Leases

6 Months Ended

Jun. 30, 2023

Leases

Leases

Note 10—Leases

The Company has operating lease agreements relating to its facilities. The Company’s operating lease agreements have remaining terms ranging from less than one year to eight years. Some of the operating lease agreements include options to extend the term for up to five years. None of the Company’s operating lease agreements require the Company to make variable lease payments.

The Company’s lease agreements are summarized below:

	Quarter ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
	(dollars in thousands)
Lease expense:
Operating leases	$	4,854	$	5,008	$	9,803	$	9,962
Short-term leases		74		241		237		460
Sublease income		(173)		—		(269)		—
Net lease expense included in Occupancy and equipment	$	4,755	$	5,249	$	9,771	$	10,422
Other information:
Payments for operating leases	$	5,904	$	5,388	$	11,600	$	10,257
Operating lease right-of-use assets recognized	$	—	$	793	$	1,727	$	793
Period end weighted averages:
Remaining lease term (in years)						4.5		5.3
Discount rate						3.8%		3.9%

Lease payments of the Company’s operating lease liabilities are summarized below:

Twelve months ended June 30,	Operating leases
	(in thousands)
2024	$	22,779
2025		19,309
2026		17,599
2027		11,336
2028		5,180
Thereafter		9,559
Total lease payments		85,762
Less imputed interest		(9,806)
Operating lease liability	$	75,956