Leases

3 Months Ended

Mar. 31, 2024

Leases –

The Bank leases certain branch offices through non-cancelable operating leases with terms that range from one to ten years and contain various renewal options for certain of the leases. Certain leases provide for increases in minimum monthly rental payments as defined by the lease agreement. Rental expense under these agreements was $1.5 million and $1.4 million for the three months ended March 31, 2024, and 2023, respectively. At March 31, 2024, the Company had a weighted average lease term of 6.3 years and a weighted average discount rate of 3.28%.

Future minimum lease payments under these leases are as follows:


	(Dollars in thousands)
April 1, 2024 through December 31, 2024	$	3,432
January 1, 2025 through December 31, 2025	3,777
January 1, 2026 through December 31, 2026	3,558
January 1, 2027 through December 31, 2027	3,449
January 1, 2028 through December 31, 2028	3,153
January 1, 2029 and Thereafter	5,624
Total Future Minimum Lease Payments	22,993
Less Imputed Interest	(2,350)
Present Value of Lease Liabilities	$	20,643