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Leases
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Leases Leases
Lease liabilities represent the Company’s obligation to make lease payments and are presented at each reporting date as the net present value of the remaining contractual cash flows. Cash flows are discounted at the Company’s incremental borrowing rate in effect at the commencement date of the lease. Right-of-use assets represent the Company’s right to use the underlying asset for the lease term and are calculated as the sum of the lease liability and if applicable, prepaid rent, initial direct costs and any incentives received from the lessor.
The Company’s long-term lease agreements for branches and offices are classified as operating leases. Certain of these leases offer the option to extend the lease term and the Company has included such extensions in its calculation of the lease liabilities to the extent the options are reasonably certain of being exercised. The lease agreements do not provide for residual value guarantees and have no restrictions or covenants that would impact dividends or require incurring additional financial obligations.
The following tables present information about the Company’s leases as of and for the periods presented.
($ in thousands)March 31, 2025December 31, 2024
Lease liabilities$12,183 $11,844 
Right-of-use assets$11,709 $11,385 
Weighted-average remaining lease term 9.72 years10.20 years
Weighted-average discount rate3.41 %3.29 %
Remaining lease term - min0.42 years0.01 years
Remaining lease term - max16.43 years16.68 years
Three Months Ended March 31,
Lease cost ($ in thousands)
20252024
Operating lease cost$492 $492 
Total lease cost$492 $492 
Cash paid for amounts included in the measurement of lease liabilities$467 $462 
The following table presents a maturity analysis of operating lease liabilities and a reconciliation of the undiscounted cash flows to total operating lease liabilities at March 31, 2025.
Lease payments due ($ in thousands)
March 31, 2025
2025$1,432 
20261,872 
20271,764 
20281,724 
20291,330 
Thereafter5,997 
Total undiscounted cash flows14,119 
Less: imputed interest1,936 
Lease liabilities$12,183 
Total gross rental income was $335 thousand and $278 thousand for the three months ended March 31, 2025 and 2024, respectively.
Leases Leases
Lease liabilities represent the Company’s obligation to make lease payments and are presented at each reporting date as the net present value of the remaining contractual cash flows. Cash flows are discounted at the Company’s incremental borrowing rate in effect at the commencement date of the lease. Right-of-use assets represent the Company’s right to use the underlying asset for the lease term and are calculated as the sum of the lease liability and if applicable, prepaid rent, initial direct costs and any incentives received from the lessor.
The Company’s long-term lease agreements for branches and offices are classified as operating leases. Certain of these leases offer the option to extend the lease term and the Company has included such extensions in its calculation of the lease liabilities to the extent the options are reasonably certain of being exercised. The lease agreements do not provide for residual value guarantees and have no restrictions or covenants that would impact dividends or require incurring additional financial obligations.
The following tables present information about the Company’s leases as of and for the periods presented.
($ in thousands)March 31, 2025December 31, 2024
Lease liabilities$12,183 $11,844 
Right-of-use assets$11,709 $11,385 
Weighted-average remaining lease term 9.72 years10.20 years
Weighted-average discount rate3.41 %3.29 %
Remaining lease term - min0.42 years0.01 years
Remaining lease term - max16.43 years16.68 years
Three Months Ended March 31,
Lease cost ($ in thousands)
20252024
Operating lease cost$492 $492 
Total lease cost$492 $492 
Cash paid for amounts included in the measurement of lease liabilities$467 $462 
The following table presents a maturity analysis of operating lease liabilities and a reconciliation of the undiscounted cash flows to total operating lease liabilities at March 31, 2025.
Lease payments due ($ in thousands)
March 31, 2025
2025$1,432 
20261,872 
20271,764 
20281,724 
20291,330 
Thereafter5,997 
Total undiscounted cash flows14,119 
Less: imputed interest1,936 
Lease liabilities$12,183 
Total gross rental income was $335 thousand and $278 thousand for the three months ended March 31, 2025 and 2024, respectively.