Leases

6 Months Ended

Jun. 30, 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 June 30,				Six months ended June 30,
	2024		2023		2024		2023
	(dollars in thousands)
Lease expense:
Operating leases	$	4,004	$	4,854	$	8,035	$	9,803
Short-term leases		84		74		168		237
Sublease income		(317)		(173)		(742)		(269)
Net lease expense included in Occupancy and equipment expense	$	3,771	$	4,755	$	7,461	$	9,771
Other information:
Payments for operating leases	$	4,986	$	5,904	$	9,960	$	11,600
Operating lease right-of-use assets recognized	$	—	$	—	$	—	$	1,727
Period end weighted averages:
Remaining lease term (in years)						3.9		4.5
Discount rate						4.0%		3.8%

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

Twelve months ended June 30,	Operating leases
	(in thousands)
2025	$	20,221
2026		17,446
2027		11,054
2028		5,180
2029		4,748
Thereafter		4,812
Total lease payments		63,461
Less imputed interest		(21,491)
Operating lease liability included in Accounts payable and accrued expenses	$	41,970