The Company leases 24 of its offices under various operating lease agreements. The leases have remaining terms of one year to nine years. The leases contain provisions for the payment by the Company of its pro-rata share of real estate taxes, insurance, common area maintenance and other variable expenses. The Company will allocate payments made under such leases between lease and non-lease components. Some leases contain renewal options and options to purchase the assets.

The Company has elected not to recognize a lease liability and a right of use asset for leases with a lease term of 12 or fewer months.

The following tables present certain information related to the Company’s leases (in thousands):



		Three Months Ended June 30, 2025		Three Months Ended June 30, 2024		Six Months Ended June 30, 2025		Six Months Ended June 30, 2024
Operating lease expense	$	953	$	901	$	1,893	$	1,786
Variable lease expense-operating leases	$	285	$	267	$	569	$	549

The weighted average remaining lease term for operating leases at June 30, 2025 and December 31, 2024 was 5.00 years and 5.39 years, respectively. The weighted average discount rate for operating leases at June 30, 2025 and December 31, 2024 was 3.51 percent and 3.40 percent, respectively.

The following table summarizes the Company’s maturity of lease obligations for operating leases at June 30, 2025 and December 31, 2024 (in thousands):


Maturities of lease liabilities:
		At June 30, 2025		At December 31, 2024
		Operating Leases		Operating Leases
One year or less	$	1,700	$	3,189
Over one year through three years		6,050		5,680
Over three years through five years		3,533		3,213
Over five years		2,406		2,406
Gross operating lease liabilities	$	13,689	$	14,488
Imputed interest		(1,210)		(1,349)
Total operating lease liabilities	$	12,479	$	13,139