Leases

12 Months Ended

Dec. 31, 2024

Note 10. Leases

The Company’s long-term lease agreements are classified as operating leases. Certain of these leases offer the option to extend the lease terms and the Company has included such extensions in its calculation of the lease liabilities to the extent the options are reasonably assured of being exercised. The lease agreements do not provide for residual value guarantees and have no restrictions or covenants that would affect the payment of dividends or require incurring additional financial obligations.

The following tables present information about the Company’s leases as of the dates and for the periods stated.


	December 31,
(Dollars in thousands)	2024			2023
Lease liabilities	$	8,613		$	9,619
Right-of-use asset	$	7,962		$	8,738
Weighted average remaining lease term (years)		6.98			7.14
Weighted average discount rate		3.46	%		3.25	%


	December 31,
(Dollars in thousands)	2024		2023
Operating lease cost	$	1,759	$	2,403
Cash paid for amounts included in the measurement of lease liabilities		1,691		2,217

The following table presents a maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total of operating lease liabilities for periods following the date stated.


(Dollars in thousands)	December 31, 2024
2025	$	1,666
2026		1,482
2027		1,384
2028		1,176
2029		969
Thereafter		3,148
Total undiscounted cash flows		9,825
Discount		(1,212	)
Lease liabilities	$	8,613