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Leases | 9 Months Ended
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Sep. 30, 2023
Leases |
Leases | 7. Leases The Company has 31 operating leases for branches (including headquarters) and office spaces, 9 operating leases for vehicles, and one operating lease for equipment. Our leases have remaining lease terms ranging from one month to approximately 13 years, none of which has a renewal option reasonably certain of exercise, which has been reflected in the Company’s calculation of the lease term. The Company has elected the short-term lease recognition exemption such that the Company will not recognize Right of Use (“ROU”) assets or lease liabilities for leases with a term of less than 12 months from the commencement date. The Company has four agreements in 2023 and two agreements in 2022 that qualified as short-term leases. ​ Certain leases have escalation clauses for operating expenses and real estate taxes. The Company’s non-cancelable operating lease agreements expire through 2036. ​ ​ Supplemental balance sheet information related to leases are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Dollars in thousands) | ​ | September 30, 2023 | ​ | December 31, 2022 | ​
Operating lease ROU asset | ​ | $ | 41,404 | ​ | $ | 43,289 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating lease liability | ​ | $ | 43,067 | ​ | $ | 46,125 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted-average remaining lease term-operating leases | ​ |  | 6.3 years | ​ | ​ | 6.6 years | ​
Weighted average discount rate-operating leases | ​ |  | 3.2 | % | ​ | 2.9 | %
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The components of lease expense and cash flow information related to leases were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | For the three months ended
(In thousands) | ​ | Line Item Presented | ​ | September 30, 2023 | ​ | September 30, 2022 | ​
Lease Cost | ​ | ​ | ​ |  |  | ​ |  |  | ​
Operating lease cost | ​ | Occupancy and equipment | ​ | $ | 2,142 | ​ | $ | 2,100 | ​
Operating lease cost | ​ | Other operating expenses | ​ | ​ | 23 | ​ | ​ | 23 | ​
Short-term lease cost | ​ | Professional services, Occupancy and equipment and Other operating expenses | ​ |  | 39 | ​ |  | 36 | ​
Variable lease cost | ​ | Occupancy and equipment | ​ |  | 262 | ​ |  | 275 | ​
Total lease cost | ​ | ​ | ​ | $ | 2,466 | ​ | $ | 2,434 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other information | ​ | ​ | ​ |  |  | ​ | ​ | ​ | ​
Cash paid for amounts included in the measurement of lease liabilities: | ​ |  |  | ​ | ​ | ​ | ​
Operating cash flows from operating leases | ​ | ​ | ​ | $ | 3,387 | ​ | $ | 2,342 | ​
Right-of-use assets obtained in exchange for new operating lease liabilities | ​ | ​ | ​ | $ | 1,757 | ​ | $ | — | ​
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | For the nine months ended
(In thousands) | ​ | Line Item Presented | ​ | September 30, 2023 | ​ | September 30, 2022 | ​
Lease Cost | ​ | ​ | ​ |  |  | ​ |  |  | ​
Operating lease cost | ​ | Occupancy and equipment | ​ | $ | 6,584 | ​ | $ | 6,299 | ​
Operating lease cost | ​ | Other operating expenses | ​ | ​ | 69 | ​ | ​ | 71 | ​
Short-term lease cost | ​ | Professional Services, Occupancy and equipment and Other operating expenses | ​ |  | 177 | ​ |  | 132 | ​
Variable lease cost | ​ | Occupancy and equipment | ​ |  | 785 | ​ |  | 713 | ​
Total lease cost | ​ | ​ | ​ | $ | 7,615 | ​ | $ | 7,215 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other information | ​ | ​ | ​ |  |  | ​ |  |  | ​
Cash paid for amounts included in the measurement of lease liabilities: | ​ | ​ |  | ​ |  |  | ​
Operating cash flows from operating leases | ​ | ​ | ​ | $ | 8,042 | ​ | $ | 7,111 | ​
Right-of-use assets obtained in exchange for new operating lease liabilities | ​ | ​ | ​ | $ | 3,801 | ​ | $ | 47 | ​
​ The Company’s minimum annual rental payments for Bank facilities due under non-cancelable leases are as follows as of September 30, 2023: ​
​ | ​ | ​ | ​
​ | ​ | Minimum Rental
​ | ​ | (In thousands)
Years ended December 31: | ​ | ​ | ​
2023 | ​ | $ | 1,794
2024 | ​ | ​ | 9,863
2025 | ​ | ​ | 9,244
2026 | ​ | ​ | 8,363
2027 | ​ | ​ | 4,286
Thereafter | ​ | ​ | 14,143
Total minimum payments required | ​ | ​ | 47,693
Less: implied interest | ​ | ​ | 4,626
Total lease obligations | ​ | $ | 43,067
​

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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