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Leases (Tables) | 9 Months Ended
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Sep. 30, 2024
Leases [Abstract] |
Components of lease costs and supplemental information related to leases | The tables below present the components of lease costs and supplemental information related to leases as of and for the periods presented.
|  |  |  |  |  | September 30, 2024 |  |  | December 31, 2023 |
|  |  |  |  |  | (Dollars in thousands) |
Lease Assets and Liabilities |  |  |  |  |  |  |  |  |  |
ROU assets |  |  |  |  |  | $ | 32,516 |  |  | $ | 21,655 |
Total lease liabilities |  |  |  |  |  |  | 34,943 |  |  |  | 24,056 |
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
|  | (Dollars in thousands) |
Lease Cost |  |  |  |  |  |  |  |  |  |  |  |
Operating lease expense (1) |  | $ | 1,965 |  |  | $ | 1,832 |  |  | $ | 5,650 |  |  | $ | 5,513 |
Sublease income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total lease expense |  | $ | 1,965 |  |  | $ | 1,832 |  |  | $ | 5,650 |  |  | $ | 5,513 |
(1) Includes short-term leases and variable lease costs, which are immaterial.
Other Information |  |  |  |  |  |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Operating cash outflows from operating leases, net |  | $ | 1,948 |  |  | $ | 1,682 |  |  | $ | 5,726 |  |  | $ | 4,951 |
|  |  |  |  |  | September 30, 2024 |  |  | December 31, 2023 |
Lease Term and Discount Rate |  |  |  |  |  |  |  |  |  |
Weighted average remaining lease term (years) |  |  |  |  |  |  | 7.83 |  |  |  | 3.94 |
Weighted average discount rate |  |  |  |  |  |  | 5.26 | % |  |  | 3.48 | %
Future lease payments required for leases that have initial or remaining non-cancelable lease terms | The future lease payments required for leases that have initial or remaining non-cancelable lease terms in excess of one year as of September 30, 2024, excluding property taxes and insurance, are as follows:
|  | September 30, 2024 |
|  | (Dollars in thousands) |
Year: |  |  |
2024 (excluding the nine months ended September 30, 2024) |  | $ | 2,064 |
2025 |  |  | 8,524 |
2026 |  |  | 7,438 |
2027 |  |  | 6,003 |
2028 |  |  | 4,180 |
Thereafter |  |  | 16,988 |
Total future lease payments |  |  | 45,197 |
Less: Imputed interest |  |  | (10,254 | )
Present value of lease liabilities |  | $ | 34,943 |

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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6 + Details
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