Right-of-Use Assets and Lease Liabilities

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

RIGHT-OF-USE ASSETS AND LEASE LIABILITIES

RIGHT-OF-USE ASSETS AND LEASE LIABILITIES

We have 42 lease contracts, including 40 operating leases and 2 finance leases at December 31, 2023. These leases are for our branch, loan production and support services facilities. Included in the lease expense for premises are leases with one S&T director, which totaled approximately $0.2 million for each of the three years 2023, 2022 and 2021. One new lease agreement was entered into in 2023.

The following table presents our lease expense for finance and operating leases for the years ended December 31:

(dollars in thousands)	2023		2022		2021
Operating lease expense	$	5,199	$	5,169	$	5,135
Amortization of ROU assets - finance leases	90		179		224
Interest on lease liabilities - finance leases	60		65		74
Total Lease Expense	$	5,349	$	5,413	$	5,433

The following table presents our ROU assets, weighted average term and the discount rates for finance and operating leases as of December 31:

(dollars in thousands)	2023			2022
Operating Leases
ROU assets	$	42,100		$	43,089
Operating cash flows	$	6,996		$	6,826
Finance Leases
ROU assets	$	786		$	876
Operating cash flows	$	60		$	65
Financing cash flows	$	69		$	160
Weighted Average Lease Term - Years
Operating leases	17.8			17.9
Finance leases	12.0			12.7
Weighted Average Discount Rate
Operating leases	5.93		%	5.83		%
Finance leases	6.02		%	6.01		%

The following table presents the maturity analysis of lease liabilities for finance and operating leases as of December 31, 2023:

(dollars in thousands)	Finance		Operating			Total
Maturity Analysis
2024	$	130		$	4,865	$	4,995
2025	132			4,864		4,996
2026	133			4,752		4,885
2027	135			4,499		4,634
2028	130			4,538		4,668
Thereafter	748			58,802		59,550
Total	1,408			82,320		83,728
Less: Present value discount	(437)			(33,614)		(34,051)
Lease Liabilities	$	971		$	48,706	$	49,677

RIGHT-OF-USE ASSETS AND LEASE LIABILITIES

RIGHT-OF-USE ASSETS AND LEASE LIABILITIES

We have 42 lease contracts, including 40 operating leases and 2 finance leases at December 31, 2023. These leases are for our branch, loan production and support services facilities. Included in the lease expense for premises are leases with one S&T director, which totaled approximately $0.2 million for each of the three years 2023, 2022 and 2021. One new lease agreement was entered into in 2023.

The following table presents our lease expense for finance and operating leases for the years ended December 31:

(dollars in thousands)	2023		2022		2021
Operating lease expense	$	5,199	$	5,169	$	5,135
Amortization of ROU assets - finance leases	90		179		224
Interest on lease liabilities - finance leases	60		65		74
Total Lease Expense	$	5,349	$	5,413	$	5,433

The following table presents our ROU assets, weighted average term and the discount rates for finance and operating leases as of December 31:

(dollars in thousands)	2023			2022
Operating Leases
ROU assets	$	42,100		$	43,089
Operating cash flows	$	6,996		$	6,826
Finance Leases
ROU assets	$	786		$	876
Operating cash flows	$	60		$	65
Financing cash flows	$	69		$	160
Weighted Average Lease Term - Years
Operating leases	17.8			17.9
Finance leases	12.0			12.7
Weighted Average Discount Rate
Operating leases	5.93		%	5.83		%
Finance leases	6.02		%	6.01		%

The following table presents the maturity analysis of lease liabilities for finance and operating leases as of December 31, 2023:

(dollars in thousands)	Finance		Operating			Total
Maturity Analysis
2024	$	130		$	4,865	$	4,995
2025	132			4,864		4,996
2026	133			4,752		4,885
2027	135			4,499		4,634
2028	130			4,538		4,668
Thereafter	748			58,802		59,550
Total	1,408			82,320		83,728
Less: Present value discount	(437)			(33,614)		(34,051)
Lease Liabilities	$	971		$	48,706	$	49,677