Leases (Tables)

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Assets and liabilities, lessee

The following table summarizes the Company’s leases:

	March 31, 2023					December 31, 2022
(Dollars in thousands)	Finance Leases			Operating Leases		Finance Leases		Operating Leases
ROU assets	$	30,254				30,254
Accumulated depreciation	(3,786)					(2,760)
Net ROU assets	$	26,468		42,931		27,494		43,551
Lease liabilities	$	26,899		46,171		28,204		46,579
Weighted-average remaining lease term	12 years			16 years		12 years		17 years
Weighted-average discount rate	3.6		%	3.6	%	3.6	%	3.6	%

Operating lease liability maturity

Maturities of lease liabilities consist of the following:

	March 31, 2023
(Dollars in thousands)	Finance Leases		Operating Leases
Maturing within one year	$	4,483	4,737
Maturing one year through two years	4,424		4,692
Maturing two years through three years	4,432		4,520
Maturing three years through four years	4,442		4,353
Maturing four years through five years	3,482		3,956
Thereafter	11,569		41,659
Total lease payments	32,832		63,917
Present value of lease payments
Short-term	3,574		3,181
Long-term	23,325		42,990
Total present value of lease payments	26,899		46,171
Difference between lease payments and present value of lease payments	$	5,933	17,746

Finance lease liability maturity

Maturities of lease liabilities consist of the following:

	March 31, 2023
(Dollars in thousands)	Finance Leases		Operating Leases
Maturing within one year	$	4,483	4,737
Maturing one year through two years	4,424		4,692
Maturing two years through three years	4,432		4,520
Maturing three years through four years	4,442		4,353
Maturing four years through five years	3,482		3,956
Thereafter	11,569		41,659
Total lease payments	32,832		63,917
Present value of lease payments
Short-term	3,574		3,181
Long-term	23,325		42,990
Total present value of lease payments	26,899		46,171
Difference between lease payments and present value of lease payments	$	5,933	17,746

Components of lease expense

The components of lease expense consist of the following:

	Three Months ended
(Dollars in thousands)	March 31, 2023		March 31, 2022
Finance lease cost
Amortization of ROU assets	$	1,026	78
Interest on lease liabilities	244		46
Operating lease cost	1,496		1,496
Short-term lease cost	205		105
Variable lease cost	443		307
Sublease income	(13)		(12)
Total lease expense	$	3,401	2,020

Supplemental cash flow information related to leases is as follows:

	Three Months ended
	March 31, 2023			March 31, 2022
(Dollars in thousands)	Finance Leases		Operating Leases	Finance Leases	Operating Leases
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows	$	244	926	46	1,025
Financing cash flows	861		N/A	39	N/A