2022

    

OPERATING

    

FINANCING

OPERATING

    

FINANCING

Weighted-average remaining term (years)

 

8.4

 

13.9

10.0

 

15.1

Weighted-average discount rate

 

3.75

%

3.77

%

3.54

%

3.62

%

Schedule of reconciliation to the discounted amount recorded on the consolidated balance sheets

The following table presents the undiscounted cash flows due related to operating and financing leases as of December 31, 2023 and 2022, along with a reconciliation to the discounted amount recorded on the Consolidated Balance Sheets.

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

DECEMBER 31, 2022

    

OPERATING

    

FINANCING

(IN THOUSANDS)

Undiscounted cash flows due in:

2023

$

85

$

309

2024

 

85

 

249

2025

 

75

 

248

2026

 

69

 

181

2027

 

69

 

181

Thereafter

 

382

 

2,397

Total undiscounted cash flows

 

765

 

3,565

Discount on cash flows

 

(122)

 

(885)

Total lease liabilities

$

643

$

2,680