Leases

3 Months Ended

Mar. 31, 2024

Leases

Leases

Note 13—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 seven 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 March 31,
	2024		2023
	(dollars in thousands)
Lease expense:
Operating leases	$	4,031	$	4,949
Short-term leases		84		163
Sublease income		(425)		(96)
Net lease expense included in Occupancy and equipment expense	$	3,690	$	5,016
Other information:
Payments for operating leases	$	4,974	$	5,696
Operating lease right-of-use assets recognized	$	—	$	1,727
Quarter end weighted averages:
Remaining lease term (in years)		4.1		4.6
Discount rate		3.8%		3.8%

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

Twelve months ended March 31,	Operating leases
	(in thousands)
2025	$	19,540
2026		18,635
2027		13,385
2028		5,791
2029		5,009
Thereafter		5,791
Total lease payments		68,151
Less imputed interest		(6,487)
Operating lease liability included in Accounts payable and accrued expenses	$	61,664