LEASES |
3 Months Ended |
---|---|
Mar. 31, 2025 | |
Leases [Abstract] | |
Leases |
NOTE 6 – LEASES
Operating leases in which the Company is the lessee are recorded as operating
liabilities, included in other assets and liabilities, respectively,
The Company’s operating
one
41
leases are not complex and do not contain residual value guarantees, variable
made in applying the requirements of Topic
Operating leases with an initial term of 12 months or less are not recorded on the
Consolidated Statement of Financial Condition and the related lease expense is recognized on a straight-line basis over the lease term.
At March 31, 2025, the operating lease ROU assets and liabilities were $
27.2
27.7
31, 2024, ROU assets and liabilities were $
24.9
25.5
0.1
rental income during the three months ended March 31, 2025 for a lease that terminated
have any finance leases.
The table below summarizes our lease expense and other information related
Three Months Ended
March 31,
(Dollars in Thousands)
2025
2024
Operating lease expense
$
864
$
841
Short-term lease expense
311
194
Total lease expense
$
1,175
$
1,035
Other information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases
$
912
$
677
Right-of-use assets obtained in exchange for new operating lease liabilities
2,880
-
Weighted average
16.2
16.8
Weighted average
3.7%
3.5%
The table below summarizes the maturity of remaining lease liabilities:
(Dollars in Thousands)
March 31, 2025
2025
$
3,520
2026
3,306
2027
3,127
2028
2,822
2029
2,741
2030 and thereafter
20,171
Total
$
35,687
Less: Interest
(7,938)
Present Value
$
27,749
A related party is the lessor in a land lease with the Company.
payments of approximately $
0.1
5
% every
10
which time the rent amount will adjust based on reappraisal of the parcel rental
four
to extend the lease for
five years
totaled $
2.1
|