Leases (Tables)

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Summary of leases

The following table summarizes the Company’s leases:

	June 30, 2024					December 31, 2023
(Dollars in thousands)	Finance Leases			Operating Leases		Finance Leases		Operating Leases
ROU assets	$	31,495				31,222
Accumulated depreciation	(9,131)					(6,940)
Net ROU assets	$	22,364		37,885		24,282		40,781
Lease liabilities	$	23,447		41,421		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	%

Operating lease liability maturity

Maturities of lease liabilities consist of the following:

	June 30, 2024
(Dollars in thousands)	Finance Leases		Operating Leases
Maturing within one year	$	4,740	4,517
Maturing one year through two years	4,751		4,649
Maturing two years through three years	4,761		4,505
Maturing three years through four years	2,672		3,992
Maturing four years through five years	583		3,508
Thereafter	10,842		35,780
Total lease payments	28,349		56,951
Present value of lease payments
Short-term	3,971		3,063
Long-term	19,476		38,358
Total present value of lease payments	23,447		41,421
Difference between lease payments and present value of lease payments	$	4,902	15,530

Finance lease liability maturity

Maturities of lease liabilities consist of the following:

	June 30, 2024
(Dollars in thousands)	Finance Leases		Operating Leases
Maturing within one year	$	4,740	4,517
Maturing one year through two years	4,751		4,649
Maturing two years through three years	4,761		4,505
Maturing three years through four years	2,672		3,992
Maturing four years through five years	583		3,508
Thereafter	10,842		35,780
Total lease payments	28,349		56,951
Present value of lease payments
Short-term	3,971		3,063
Long-term	19,476		38,358
Total present value of lease payments	23,447		41,421
Difference between lease payments and present value of lease payments	$	4,902	15,530

Components of lease expense

The components of lease expense consist of the following:

	Three Months ended			Six Months ended
(Dollars in thousands)	June 30, 2024		June 30, 2023	June 30, 2024	June 30, 2023
Finance lease cost
Amortization of ROU assets	$	1,101	1,032	2,191	2,058
Interest on lease liabilities	216		240	440	484
Operating lease cost	1,309		1,388	2,627	2,884
Short-term lease cost	110		172	233	377
Variable lease cost	291		409	755	852
Sublease income	(10)		(10)	(20)	(23)
Total lease expense	$	3,017	3,231	6,226	6,632

Supplemental cash flow information related to leases is as follows:

	Three Months ended
	June 30, 2024			June 30, 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	$	216	866	240	896
Financing cash flows	968		N/A	880	N/A

	Six Months ended
	June 30, 2024			June 30, 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	$	440	1,690	484	1,822
Financing cash flows	1,916		N/A	1,741	N/A