Annual report [Section 13 and 15(d), not S-K Item 405]

LEASES (Tables)

v3.25.0.1
LEASES (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Operating lease right-of-use assets and liabilities
Information related to the Company’s operating right-of-use assets and related operating lease liabilities were as follows (dollar amounts in thousands, except lease term and discount rate):
As of December 31, 2024 2023
Assets:
Operating lease right-of-use assets $ 12,799  $ 13,361 
Liabilities:
Current 3,927  4,547 
Long-term 10,277  10,376 
Total operating lease liabilities $ 14,204  $ 14,923 

Weighted-average remaining lease term 3.7 4.1
Weighted-average discount rate 5.01  % 4.15  %

Year Ended December 31, 2024 2023
Cash paid for operating lease liabilities $ 5,671  $ 5,504 
Right-of-use assets obtained in exchange for new operating lease obligations 5,181  1,184 
Cancellations or adjustments of leases that resulted in the reduction of lease assets in exchange for lease liabilities $ (103) $ (27)
Approximate aggregate commitments under non-cancelable operating leases
The approximate aggregate commitments under non-cancelable operating leases in effect at December 31, 2024, were as follows (dollar amounts in thousands):
Year Ending December 31,
2025 $ 4,519 
2026 4,098 
2027 3,482 
2028 2,970 
2029 517 
Total lease payments $ 15,586 
Less: Imputed interest (1) 1,382 
Present value of lease liabilities $ 14,204 

(1) Calculated using our corporate borrowing rate based on the term of each lease ranging from 3.00 percent to 6.96 percent.