Leases

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Leases

Leases

The Company leases certain land, premises and equipment from third parties. ROU assets for operating and finance leases are included in net premises and equipment and lease liabilities are included in other liabilities and other borrowed funds, respectively, on the Company’s statements of financial condition. The following table summarizes the Company’s leases:

	March 31, 2024					December 31, 2023
(Dollars in thousands)	Finance Leases			Operating Leases		Finance Leases		Operating Leases
ROU assets	$	31,413				31,222
Accumulated depreciation	(8,030)					(6,940)
Net ROU assets	$	23,383		40,065		24,282		40,781
Lease liabilities	$	24,335		43,706		25,116		44,319
Weighted-average remaining lease term	11 years			16 years		11 years		16 years
Weighted-average discount rate	3.6		%	3.7	%	3.6	%	3.7	%

Maturities of lease liabilities consist of the following:

	March 31, 2024
(Dollars in thousands)	Finance Leases		Operating Leases
Maturing within one year	$	4,716	4,655
Maturing one year through two years	4,725		4,749
Maturing two years through three years	4,734		4,605
Maturing three years through four years	3,701		4,193
Maturing four years through five years	581		3,730
Thereafter	10,988		38,151
Total lease payments	29,445		60,083
Present value of lease payments
Short-term	3,911		3,134
Long-term	20,424		40,572
Total present value of lease payments	24,335		43,706
Difference between lease payments and present value of lease payments	$	5,110	16,377

The components of lease expense consist of the following:

	Three Months ended
(Dollars in thousands)	March 31, 2024	March 31, 2023
Finance lease cost
Amortization of ROU assets	1,090	1,026
Interest on lease liabilities	224	244
Operating lease cost	1,318	1,496
Short-term lease cost	123	205
Variable lease cost	464	443
Sublease income	(10)	(13)
Total lease expense	3,209	3,401

Supplemental cash flow information related to leases is as follows:

	Three Months ended
	March 31, 2024			March 31, 2023
(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	$	224	824	244	926
Financing cash flows	948		N/A	861	N/A

The Company also leases office space to third parties through operating leases. Rent income from these leases for the three months ended March 31, 2024 and 2023 was not significant.

Leases

Leases

The Company leases certain land, premises and equipment from third parties. ROU assets for operating and finance leases are included in net premises and equipment and lease liabilities are included in other liabilities and other borrowed funds, respectively, on the Company’s statements of financial condition. The following table summarizes the Company’s leases:

	March 31, 2024					December 31, 2023
(Dollars in thousands)	Finance Leases			Operating Leases		Finance Leases		Operating Leases
ROU assets	$	31,413				31,222
Accumulated depreciation	(8,030)					(6,940)
Net ROU assets	$	23,383		40,065		24,282		40,781
Lease liabilities	$	24,335		43,706		25,116		44,319
Weighted-average remaining lease term	11 years			16 years		11 years		16 years
Weighted-average discount rate	3.6		%	3.7	%	3.6	%	3.7	%

Maturities of lease liabilities consist of the following:

	March 31, 2024
(Dollars in thousands)	Finance Leases		Operating Leases
Maturing within one year	$	4,716	4,655
Maturing one year through two years	4,725		4,749
Maturing two years through three years	4,734		4,605
Maturing three years through four years	3,701		4,193
Maturing four years through five years	581		3,730
Thereafter	10,988		38,151
Total lease payments	29,445		60,083
Present value of lease payments
Short-term	3,911		3,134
Long-term	20,424		40,572
Total present value of lease payments	24,335		43,706
Difference between lease payments and present value of lease payments	$	5,110	16,377

The components of lease expense consist of the following:

	Three Months ended
(Dollars in thousands)	March 31, 2024	March 31, 2023
Finance lease cost
Amortization of ROU assets	1,090	1,026
Interest on lease liabilities	224	244
Operating lease cost	1,318	1,496
Short-term lease cost	123	205
Variable lease cost	464	443
Sublease income	(10)	(13)
Total lease expense	3,209	3,401

Supplemental cash flow information related to leases is as follows:

	Three Months ended
	March 31, 2024			March 31, 2023
(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	$	224	824	244	926
Financing cash flows	948		N/A	861	N/A

The Company also leases office space to third parties through operating leases. Rent income from these leases for the three months ended March 31, 2024 and 2023 was not significant.