Leases and Commitments (Tables)

12 Months Ended

Dec. 31, 2022

Leases and Commitments

Net Lease Cost

The table below summarizes the Company’s net lease cost:

	For the years ended December 31,
(In thousands)	2022		2021
Operating lease cost	$	724	$	638
Net lease cost	$	724	$	638

The table below summarizes the cash and non-cash activities associated with the Company’s leases:

	For the years ended December 31,
(In thousands)	2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	700	$	614
ROU assets obtained in exchange for new operating lease liabilities	$	1,749	$	3,138

In 2022, the Company terminated one lease. This decreased the ROU asset and lease liability by $0.5 million, respectively.

The table below summarizes other information related to the Company’s operating leases:

(In thousands, except percentages and years)	December 31, 2022			December 31, 2021
Weighted average remaining lease term in years		10.77			11.40
Weighted average discount rate		3.21	%		3.20	%

Summary of Other Information for Operating Leases

In 2022, the Company terminated one lease. This decreased the ROU asset and lease liability by $0.5 million, respectively.

Summary of Maturity of Remaining Lease Liabilities

The table below summarizes the maturity of remaining lease liabilities:

(In thousands)	December 31, 2022
2023	$	741
2024		695
2025		691
2026		702
2027		656
2028 and thereafter		3,010
Total lease payments	$	6,495
Less: Interest		(854)
Present value of lease liabilities	$	5,641