Leases

3 Months Ended

Mar. 31, 2025

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 right-of-use assets and ROU lease liabilities are included in operating lease liabilities and finance lease liabilities, respectively, on the Company’s statements of financial condition. The following table summarizes the Company’s leases:

	March 31, 2025					December 31, 2024
(Dollars in thousands)	Finance Leases			Operating Leases		Finance Leases		Operating Leases
ROU assets	$	30,798				31,022
Accumulated depreciation	(11,975)					(11,056)
Net ROU assets	$	18,823		35,618		19,966		36,286
Lease liabilities	$	20,227		39,244		21,279		39,902
Weighted-average remaining lease term	11 years			15 years		11 years		15 years
Weighted-average discount rate	3.6		%	3.7	%	3.6	%	3.7	%

Maturities of lease liabilities consist of the following:

	March 31, 2025
(Dollars in thousands)	Finance Leases		Operating Leases
Maturing within one year	$	4,644	4,648
Maturing one year through two years	4,653		4,757
Maturing two years through three years	3,641		4,387
Maturing three years through four years	592		3,653
Maturing four years through five years	596		3,393
Thereafter	10,399		32,759
Total lease payments	24,525		53,597
Present value of lease payments
Short-term	4,003		3,264
Long-term	16,224		35,980
Total present value of lease payments	20,227		39,244
Difference between lease payments and present value of lease payments	$	4,298	14,353

The components of lease expense included in other expense on the consolidated statements of operations consist of the following:

	Three Months ended
(Dollars in thousands)	March 31, 2025	March 31, 2024
Finance lease cost
Amortization of ROU assets	1,075	1,090
Interest on lease liabilities	182	224
Operating lease cost	1,281	1,318
Short-term lease cost	126	123
Variable lease cost	473	464
Sublease income	(10)	(10)
Total lease expense	3,127	3,209

Supplemental cash flow information related to leases is as follows:

	Three Months ended
	March 31, 2025			March 31, 2024
(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	$	182	921	224	824
Financing cash flows	976		N/A	948	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, 2025, and 2024 was $421,000 and $339,000, respectively, and is recorded in other income within non-interest income.

Leases

Leases

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

	March 31, 2025					December 31, 2024
(Dollars in thousands)	Finance Leases			Operating Leases		Finance Leases		Operating Leases
ROU assets	$	30,798				31,022
Accumulated depreciation	(11,975)					(11,056)
Net ROU assets	$	18,823		35,618		19,966		36,286
Lease liabilities	$	20,227		39,244		21,279		39,902
Weighted-average remaining lease term	11 years			15 years		11 years		15 years
Weighted-average discount rate	3.6		%	3.7	%	3.6	%	3.7	%

Maturities of lease liabilities consist of the following:

	March 31, 2025
(Dollars in thousands)	Finance Leases		Operating Leases
Maturing within one year	$	4,644	4,648
Maturing one year through two years	4,653		4,757
Maturing two years through three years	3,641		4,387
Maturing three years through four years	592		3,653
Maturing four years through five years	596		3,393
Thereafter	10,399		32,759
Total lease payments	24,525		53,597
Present value of lease payments
Short-term	4,003		3,264
Long-term	16,224		35,980
Total present value of lease payments	20,227		39,244
Difference between lease payments and present value of lease payments	$	4,298	14,353

The components of lease expense included in other expense on the consolidated statements of operations consist of the following:

	Three Months ended
(Dollars in thousands)	March 31, 2025	March 31, 2024
Finance lease cost
Amortization of ROU assets	1,075	1,090
Interest on lease liabilities	182	224
Operating lease cost	1,281	1,318
Short-term lease cost	126	123
Variable lease cost	473	464
Sublease income	(10)	(10)
Total lease expense	3,127	3,209

Supplemental cash flow information related to leases is as follows:

	Three Months ended
	March 31, 2025			March 31, 2024
(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	$	182	921	224	824
Financing cash flows	976		N/A	948	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, 2025, and 2024 was $421,000 and $339,000, respectively, and is recorded in other income within non-interest income.