v3.25.1
Leases
3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Leases Leases
As of March 31, 2025, the Company had 16 facilities contracted under various non-cancelable operating leases, most of which provide options to the Company to extend the lease periods and include periodic rent adjustments.

Lease expense for both of the three-month periods ended March 31, 2025 and March 31, 2024 amounted to $423 thousand. Variable lease costs and short-term lease expenses included in lease expense during these periods were immaterial.

The weighted average remaining lease term for operating leases at March 31, 2025 and March 31, 2024 was 27.4 years and 28.2 years, respectively. The weighted average discount rate was 3.55% at both March 31, 2025 and March 31, 2024.
At March 31, 2025, the remaining undiscounted cash flows by year of these lease liabilities were as follows:
(Dollars in thousands)Operating Leases
2025 (remaining nine months)$1,099 
20261,468 
20271,475 
20281,476 
20291,480 
Thereafter30,242 
Total lease payments37,240 
Less: Imputed interest13,541 
Total lease liability$23,699