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RIGHT-OF-USE ASSETS AND OPERATING LEASE LIABILITIES

12 Months Ended

Dec. 31, 2024

RIGHT-OF-USE ASSETS AND OPERATING LEASE LIABILITIES

RIGHT-OF-USE ASSETS AND OPERATING LEASE LIABILITIES

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6.RIGHT-OF-USE ASSETS AND OPERATING LEASE LIABILITIES

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The Company records as operating lease liabilities the present value of its required minimum lease payments plus any amounts probable of being owed under a residual value guarantee. Offsetting these operating lease liabilities, the Company records right-of-use assets for the underlying leased property.

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As of December 31, 2024, the Company was under 51 separate and distinct operating lease contracts to lease the land and/or buildings for 37 of its offices, with 12 such operating leases contracted with a related party of the Company. As of December 31, 2024, payments on 26 of the Company’s operating leases were considered variable because such payments were adjustable based on periodic changes in the Consumer Price Index.

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The Company recorded five third-party lease renewals during 2024 with a total right-of-use asset value of $2.2 million and recorded one existing related-party lease renewals during 2024 with a total right-of-use asset value of $5.3 million.

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The Company recorded three third-party lease renewals, and recorded five new third-party leases during 2023, with a related total right-of-use asset value of $3.7 million connected to this 2023 activity.
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The following table presents information concerning the Company’s operating lease expense recorded as a noninterest expense within the category “Occupancy and equipment, net” for years ended December 31, 2024, 2023, and 2022:

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​	​	​	​	​	​	​	​	​	​	​
Years Ended December 31, (in thousands)	​	2024		​	​	2023		​	2022
​	​	​	​	​	​	​	​	​	​	​
Operating lease expense:	​	​	​	​	​	​	​	​	​	​
Related Party:	​	​	​	​	​	​	​	​	​	​
Variable lease expense	​	$	4,611		​	$	4,688	​	$	4,831
Fixed lease expense	​	​	191	​	​	​	233	​	​	207
Third-Party:	​	​	​	​	​	​	​	​	​	​
Variable lease expense	​	​	1,601	​	​	​	1,464	​	​	1,001
Fixed lease expense	​	​	1,538	​	​	​	1,566	​	​	1,526
Total operating lease expense	​	$	7,941		​	$	7,951	​	$	7,565
​	​	​	​	​	​	​	​	​	​	​
Other information concerning operating leases:	​	​	​	​	​	​	​	​	​	​
Cash paid for amounts included in the measurement of operating lease liabilities	​	$	6,943	​	​	$	6,901	​	$	6,847
Cash paid for variable rent payments not included in measurement of operating lease liabilities	​	​	603	​	​	​	603	​	​	603

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The following table presents the weighted average remaining term and weighted average discount rate for the Company’s non-short-term operating leases as of December 31, 2024 and 2023:

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​	​	​	​	​	​	​
December 31, (dollars in thousands)		2024		​	2023
​	​	​	​	​	​	​
Weighted average remaining term in years	​	7.32	​	​	7.61	​
Weighted average discount rate	​	3.08	%		2.30	%

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The following table presents a maturity schedule of the Company’s operating lease liabilities based on undiscounted cash flows, and a reconciliation of those undiscounted cash flows to the operating lease liabilities recognized on the Company’s balance sheet as of December 31, 2024:

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​	​	​	​	​	​	​	​	​	​	​
Year (in thousands)		Related Party			Third-Party			Total
​	​	​	​	​	​	​	​	​	​	​
2025		$	4,130		$	2,777		$	6,907	​
2026		​	4,216		​	2,464		​	6,680	​
2027		​	4,271		​	2,149		​	6,420	​
2028		​	4,149		​	1,447		​	5,596	​
2029		​	3,841		​	955		​	4,796	​
Thereafter		​	8,549		​	3,226		​	11,775	​
Total undiscounted cash flows	​	$	29,156	​	$	13,018	​	$	42,174	​
Discount applied to cash flows	​	​	(3,577)	​	​	(1,476)	​	​	(5,053)	​
Total discounted cash flows reported as operating lease liabilities	​	$	25,579	​	$	11,542	​	$	37,121	​

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- References

No definition available.

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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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