Right-of-Use Assets and Lease Liabilities

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

RIGHT-OF-USE ASSETS AND LEASE LIABILITIES

RIGHT-OF-USE ASSETS AND LEASE LIABILITIES

We have 41 lease contracts, including 39 operating leases and 2 finance leases at December 31, 2024. 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 2024, 2023 and 2022. One new lease agreement was entered into in 2024.

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

(dollars in thousands)	2024		2023		2022
Operating lease expense	$	5,126	$	5,199	$	5,169
Amortization of ROU assets - finance leases	90		90		179
Interest on lease liabilities - finance leases	56		60		65
Total Lease Expense	$	5,272	$	5,349	$	5,413

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)	2024			2023
Operating Leases
ROU assets	$	40,331		$	42,100
Operating cash flows	$	7,253		$	6,996
Finance Leases
ROU assets	$	695		$	786
Operating cash flows	$	56		$	60
Financing cash flows	$	75		$	69
Weighted Average Lease Term - Years
Operating leases	17.2			17.8
Finance leases	11.4			12.0
Weighted Average Discount Rate
Operating leases	5.99		%	5.93		%
Finance leases	6.03		%	6.02		%

The following table presents the maturity analysis of lease liabilities for finance and operating leases as of December 31, 2024:

(dollars in thousands)	Finance		Operating			Total
Maturity Analysis
2025	$	132		$	4,920	$	5,052
2026	133			4,816		4,949
2027	134			4,565		4,699
2028	130			4,603		4,733
2029	60			4,461		4,521
Thereafter	687			55,037		55,724
Total	1,276			78,402		79,678
Less: Present value discount	(380)			(31,549)		(31,929)
Lease Liabilities	$	896		$	46,853	$	47,749

RIGHT-OF-USE ASSETS AND LEASE LIABILITIES

RIGHT-OF-USE ASSETS AND LEASE LIABILITIES

We have 41 lease contracts, including 39 operating leases and 2 finance leases at December 31, 2024. 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 2024, 2023 and 2022. One new lease agreement was entered into in 2024.

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

(dollars in thousands)	2024		2023		2022
Operating lease expense	$	5,126	$	5,199	$	5,169
Amortization of ROU assets - finance leases	90		90		179
Interest on lease liabilities - finance leases	56		60		65
Total Lease Expense	$	5,272	$	5,349	$	5,413

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)	2024			2023
Operating Leases
ROU assets	$	40,331		$	42,100
Operating cash flows	$	7,253		$	6,996
Finance Leases
ROU assets	$	695		$	786
Operating cash flows	$	56		$	60
Financing cash flows	$	75		$	69
Weighted Average Lease Term - Years
Operating leases	17.2			17.8
Finance leases	11.4			12.0
Weighted Average Discount Rate
Operating leases	5.99		%	5.93		%
Finance leases	6.03		%	6.02		%

The following table presents the maturity analysis of lease liabilities for finance and operating leases as of December 31, 2024:

(dollars in thousands)	Finance		Operating			Total
Maturity Analysis
2025	$	132		$	4,920	$	5,052
2026	133			4,816		4,949
2027	134			4,565		4,699
2028	130			4,603		4,733
2029	60			4,461		4,521
Thereafter	687			55,037		55,724
Total	1,276			78,402		79,678
Less: Present value discount	(380)			(31,549)		(31,929)
Lease Liabilities	$	896		$	46,853	$	47,749