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Leases | 12 Months Ended
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Dec. 31, 2024
Lessee Disclosure [Abstract] |
Leases | Leases The Company enters into leases in the normal course of business. As of December 31, 2024, the Company leased 13 branch offices for which the land and buildings are leased and nine branch offices for which the land is leased but the building is owned. The Company also leases office space for several operational departments. All of the Company’s leases are operating leases and the lease agreements have maturity dates ranging from April 2026 to May 2076, some of which include options for multiple five- and ten-year extensions. The Company includes lease extension options in the lease term if, after considering relevant economic, market, and strategic factors, it is reasonably certain the Company will exercise the option. The weighted average remaining life of the lease term for these leases was 21.2 years as of December 31, 2024 and 19.8 years as of December 31, 2023. Certain of the Company's lease agreements include variable lease payments based on changes in inflation, with the impact of that factor being insignificant to the Company's total lease expense. As permitted by applicable accounting standards, the Company has elected not to recognize leases with original lease terms of 12 months or less (short-term leases) on the Company's consolidated balance sheets. The short-term lease cost for each period presented was insignificant. Leases are classified as either operating or finance leases at the lease commencement date, and as previously noted, all of the Company's leases have been determined to be operating leases. Lease expense for operating leases and short-term leases is recognized on a straight-line basis over the lease term. Right-of-use assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. The Company uses its incremental borrowing rate, based on a fully collateralized fully amortizing borrowing with a maturity similar to the lease term, at lease commencement to calculate the present value of lease payments when the rate implicit in the lease is not known. The weighted average discount rate for leases was 3.34% and 3.19% as of December 31, 2024 and 2023, respectively. The right-of-use assets, included in "Other assets" on the Company's consolidated balance sheet, and lease liabilities, included in "Other liabilities" on the Company's consolidated balance sheet were $13.8 million and $14.6 million as of December 31, 2024, respectively, and were $17.1 million and $17.8 million as of December 31, 2023, respectively. Total operating lease expenses, included in "Occupancy and equipment expenses" in the Company's consolidated statement of income, was $2.5 million in 2024, $3.1 million in 2023, and $2.9 million in 2022. Future undiscounted lease payments for operating leases with initial terms of one year or more as of December 31, 2024 for each of the five calendar years ending December 31, 2029 are as follows:
($ in thousands) |  |
2025 |  | $ | 1,800 |
2026 |  | 1,517 |
2027 |  | 1,236 |
2028 |  | 1,145 |
2029 |  | 1,087 |
Thereafter |  | 15,033 |
Total undiscounted lease payments |  | 21,818 |
Less effect of discounting |  | (7,264) |
Present value of estimated lease payments (lease liability) |  | $ | 14,554 |

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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 + Details
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