Leases

9 Months Ended

Sep. 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 September 30,				Nine months ended September 30,
	2024		2023		2024		2023
	(dollars in thousands)
Lease expense:
Operating leases	$	3,917	$	4,862	$	11,952	$	14,665
Short-term leases		66		114		234		351
Sublease income		(394)		(315)		(1,136)		(584)
Net lease expense included in Occupancy and equipment expense	$	3,589	$	4,661	$	11,050	$	14,432
Other information:
Payments for operating leases	$	5,093	$	7,617	$	15,053	$	19,217
Operating lease right-of-use assets recognized	$	1,388	$	1,166	$	1,388	$	2,893
Period end weighted averages:
Remaining lease term (in years)						3.7		4.4
Discount rate						4.0%		3.8%

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

Twelve months ended September 30,	Operating leases
	(in thousands)
2025	$	20,285
2026		15,737
2027		9,066
2028		5,123
2029		4,339
Thereafter		3,981
Total lease payments		58,531
Less imputed interest		(5,531)
Operating lease liability included in Accounts payable and accrued expenses	$	53,000