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OPERATING LEASE RIGHT-OF-USE ASSETS AND LIABILITIES

3 Months Ended

Mar. 31, 2025

OPERATING LEASE ROU ASSETS AND LIABILITIES

OPERATING LEASE RIGHT-OF-USE ASSETS AND LIABILITIES

11.OPERATING LEASE ROU ASSETS AND LIABILITIES

​

Operating lease ROU assets, included in other assets, were $20.4 million and $20.9 million at March 31, 2025 and December 31, 2024, respectively.

​

Operating lease liabilities, included in other liabilities and accrued expenses, were $22.1 million and $22.7 million at March 31, 2025 and December 31, 2024, respectively. As of March 31, 2025 and December 31, 2024, there were no leases that had not yet commenced. At March 31, 2025, lease expiration dates ranged from nine months to 32.9 years and had a weighted average remaining lease term of 15.8 years. At December 31, 2024, lease expiration dates ranged from two months to 33.2 years and had a weighted average remaining lease term of 15.9 years.

​

Future minimum lease payments under non-cancellable leases and a reconciliation to the amount recorded as operating lease liabilities as of March 31, 2025 were as follows:

​

​	​	​	​
​	​	March 31,
​	​	2025
​	​	(in thousands)
​	​	​	​
2025	​	$	2,137
2026	​	​	2,679
2027	​	​	2,555
2028	​	​	2,296
2029	​	​	2,045
Thereafter	​	​	15,083
Total lease payments	​	​	26,795
Imputed interest	​	​	(4,652)
Total present value of operating lease liabilities	​	$	22,143

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The weighted-average discount rate and remaining lease term for operating leases were as follows:

​

​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​
​	​	​	March 31, 2025	​	​	December 31, 2024	​
Weighted-average discount rate	​	​	2.16	%	​	2.15	%
Weighted-average remaining lease term (years)	​	​	15.81	​	​	15.85	​

​

Rental expense for operating leases is recognized on a straight-line basis over the lease term. Variable lease components, such as fair-market value adjustments, are expensed as incurred and not included in ROU assets and operating lease liabilities.

​

The following table presents the components of total lease expense:

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​	​	​	​	​	​	​	​
​	​	Three Months Ended					​
​	​	March 31,					​
​	​	2025		​	2024		​
​	​	(in thousands)
Lease Expense:	​	​	​	​	​	​	​
Operating lease expense	​	$	690	​	$	747	​
Short-term lease expense	​	​	31	​	​	26	​
Variable lease expense	​	​	6	​	​	5	​
Total lease expense	​	$	727	​	$	778	​
Other Information	​	​	​	​	​	​	​
Cash paid for amounts included in the measurement of lease liabilities-	​	​	​	​	​	​	​
operating cash flows for operating leases	​	​	706	​	​	737	​
Operating Lease - Operating cash flows (Liability reduction)	​	​	591	​	​	615	​
ROU assets obtained in exchange for new operating lease liabilities	​	​	51	​	​	38	​
​	​	​	​	​	​	​	​

​

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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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