LEASES |
6 Months Ended |
---|---|
Jun. 30, 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
less than one
40
Company’s leases are not complex
or judgments made in applying the requirements of Topic
Operating leases with an initial term of 12 months or less are not
recorded on the Consolidated Statements of Financial Condition and the related lease expense is recognized on a straight-line basis
over the lease term.
27.6
28.2
respectively. At December
24.9
25.5
recognized $
0.1
Company does not have any finance leases.
The table below summarizes our lease expense and other information related
Three Months Ended
Six Months Ended
June 30,
June 30,
(Dollars in Thousands)
2025
2024
2025
2024
Operating lease expense
$
897
$
828
$
1,761
$
1,668
Short-term lease expense
240
195
551
389
Total lease expense
$
1,137
$
1,023
$
2,312
$
2,057
Other information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases
$
882
$
784
$
1,794
$
1,494
Right-of-use assets obtained in exchange for new operating lease liabilities
1,117
40
3,997
40
Weighted average
15.8
16.7
15.8
16.7
Weighted average
3.7%
3.5%
3.7%
3.5%
The table below summarizes the maturity of remaining lease liabilities:
(Dollars in Thousands)
June 30, 2025
2025
$
1,797
2026
3,601
2027
3,374
2028
3,102
2029
2,880
2030 and thereafter
21,293
Total
$
36,047
Less: Interest
(7,860)
Present Value
$
28,187
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
|