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Right-of-Use Assets and Lease Liabilities | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
RIGHT-OF-USE ASSETS AND LEASE LIABILITIES | RIGHT-OF-USE ASSETS AND LEASE LIABILITIES We have 41 lease contracts, including 39 operating leases and 2 finance leases at December 31, 2024. These leases are for our branch, loan production and support services facilities. Included in the lease expense for premises are leases with one S&T director, which totaled approximately $0.2 million for each of the three years 2024, 2023 and 2022. One new lease agreement was entered into in 2024. The following table presents our lease expense for finance and operating leases for the years ended December 31:
(dollars in thousands) |  | 2024 |  | 2023 |  | 2022
Operating lease expense |  | $ | 5,126 |  |  | $ | 5,199 |  |  | $ | 5,169 |
Amortization of ROU assets - finance leases |  | 90 |  |  | 90 |  |  | 179 |
Interest on lease liabilities - finance leases |  | 56 |  |  | 60 |  |  | 65 |
Total Lease Expense |  | $ | 5,272 |  |  | $ | 5,349 |  |  | $ | 5,413 |
The following table presents our ROU assets, weighted average term and the discount rates for finance and operating leases as of December 31:
(dollars in thousands) |  |  |  | 2024 |  | 2023
Operating Leases |  |  |  |  |  |
ROU assets |  |  |  | $ | 40,331 |  |  | $ | 42,100 |
Operating cash flows |  |  |  | $ | 7,253 |  |  | $ | 6,996 |
Finance Leases |  |  |  |  |  |
ROU assets |  |  |  | $ | 695 |  |  | $ | 786 |
Operating cash flows |  |  |  | $ | 56 |  |  | $ | 60 |
Financing cash flows |  |  |  | $ | 75 |  |  | $ | 69 |
Weighted Average Lease Term - Years |  |  |  |  |  |
Operating leases |  |  |  | 17.2 |  | 17.8
Finance leases |  |  |  | 11.4 |  | 12.0
Weighted Average Discount Rate |  |  |  |  |  |
Operating leases |  |  |  | 5.99 | % |  | 5.93 | %
Finance leases |  |  |  | 6.03 | % |  | 6.02 | %
The following table presents the maturity analysis of lease liabilities for finance and operating leases as of December 31, 2024:
(dollars in thousands) |  | Finance | Operating |  | Total
Maturity Analysis |  |  |  |  |  |
2025 |  | $ | 132 |  |  | $ | 4,920 |  |  | $ | 5,052 |
2026 |  | 133 |  |  | 4,816 |  |  | 4,949 |
2027 |  | 134 |  |  | 4,565 |  |  | 4,699 |
2028 |  | 130 |  |  | 4,603 |  |  | 4,733 |
2029 |  | 60 |  |  | 4,461 |  |  | 4,521 |
Thereafter |  | 687 |  |  | 55,037 |  |  | 55,724 |
Total |  | 1,276 |  |  | 78,402 |  |  | 79,678 |
Less: Present value discount |  | (380) |  |  | (31,549) |  |  | (31,929) |
Lease Liabilities |  | $ | 896 |  |  | $ | 46,853 |  |  | $ | 47,749 |
RIGHT-OF-USE ASSETS AND LEASE LIABILITIES | RIGHT-OF-USE ASSETS AND LEASE LIABILITIES We have 41 lease contracts, including 39 operating leases and 2 finance leases at December 31, 2024. These leases are for our branch, loan production and support services facilities. Included in the lease expense for premises are leases with one S&T director, which totaled approximately $0.2 million for each of the three years 2024, 2023 and 2022. One new lease agreement was entered into in 2024. The following table presents our lease expense for finance and operating leases for the years ended December 31:
(dollars in thousands) |  | 2024 |  | 2023 |  | 2022
Operating lease expense |  | $ | 5,126 |  |  | $ | 5,199 |  |  | $ | 5,169 |
Amortization of ROU assets - finance leases |  | 90 |  |  | 90 |  |  | 179 |
Interest on lease liabilities - finance leases |  | 56 |  |  | 60 |  |  | 65 |
Total Lease Expense |  | $ | 5,272 |  |  | $ | 5,349 |  |  | $ | 5,413 |
The following table presents our ROU assets, weighted average term and the discount rates for finance and operating leases as of December 31:
(dollars in thousands) |  |  |  | 2024 |  | 2023
Operating Leases |  |  |  |  |  |
ROU assets |  |  |  | $ | 40,331 |  |  | $ | 42,100 |
Operating cash flows |  |  |  | $ | 7,253 |  |  | $ | 6,996 |
Finance Leases |  |  |  |  |  |
ROU assets |  |  |  | $ | 695 |  |  | $ | 786 |
Operating cash flows |  |  |  | $ | 56 |  |  | $ | 60 |
Financing cash flows |  |  |  | $ | 75 |  |  | $ | 69 |
Weighted Average Lease Term - Years |  |  |  |  |  |
Operating leases |  |  |  | 17.2 |  | 17.8
Finance leases |  |  |  | 11.4 |  | 12.0
Weighted Average Discount Rate |  |  |  |  |  |
Operating leases |  |  |  | 5.99 | % |  | 5.93 | %
Finance leases |  |  |  | 6.03 | % |  | 6.02 | %
The following table presents the maturity analysis of lease liabilities for finance and operating leases as of December 31, 2024:
(dollars in thousands) |  | Finance | Operating |  | Total
Maturity Analysis |  |  |  |  |  |
2025 |  | $ | 132 |  |  | $ | 4,920 |  |  | $ | 5,052 |
2026 |  | 133 |  |  | 4,816 |  |  | 4,949 |
2027 |  | 134 |  |  | 4,565 |  |  | 4,699 |
2028 |  | 130 |  |  | 4,603 |  |  | 4,733 |
2029 |  | 60 |  |  | 4,461 |  |  | 4,521 |
Thereafter |  | 687 |  |  | 55,037 |  |  | 55,724 |
Total |  | 1,276 |  |  | 78,402 |  |  | 79,678 |
Less: Present value discount |  | (380) |  |  | (31,549) |  |  | (31,929) |
Lease Liabilities |  | $ | 896 |  |  | $ | 46,853 |  |  | $ | 47,749 |

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance 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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- 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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