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Note 24 - Leases

9 Months Ended

Sep. 30, 2025

(24)

Leases

Bancorp has operating leases for various locations with terms ranging from approximately nine months to 21 years, several of which include options to extend the leases in five-year increments. Options reasonably expected to be exercised are included in determination of the right-of-use asset. Bancorp elected to use a practical expedient to expense short-term lease obligations associated with leases with original terms of 12 months or less. Bancorp elected not to separate non-lease components from lease components for its operating leases. The right-of-use lease asset and operating lease liability are recorded in premises and equipment and other liabilities on the consolidated balance sheet.

Balance sheet, income statement and cash flow detail regarding operating leases follows:

(dollars in thousands)	September 30, 2025			December 31, 2024
Balance Sheet
Operating lease right-of-use asset	$	30,844		$	29,695
Operating lease liability		32,478			31,194

Weighted average remaining lease term (years)		10.4			10.8
Weighted average discount rate		3.68	%		3.69	%

Maturities of lease liabilities:
One year or less	$	994		$	3,955
Year two		4,057			3,869
Year three		3,999			3,881
Year four		4,045			3,924
Year five		3,971			3,794
Greater than five years		22,492			19,120
Total lease payments	$	39,558		$	38,543
Less imputed interest		7,080			7,349
Total	$	32,478		$	31,194

	Three months ended		Three months ended
(in thousands)	September 30, 2025		September 30, 2024
Income Statement
Components of lease expense:
Operating lease cost	$	1,047	$	1,057
Variable lease cost		91		88
Less sublease income		19		26
Total lease cost	$	1,119	$	1,119

	Nine months ended		Nine months ended
(in thousands)	September 30, 2025		September 30, 2024
Income Statement
Components of lease expense:
Operating lease cost	$	3,142	$	3,215
Variable lease cost		280		257
Less sublease income		70		77
Total lease cost	$	3,352	$	3,395

	Nine months ended		Nine months ended
(in thousands)	September 30, 2025		September 30, 2024
Cash flow Statement
Supplemental cash flow information:
Operating cash flows from operating leases	$	3,308	$	3,567

As of September 30, 2025, Bancorp had entered into one lease agreement that had yet to commence.