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LEASES

9 Months Ended

Sep. 30, 2025

NOTE 7 – LEASES

The Company leased 19 branches under noncancelable operating leases as of September 30, 2025. These leases expire on various dates through 2030. Many of these lease agreements include one or more renewal options, exercisable at the Company’s discretion. When the Company determines at lease commencement that it is reasonably certain to exercise a renewal option, the extended lease term is included in the measurement of the ROU asset and corresponding lease liability.

The Company uses the discount rate implicit in the lease when it is readily determinable. In instances where the implicit rate is not available, which is typically the case, the Company applies its incremental borrowing rate, determined on a collateralized basis and over a term comparable to the lease term, as of the lease commencement date.

The below maturity schedule presents, as of September 30, 2025, the undiscounted lease payments for the next five years and thereafter:


For remainder of 2025	$	972
2026		3,751
2027		3,507
2028		3,444
2029		2,990
Thereafter		1,093
Total undiscounted cash flows		15,757
Less: interest		(1,263)
Present value of lease payments	$	14,494

The following table presents the weighted average lease term and discount rate at the dates indicated:


	September 30, 2025		December 31, 2024
Weighted-average remaining lease term	4.3	years	4.5	years
Weighted-average discount rate	3.9	%	3.8	%

The following table presents certain information related to the operating lease costs included in occupancy and equipment expense on the Condensed Consolidated Statements of Income for the periods indicated:


	Three months ended				Nine months ended
	September 30,				September 30,
	2025		2024		2025		2024
Operating lease cost	$	945	$	8,093	$	3,028	$	15,082
Short-term lease cost		—		—		—		15
Less: Sublease income		(26)		(32)		(72)		(66)
Total operating lease cost, net	$	919	$	8,061	$	2,956	$	15,031