(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 three and six months ended June 30, 2026 and 2025.
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|
|
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|
|
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|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
(Dollars in thousands) |
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Operating lease costs |
|
$ |
634 |
|
|
$ |
556 |
|
|
$ |
1,267 |
|
|
$ |
1,176 |
|
Cash paid for amounts included in the measurement of lease liabilities |
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|
|
|
|
|
|
|
|
|
|
|
Operating cash flows from operating leases |
|
|
698 |
|
|
|
683 |
|
|
|
1,395 |
|
|
|
1,358 |
|
Right-of-use asset obtained in exchange for lease liability |
|
|
(36 |
) |
|
|
(63 |
) |
|
|
(74 |
) |
|
|
(126 |
) |
The following table presents the breakout of the operating leases as of June 30, 2026 and December 31, 2025.
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(Dollars in thousands) |
|
June 30, 2026 |
|
|
December 31, 2025 |
|
Operating lease right-of-use assets |
|
$ |
4,214 |
|
|
$ |
6,896 |
|
Other current liabilities |
|
|
463 |
|
|
|
2,205 |
|
Operating lease liabilities |
|
|
3,876 |
|
|
|
5,041 |
|
Total operating lease liabilities |
|
|
4,339 |
|
|
|
7,246 |
|
Weighted average remaining lease term |
|
7.2 years |
|
|
5.8 years |
|
Weighted average discount rate |
|
|
6.28 |
% |
|
|
5.90 |
% |
At June 30, 2026, maturities of the lease liabilities were as follows:
|
|
|
|
|
(Dollars in thousands) |
|
|
|
Remainder of 2026 |
|
$ |
366 |
|
2027 |
|
|
735 |
|
2028 |
|
|
756 |
|
2029 |
|
|
777 |
|
2030 |
|
|
798 |
|
Thereafter |
|
|
2,205 |
|
Total lease payments (1) |
|
|
5,637 |
|
Less imputed interest |
|
|
1,298 |
|
Total operating lease liabilities |
|
$ |
4,339 |
|
(1)Does not include lease obligations commencing after June 30, 2026. |