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Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases Leases
The Corporation has committed to rent premises used in business operations under non-cancelable operating leases and determines if an arrangement meets the definition of a lease upon inception. Operating lease ROU assets amounted to $26.9 million and $29.4 million, respectively, as of December 31, 2024 and 2023. Operating lease liabilities totaled $29.6 million and $32.0 million, respectively, as of December 31, 2024 and 2023.

As of both December 31, 2024 and 2023, there were no operating leases that had not yet commenced.

The following table presents information regarding the Corporation’s operating leases:
At December 31, 20242023
Weighted average discount rate3.80 %3.80 %
Range of lease expiration dates
4 months - 23 years
3 months - 24 years
Range of lease renewal options
1 year - 5 years
3 years - 5 years
Weighted average remaining lease term
12.6 years13.1 years

The following table presents the undiscounted annual lease payments under the terms of the Corporation’s operating leases at December 31, 2024, including a reconciliation to the present value of operating lease liabilities recognized in the Consolidated Balance Sheets:
(Dollars in thousands)
Years ending December 31:2025$3,984 
20263,587 
20273,043 
20282,701 
20292,571 
2030 and thereafter21,445 
Total operating lease payments37,331 
Less: interest7,753 
Present value of operating lease liabilities (1)
$29,578 
(1)Includes short-term operating lease liabilities of $2.9 million.

The following table presents the components of total lease expense and operating cash flows:
(Dollars in thousands)
Year ended December 31,202420232022
Lease Expense:
Operating lease expense$4,482 $4,476 $4,159 
Variable lease expense170 201 104 
Total lease expense (1)
$4,652 $4,677 $4,263 
Cash Paid:
Cash paid reducing operating lease liabilities$4,510 $4,275 $4,076 
(1)Included in net occupancy expenses in the Consolidated Statements of Income (Loss).

On January 30, 2025, the Bank completed sales-leaseback transactions for four branch locations and recognized additional operating lease ROU assets of $9.4 million and operating lease liabilities of $9.4 million. The leases expire in 17 years and include the option to renew for two additional 15-year terms.