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Note 14 - Leases

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

14.         Leases

The Company enters into operating leases in the normal course of business primarily for branch offices, office spaces and certain equipment. The Company may seek to include options to extend or terminate a lease when it is reasonably certain that the Company will exercise those options.

ROU assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of the lease payments over the lease term. The Company uses its incremental borrowing rate to determine the present value of its lease liabilities. The Company has elected to not separate lease and non-lease components. The Company has also elected not to recognize a ROU asset and lease liability for leases with original lease term of 12 months or less (short-term leases). The Company does not possess any leases that have variable lease payments or residual value guarantees as of December 31, 2024, and 2023.

The following table represents the operating lease amounts reported on the Consolidated Balance Sheets and other supplemental information as of December 31, 2024, and December 31, 2023:

		December 31, 2024				December 31, 2023
		(In millions)
Operating Leases:
ROU assets		$	28.6			$	32.1
Lease liabilities		$	30.9			$	34.8
Weighted-average remaining lease term (in years)			3.8				4.1
Weighted-average discount rate			4.1	%			3.8	%
Operating cash flows from operating leases		$	11.4			$	11.4
ROU assets obtained in exchange for lease obligations		$	4.4			$	12.6

Operating lease expense is recognized on a straight-line basis over the lease term. Operating lease expense was $13.4 million, $12.8 million and $13.1 million for the years ended December 31, 2024, 2023 and 2022, respectively, and includes short-term leases that were immaterial. 

The following table presents a maturity analysis of the Company’s operating lease liabilities as of  December 31, 2024:

		As of December 31, 2024
		Operating Leases
		(In thousands)
2025		$	10,239
2026			8,679
2027			6,451
2028			5,121
2029			2,231
Thereafter			641
Total lease payments		$	33,362
Less amount of payment representing interest			(2,511	)
Total present value of lease payments		$	30,851

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- References

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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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