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Leases

12 Months Ended

Dec. 31, 2024

15. Leases

The Company has 32 operating leases for branches (including headquarters) and office spaces, three operating leases for vehicles, and one operating lease for equipment. Our leases have remaining lease terms ranging from less than six months to approximately 12 years, none of which has a renewal option reasonably certain of exercise, which has been reflected in the Company’s calculation of lease term.

The Company has elected the short-term lease recognition exemption such that the Company will not recognize ROU assets or lease liabilities for leases with a term of less than 12 months from the commencement date. The Company has two agreements in 2024 and five agreements in 2023 that qualified as short-term leases.

Certain leases have escalation clauses for operating expenses and real estate taxes. The Company’s non-cancelable Operating lease agreements expire through 2036.

Supplemental information related to leases was as follows:




(Dollars in thousands)	December 31, 2024		December 31, 2023

Operating lease ROU assets	$	45,800	$	39,557

Operating lease liabilities	$	46,443	$	40,822

Weighted-average remaining lease term-operating leases		7.3 years		6.1 years
Weighted average discount rate-operating leases		4.0%		3.2%

The components of lease expense and cash flow information related to leases were as follows:


		For the years ended December 31,
(In thousands)	Line Item Presented	2024		2023		2022
Lease Cost
Operating lease cost	Occupancy and equipment	$	9,100	$	8,737	$	8,510
Operating lease cost	Other operating expenses		65		89		93
Short-term lease cost	Professional Services, Occupancy and equipment and Other operating expenses		137		212		193
Variable lease cost	Occupancy and equipment		1,247		1,128		999
Total lease cost		$	10,549	$	10,166	$	9,795

Other information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		$	9,835	$	10,429	$	9,459
Supplemental disclosure of non-cash activities:
Right-of-use assets obtained in exchange for new operating lease liabilities		$	13,806	$	3,866	$	1,208

The Company’s minimum annual rental payments at December 31, 2024 for Bank facilities due under non-cancelable leases are as follows:


	Minimum Rental
	(In thousands)
Years ended December 31:
2025	$	8,895
2026		9,808
2027		6,158
2028		5,928
2029		4,627
Thereafter		19,419
Total minimum payments required		54,835
Less: implied interest		(8,392)
Total lease obligations	$	46,443