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Leasing (Tables) | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Summary of Net Investments | The following table summarizes the components of the Company’s net investment in its sales-type and direct financing leases:
| At December 31,
(In thousands) | 2024 | 2023
Lease receivables | $ | 394,489 | $ | 347,827
Unguaranteed residual values (1) | 63,014 | 60,747
Total net investment | $ | 457,503 | $ | 408,574
(1)The Company performs quarterly reviews of residual values associated with its equipment finance leasing portfolio considering factors such as the subject equipment, structure of the transaction, industry, prior experience with the lessee, and other factors that may impact the residual value to assess for impairment.
Summary of Net Investment Maturity | The following table reconciles undiscounted future lease payments to the total sales-type and direct financing leases’ net investment:
(In thousands) | At December 31, 2024
2025 | $ | 128,790
2026 | 127,483
2027 | 80,011
2028 | 67,809
2029 | 32,470
Thereafter | 77,070
Total lease payments receivable | 513,633
Present value adjustment | (56,130)
Total net investment | $ | 457,503
Schedule of Components of Leveraged Lease Investments | The following table summarizes the Company’s ROU lease assets and operating lease liabilities:
|  |  | At December 31,
(In thousands) | Consolidated Balance Sheet Line Item |  | 2024 | 2023
ROU lease assets | Premises and equipment, net |  | $ | 163,827 | $ | 183,441
Operating lease liabilities | Accrued expenses and other liabilities |  | 193,188 | 222,439
Summary of Operating Lease Expense and Other | The following table summarizes the components of operating lease expense and other relevant information:
| At or for the Years ended December 31,
(In thousands) | 2024 | 2023 | 2022
Lease Cost: |  |  |
Operating lease cost | $ | 36,235 | $ | 33,880 | $ | 38,975
Variable lease cost | 4,880 | 4,617 | 5,679
Sublease income | (909) | (223) | (1,383)
Total operating lease expense | $ | 40,206 | $ | 38,274 | $ | 43,271
Other Information: |  |  |
Cash paid for amounts included in the measurement of operating lease liabilities | $ | 36,080 | $ | 37,615 | $ | 44,767
ROU lease assets obtained in exchange for operating lease liabilities (1) | 10,444 | 22,989 | 27,897
Weighted-average remaining lease term (in years) | 7.08 | 7.46 | 7.72
Weighted-average discount rate | 3.20 | % | 2.96 | % | 2.65 | %
(1)Excludes $0.5 million of ROU lease assets acquired from Ametros for the year ended December 31, 2024, and $100.0 million of ROU lease assets acquired from Sterling for the year ended December 31, 2022.
Summary of Undiscounted Future Lease Payments | The following table reconciles undiscounted future lease payments to total operating lease liabilities:
(In thousands) | At December 31, 2024 |
2025 | $ | 33,221 |
2026 | 36,103 |
2027 | 31,516 |
2028 | 27,780 |
2029 | 23,408 |
Thereafter | 64,338 |
Total operating lease payments | 216,366 |
Present value adjustment | (23,178) |
Total operating lease liabilities | $ | 193,188 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-4 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6 + Details
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- Definition Tabular disclosure of maturity of undiscounted cash flows to be received on annual basis for sales-type and direct financing leases receivable. Includes, but is not limited to, reconciliation to lease receivable recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479773/842-30-50-10 + Details
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- Definition Tabular disclosure of the components of the investment in leveraged leases. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 840 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481161/840-30-50-5 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 50 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479711/842-50-50-1 + Details
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