Leases (Tables)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Summary of leases

The following table summarizes the Company’s leases:

	September 30, 2024					December 31, 2023
(Dollars in thousands)	Finance Leases			Operating Leases		Finance Leases		Operating Leases
ROU assets	$	31,077				31,222
Accumulated depreciation	(10,020)					(6,940)
Net ROU assets	$	21,057		37,111		24,282		40,781
Lease liabilities	$	22,257		40,642		25,116		44,319
Weighted-average remaining lease term	11 years			16 years		11 years		16 years
Weighted-average discount rate	3.6		%	3.7	%	3.6	%	3.7	%

Operating lease liability maturity

Maturities of lease liabilities consist of the following:

	September 30, 2024
(Dollars in thousands)	Finance Leases		Operating Leases
Maturing within one year	$	4,665	4,560
Maturing one year through two years	4,679		4,690
Maturing two years through three years	4,688		4,494
Maturing three years through four years	1,614		3,932
Maturing four years through five years	596		3,526
Thereafter	10,697		34,507
Total lease payments	26,939		55,709
Present value of lease payments
Short-term	3,943		3,128
Long-term	18,314		37,514
Total present value of lease payments	22,257		40,642
Difference between lease payments and present value of lease payments	$	4,682	15,067

Finance lease liability maturity

Maturities of lease liabilities consist of the following:

	September 30, 2024
(Dollars in thousands)	Finance Leases		Operating Leases
Maturing within one year	$	4,665	4,560
Maturing one year through two years	4,679		4,690
Maturing two years through three years	4,688		4,494
Maturing three years through four years	1,614		3,932
Maturing four years through five years	596		3,526
Thereafter	10,697		34,507
Total lease payments	26,939		55,709
Present value of lease payments
Short-term	3,943		3,128
Long-term	18,314		37,514
Total present value of lease payments	22,257		40,642
Difference between lease payments and present value of lease payments	$	4,682	15,067

Components of lease expense and supplemental cash flow information

The components of lease expense consist of the following:

	Three Months ended			Nine Months ended
(Dollars in thousands)	September 30, 2024		September 30, 2023	September 30, 2024	September 30, 2023
Finance lease cost
Amortization of ROU assets	$	1,090	1,060	3,281	3,118
Interest on lease liabilities	207		239	647	723
Operating lease cost	1,302		1,359	3,929	4,243
Short-term lease cost	114		151	347	528
Variable lease cost	465		410	1,220	1,262
Sublease income	(10)		(9)	(30)	(32)
Total lease expense	$	3,168	3,210	9,394	9,842

Supplemental cash flow information related to leases is as follows:

	Three Months ended
	September 30, 2024			September 30, 2023
(Dollars in thousands)	Finance Leases		Operating Leases	Finance Leases	Operating Leases
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows	$	207	874	239	892
Financing cash flows	967		N/A	892	N/A

	Nine Months ended
	September 30, 2024			September 30, 2023
(Dollars in thousands)	Finance Leases		Operating Leases	Finance Leases	Operating Leases
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows	$	647	2,564	723	2,714
Financing cash flows	2,883		N/A	2,633	N/A