(6) LEASES The Company has leased premises that expire at various dates through November 30, 2033 subject to various operating leases. The following table presents the operating lease costs and additional information for the years ended December 31, 2025, 2024, and 2023.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
(Dollars in thousands) |
|
2025 |
|
|
2024 |
|
|
2023 |
|
Operating lease costs |
|
$ |
2,350 |
|
|
$ |
2,422 |
|
|
$ |
2,390 |
|
Cash paid for amounts included in the measurement of lease liabilities |
|
|
|
|
|
|
|
|
|
Operating cash flows from operating leases |
|
|
2,789 |
|
|
|
2,682 |
|
|
|
2,472 |
|
Right-of-use asset obtained in exchange for lease liability |
|
|
(226 |
) |
|
|
(237 |
) |
|
|
(226 |
) |
The following table presents the breakout of the operating leases as of December 31, 2025 and 2024.
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|
|
|
|
|
|
|
|
|
|
December 31, |
|
(Dollars in thousands) |
|
2025 |
|
|
2024 |
|
Operating lease right-of-use assets |
|
$ |
6,896 |
|
|
$ |
6,922 |
|
Other current liabilities |
|
|
2,205 |
|
|
|
2,294 |
|
Operating lease liabilities |
|
|
5,041 |
|
|
|
5,128 |
|
Total operating lease liabilities |
|
|
7,246 |
|
|
|
7,422 |
|
Weighted average remaining lease term |
|
5.8 years |
|
|
4.1 years |
|
Weighted average discount rate |
|
|
5.90 |
% |
|
5.56% |
|
At December 31, 2025, maturities of the lease liabilities were as follows:
|
|
|
|
|
(Dollars in thousands) |
|
|
|
2026 |
|
$ |
2,546 |
|
2027 |
|
|
1,340 |
|
2028 |
|
|
756 |
|
2029 |
|
|
777 |
|
2030 |
|
|
797 |
|
Thereafter |
|
|
2,070 |
|
Total lease payments |
|
|
8,286 |
|
Less imputed interest |
|
|
1,040 |
|
Total operating lease liabilities |
|
$ |
7,246 |
|
|