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Leases | 3 Months Ended
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Mar. 31, 2025
Leases [Abstract] |
Leases | # Note 8 -- Leases As of March 31, 2025, substantially all the Company's leases are operating leases for real estate property for bank branches, ATM locations, and office space. For leases in effect at January 1, 2019 and for leases commencing thereafter, the Company recognizes a lease liability and a right-of-use asset, based on the present value of lease payments over the lease term. The discount rate used in determining present value was the Company's incremental borrowing rate which is the FHLB fixed advance rate based on the remaining lease term as of January 1, 2019, or the commencement date for leases subsequently entered into. The Company has elected to not include short-term leases (i.e. leases with terms of twelve months or less) or leases (primarily copiers) deemed immaterial, on the consolidated balance sheets. The following table contains supplemental balance sheet information related to leases (dollars in thousands):
|  | March 31, 2025 |  |  | March 31, 2024 |  |  | December 31, 2024 |
Operating lease right-of-use assets |  | $ | 13,817 |  |  | $ | 14,318 |  |  | $ | 13,861 |
Operating lease liabilities |  |  | 14,255 |  |  |  | 14,624 |  |  |  | 14,190 |
Weighted-average remaining lease term (in years) |  |  | 4.8 |  |  |  | 4.8 |  |  | 4.7 |
Weighted-average discount rate |  |  | 3.46 | % |  |  | 3.22 | % |  |  | 3.22 | %
Certain of the Company's leases contain options to renew the lease; however, not all renewal options are included in the calculation of lease liabilities as they are not reasonably certain to be exercised. The Company's leases do not contain residual value guarantees or material variable lease payments. The Company does not have any other material restrictions or covenants imposed by leases that would impact the Company's ability to pay dividends or cause the Company to incur additional financial obligations. Maturities of lease liabilities are as follows (in thousands):
Year ending December 31, |  |  |
2025 |  | $ | 2,385 |
2026 |  |  | 3,070 |
2027 |  |  | 2,842 |
2028 |  |  | 2,187 |
2029 |  |  | 1,718 |
Thereafter |  |  | 3,684 |
Total lease payments |  |  | 15,886 |
Less imputed interest |  |  | (1,631 | )
Total lease liability |  | $ | 14,255 |
The components of lease expense for the three months ended March 31, 2025 and 2024 were as follows (in thousands):
|  | Three months ended |
|  | March 31, |
|  | 2025 |  |  | 2024 |
Operating lease cost |  | $ | 826 |  |  | $ | 846 |
Short-term lease cost |  |  | 31 |  |  |  | 35 |
Variable lease cost |  |  | 343 |  |  |  | 138 |
Total lease cost |  |  | 1,200 |  |  |  | 1,019 |
Income from subleases |  |  | (80 | ) |  |  | (104 | )
Net lease cost |  | $ | 1,120 |  |  | $ | 915 |
As the Company elected not to separate lease and non-lease components, the variable lease cost primarily represents variable payment such as common area maintenance and copier expense. The Company does not have any material sub-lease agreements. Cash paid for amounts included in the measurement of lease liabilities was (in thousands):
|  | March 31, 2025 |  |  | March 31, 2024 |
Operating cash flows from operating leases |  | $ | 822 |  |  | $ | 836 |

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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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