Leases

6 Months Ended

Jun. 30, 2024

Leases

Leases

16) Leases

The Company recognizes the following for all leases, at the commencement date: (1) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (2) a right-of-use (“ROU”) asset, which is an asset that represents the lessee’s right to use, or control the use, of a specified asset for the lease term. The Company is impacted as a lessee of the offices and real estate used for operations. The Company's lease agreements include options to renew at the Company's option. No lease extensions are reasonably certain to be exercised, therefore it was not considered in the calculation of the ROU asset and lease liability. As of June 30, 2024, operating lease ROU assets, included in other assets, and lease liabilities, included in other liabilities, totaled $32,468,000.

The following table presents the quantitative information for the Company’s leases for the periods indicated:

		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2024		2023		2024		2023
	(Dollars in thousands)
Operating Lease Cost (Cost resulting from lease payments)	$	1,723	$	1,709	$	3,398	$	3,410
Operating Lease - Operating Cash Flows (Fixed Payments)	$	1,716	$	1,703	$	3,401	$	3,348
Operating Lease - ROU assets	$	32,468	$	33,267	$	32,468	$	33,267
Operating Lease - Liabilities	$	32,468	$	33,267	$	32,468	$	33,267
Weighted Average Lease Term - Operating Leases		5.54 years		6.29 years		5.54 years		6.29 years
Weighted Average Discount Rate - Operating Leases		5.51%		4.83%		5.51%		4.83%

The following maturity analysis shows the undiscounted cash flows due on the Company’s operating lease liabilities as of June 30, 2024:

	(Dollars in thousands)
2024 remaining	$	3,514
2025		7,031
2026		6,490
2027		6,267
2028		5,666
Thereafter		9,372
Total undiscounted cash flows		38,340
Discount on cash flows		(5,872)
Total lease liability	$	32,468