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Leases | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Leases | LEASES The Company’s operating leases are real estate leases of bank branch locations, loan production offices, and office spaces with remaining lease terms ranging from 1 month to 8 years at December 31, 2024. Certain lease arrangements contain extension options, which are typically around five years. As these extension options are not generally considered reasonably certain of exercise, they are not included in the lease term. The table below summarizes supplemental information related to operating leases:
| December 31,
| 2024 |  | 2023
| (Dollars in thousands)
Operating lease ROU assets | $ | 39,432 |  |  | $ | 46,611 |
Current portion of long-term lease liabilities | 13,946 |  |  | 14,287 |
Long-term lease liabilities | 30,113 |  |  | 38,383 |
The Company uses its incremental borrowing rate to present value lease payments in order to recognize a ROU asset and the related lease liability. The Company calculates its incremental borrowing rate by adding a spread to the FHLB borrowing interest rate at a given period. During the year ended December 31, 2024, the Company extended eight leases and there were no new lease contracts. Lease extension terms ranged from three to seven years and the Company reassessed the ROU assets and lease liabilities related to these leases. During the year ended December 31, 2023, the Company wrote off $2.2 million in operating ROU assets resulting from the branch consolidation of seven locations. There was no impairment written off on operating ROU assets during the same period of 2024. The table below summarizes the Company’s net operating lease cost:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
| (Dollars in thousands)
Operating lease cost | $ | 14,495 |  |  | $ | 15,309 |  |  | $ | 15,455 |
Variable lease cost | 3,495 |  |  | 3,341 |  |  | 4,617 |
Sublease income | (243) |  |  | (143) |  |  | (687) |
Net lease cost | $ | 17,747 |  |  | $ | 18,507 |  |  | $ | 19,385 |
Rent expense for the years ended December 31, 2024, 2023, and 2022, totaled $16.8 million, $20.5 million, and $17.8 million, respectively. The table below summarizes supplemental information related to the Company’s operating leases:
| At or for the Year Ended December 31,
| 2024 |  | 2023
| (Dollars in thousands)
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash outflows for operating leases | $ | 15,721 |  |  | $ | 15,940 |
Weighted-average remaining lease term - operating leases | 3.6 years |  | 4.1 years
Weighted-average discount rate - operating leases | 3.12 | % |  | 2.79 | %
The table below summarizes the maturity of remaining lease liabilities:
| December 31, 2024
| (Dollars in thousands)
2025 | $ | 15,093 |
2026 | 14,480 |
2027 | 8,980 |
2028 | 4,203 |
2029 | 2,028 |
2030 and thereafter | 2,002 |
Total lease payments | 46,786 |
Less: imputed interest | 2,727 |
Total lease obligations | $ | 44,059 |
At December 31, 2024, the Company had no operating lease commitments that had not yet commenced. On October 1, 2024, the Company sold two of its branches located in Virginia (Annandale and Centreville) to PromiseOne Bank, a Georgia state bank. As part of the transaction, PromiseOne Bank took over the Company’s lease liabilities related to the branch locations sold. The Company had no finance leases at December 31, 2024 and 2023.

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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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