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Note 24 - Leases

3 Months Ended

Mar. 31, 2025

(24)

Leases

Bancorp has operating leases for various locations with terms ranging from approximately three months to 24 years, several of which include options to extend the leases in five-year increments. Options reasonably expected to be exercised are included in determination of the right-of-use asset. Bancorp elected to use a practical expedient to expense short-term lease obligations associated with leases with original terms of 12 months or less. Bancorp elected not to separate non-lease components from lease components for its operating leases. The right-of-use lease asset and operating lease liability are recorded in premises and equipment and other liabilities on the consolidated balance sheet.

Balance sheet, income statement and cash flow detail regarding operating leases follows:

(dollars in thousands)	March 31, 2025			December 31, 2024

Balance Sheet
Operating lease right-of-use asset	$	30,523		$	29,695
Operating lease liability		32,068			31,194

Weighted average remaining lease term (years)		11.2			10.8
Weighted average discount rate		3.81	%		3.69	%

Maturities of lease liabilities:
One year or less	$	2,952		$	3,955
Year two		3,984			3,869
Year three		3,999			3,881
Year four		4,045			3,924
Year five		3,918			3,794
Greater than five years		21,434			19,120
Total lease payments	$	40,332		$	38,543
Less imputed interest		8,264			7,349
Total	$	32,068		$	31,194

	Three months ended		Three months ended
(in thousands)	March 31, 2025		March 31, 2024
Income Statement
Components of lease expense:
Operating lease cost	$	1,048	$	1,046
Variable lease cost		93		83
Less sublease income		26		26
Total lease cost	$	1,115	$	1,103

	Three months ended		Three months ended
(in thousands)	March 31, 2025		March 31, 2024
Cash flow Statement
Supplemental cash flow information:
Operating cash flows from operating leases	$	1,138	$	1,328

As of March 31, 2025, Bancorp has entered into one land lease agreement that has yet to commence.