Operating Leases

12 Months Ended

Dec. 31, 2024

Note 5. Operating Leases

The Company has operating leases on a number of its branches, certain regional headquarters and other properties to limit its exposure to ownership risks such as fluctuations in real estate prices and obsolescence. The Company leases real estate with lease terms generally from five to 20 years, some of which have renewal options from one to 20 years. As these extension options are not generally considered reasonably certain of renewal, they are not included in the lease term. The Company is not a lessee in any contracts classified as finance leases.

The following tables present supplemental information pertaining to operating leases at and for the years ended December 31, 2024 and 2023.


	Years Ended December 31,
($ in thousands)	2024			2023
Cash paid for amounts included in the measurement of lease liabilities for operating leases	$	16,992		$	16,903
Right of use assets obtained in exchange for lease liabilities		5,749			9,606

	December 31,
	2024			2023
Weighted-average remaining lease term (in years)		10.40			10.82
Weighted-average discount rate		3.77	%		3.66	%

The following table sets forth the maturities of the Company’s lease liabilities and the present value discount at December 31, 2024.


($ in thousands)
2025	$	17,704
2026		17,029
2027		16,140
2028		14,689
2029		12,397
Thereafter		66,197
Total	$	144,156
Present value discount		(26,339	)
Lease liability	$	117,817

The following table sets forth the components of the Company’s lease expense for the years ended December 31, 2024, 2023 and 2022.


	Years Ended December 31,
($ in thousands)	2024			2023			2022
Operating lease expense	$	16,358		$	16,545		$	16,881
Short-term lease expense		323			144			209
Variable lease expense		329			243			63
Sublease income		(391	)		(403	)		(508	)
Total	$	16,619		$	16,529		$	16,645

At December 31, 2024, the Company had not entered into any material leases that had not yet commenced.