Leases

6 Months Ended

Jun. 30, 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:

	June 30, 2025					December 31, 2024
(Dollars in thousands)	Finance Leases			Operating Leases		Finance Leases		Operating Leases
ROU assets	$	30,860				31,022
Accumulated depreciation	(12,945)					(11,056)
Net ROU assets	$	17,915		38,610		19,966		36,286
Lease liabilities	$	19,405		42,274		21,279		39,902
Weighted-average remaining lease term	11 years			14 years		11 years		15 years
Weighted-average discount rate	3.5		%	3.8	%	3.6	%	3.7	%

Maturities of lease liabilities consist of the following:

	June 30, 2025
(Dollars in thousands)	Finance Leases		Operating Leases
Maturing within one year	$	4,670	5,641
Maturing one year through two years	4,675		5,772
Maturing two years through three years	2,666		4,997
Maturing three years through four years	658		4,185
Maturing four years through five years	628		3,764
Thereafter	10,251		32,281
Total lease payments	23,548		56,640
Present value of lease payments
Short-term	4,063		4,152
Long-term	15,342		38,122
Total present value of lease payments	19,405		42,274
Difference between lease payments and present value of lease payments	$	4,143	14,366

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

	Three Months ended			Six Months ended
(Dollars in thousands)	June 30, 2025		June 30, 2024	June 30, 2025	June 30, 2024
Finance lease cost
Amortization of ROU assets	$	1,077	1,101	2,152	2,191
Interest on lease liabilities	176		216	358	440
Operating lease cost	1,494		1,309	2,775	2,627
Short-term lease cost	147		110	273	233
Variable lease cost	475		291	948	755
Sublease income	(19)		(10)	(29)	(20)
Total lease expense	$	3,350	3,017	6,477	6,226

Supplemental cash flow information related to leases is as follows:

	Three Months ended
	June 30, 2025			June 30, 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	$	176	1,192	216	866
Financing cash flows	983		N/A	968	N/A

	Six Months ended
	June 30, 2025			June 30, 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	$	358	2,113	440	1,690
Financing cash flows	1,959		N/A	1,916	N/A

The Company also leases office space to third parties through operating leases. Rent income from these leases for the six months ended June 30, 2025, and 2024 was $808,000 and $731,000, 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:

	June 30, 2025					December 31, 2024
(Dollars in thousands)	Finance Leases			Operating Leases		Finance Leases		Operating Leases
ROU assets	$	30,860				31,022
Accumulated depreciation	(12,945)					(11,056)
Net ROU assets	$	17,915		38,610		19,966		36,286
Lease liabilities	$	19,405		42,274		21,279		39,902
Weighted-average remaining lease term	11 years			14 years		11 years		15 years
Weighted-average discount rate	3.5		%	3.8	%	3.6	%	3.7	%

Maturities of lease liabilities consist of the following:

	June 30, 2025
(Dollars in thousands)	Finance Leases		Operating Leases
Maturing within one year	$	4,670	5,641
Maturing one year through two years	4,675		5,772
Maturing two years through three years	2,666		4,997
Maturing three years through four years	658		4,185
Maturing four years through five years	628		3,764
Thereafter	10,251		32,281
Total lease payments	23,548		56,640
Present value of lease payments
Short-term	4,063		4,152
Long-term	15,342		38,122
Total present value of lease payments	19,405		42,274
Difference between lease payments and present value of lease payments	$	4,143	14,366

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

	Three Months ended			Six Months ended
(Dollars in thousands)	June 30, 2025		June 30, 2024	June 30, 2025	June 30, 2024
Finance lease cost
Amortization of ROU assets	$	1,077	1,101	2,152	2,191
Interest on lease liabilities	176		216	358	440
Operating lease cost	1,494		1,309	2,775	2,627
Short-term lease cost	147		110	273	233
Variable lease cost	475		291	948	755
Sublease income	(19)		(10)	(29)	(20)
Total lease expense	$	3,350	3,017	6,477	6,226

Supplemental cash flow information related to leases is as follows:

	Three Months ended
	June 30, 2025			June 30, 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	$	176	1,192	216	866
Financing cash flows	983		N/A	968	N/A

	Six Months ended
	June 30, 2025			June 30, 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	$	358	2,113	440	1,690
Financing cash flows	1,959		N/A	1,916	N/A

The Company also leases office space to third parties through operating leases. Rent income from these leases for the six months ended June 30, 2025, and 2024 was $808,000 and $731,000, respectively, and is recorded in other income within non-interest income.