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Leases

3 Months Ended

Mar. 31, 2025

Leases

Leases

7.     Leases

The Company has 32 operating leases for branches (including headquarters) and office spaces, one operating lease for a vehicle, and one operating lease for equipment. Our leases have remaining lease terms ranging from ten months to approximately 11 years, none of which has a renewal option reasonably certain of exercise, which has been reflected in the Company’s calculation of the lease term.

The Company has elected the short-term lease recognition exemption such that the Company will not recognize Right of Use (“ROU”) assets or lease liabilities for leases with a term of less than 12 months from the commencement date. The Company has three agreements in 2025 and two agreements in 2024 that qualified as short-term leases.

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Certain leases have escalation clauses for operating expenses and real estate taxes, which are recorded as variable lease cost. The Company’s non-cancelable operating lease agreements expire through 2036.

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Supplemental balance sheet information related to leases are as follows:

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​	​	​	​	​	​	​
​	​	​	​	​	​	​
​	​	​	​	​	​	​
(Dollars in thousands)	​	March 31, 2025		​	December 31, 2024
​	​	​	​	​	​	​
Operating lease ROU assets	​	$	43,870	​	$	45,800
​	​	​	​	​	​	​
Operating lease liabilities	​	$	44,385	​	$	46,443
​	​	​	​	​	​	​
Weighted-average remaining lease term-operating leases	​	​	7.2 years	​	​	7.3 years
Weighted average discount rate-operating leases	​	​	4.0%	​	​	4.0%

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

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​	​	​	​	​	​	​	​	​
​	​	​	​	For the three months ended March 31,
(In thousands)	​	Line Item Presented	​	2025		​	2024
Lease Cost	​	​	​			​
Operating lease cost	​	Occupancy and equipment	​	$	2,319	​	$	2,236
Operating lease cost	​	Other operating expenses	​	​	5	​	​	19
Short-term lease cost	​	Professional services, Occupancy and equipment and other operating expenses	​		43	​		42
Variable lease cost	​	Occupancy and equipment	​		325	​		270
Total lease cost	​	​	​	$	2,692	​	$	2,567
​	​	​	​	​	​	​	​	​
Other information	​	​	​		​	​	​	​
Cash paid for amounts included in the measurement of lease liabilities:			​		​	​	​	​
Operating cash flows from operating leases	​	​	​	$	2,511	​	$	2,452
Right-of-use assets obtained in exchange for new operating lease liabilities			​	$	—	​	$	—

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The Company’s minimum annual rental payments for Bank facilities due under non-cancelable leases are as follows as of March 31, 2025:

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​	​	​	​
​	​	Minimum Rental
​	​	(In thousands)
Years ended December 31:	​	​	​
2025	​	$	6,381
2026	​	​	9,808
2027	​	​	6,158
2028	​	​	5,928
2029	​	​	4,627
Thereafter	​	​	19,419
Total minimum payments required	​	​	52,321
Less: implied interest	​	​	(7,936)
Total lease obligations	​	$	44,385

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- References

No definition available.

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- Definition

The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/842-20/tableOfContent

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