LEASES (Tables)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Lease balance sheet location

The Company elected to not include short-term leases with initial terms of twelve months or less on the Condensed Consolidated Balance Sheets. The following table presents the classification of the right-of-use assets and corresponding liabilities within the Condensed Consolidated Balance Sheets, as of the dates noted:

(dollars in thousands)		September 30, 2024		December 31, 2023
Lease Right-of-Use Assets	Classification
Operating lease right-of-use assets	Other assets	$	18,511	$	8,929
Lease Liabilities	Classification
Operating lease liabilities	Other liabilities	$	21,334	$	10,900

Schedule of weighted average lease term and discount rate

	September 30, 2024		December 31, 2023
Weighted-Average Remaining Lease Term
Operating leases	9.72 years		4.67 years
Weighted-Average Discount Rate
Operating leases	4.12	%	2.78	%

Lease costs

The following presents the Company’s net lease costs during the periods presented:

(dollars in thousands)	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Lease Costs
Operating lease cost	$	874	$	720	$	2,474	$	2,239
Variable lease cost	591		453		1,723		1,426
Lease costs, net	$	1,465	$	1,173	$	4,197	$	3,665

Schedule of minimum lease payments due

The following presents a maturity analysis of the Company’s operating lease liabilities on an annual basis for each of the next five years and total amounts thereafter (dollars in thousands):

Year Ending December 31,	Operating Leases
2024⁽¹⁾	$	904
2025	2,935
2026	2,443
2027	3,415
2028	3,115
Thereafter	15,122
Total future minimum lease payments	27,934
Less: imputed interest	(6,600)
Present value of net future minimum lease payments	$	21,334

______________________________________

(1)Amount represents the remaining three months of year.

Summary of maturity analysis of the Company's operating payments to be received

The following presents a maturity analysis of the Company's lease payments to be received on an annual basis for each of the next five years and total amounts thereafter (dollars in thousands):

Year Ending December 31,	Undiscounted Operating Lease Income
2024⁽¹⁾	$	66
2025	188
2026	144
2027	119
Thereafter	—
Total undiscounted operating lease income	$	517

______________________________________

(1)Amount represents the remaining three months of the year.