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Leasing (Tables)
 12 Months Ended
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)20242023
Lease receivables$394,489$347,827
Unguaranteed residual values (1)
63,01460,747
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
2026127,483
202780,011
202867,809
202932,470
Thereafter77,070
Total lease payments receivable513,633
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 Item20242023
ROU lease assets Premises and equipment, net$163,827$183,441
Operating lease liabilitiesAccrued expenses and other liabilities193,188222,439
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)202420232022
Lease Cost:
Operating lease cost$36,235$33,880$38,975
Variable lease cost4,8804,6175,679
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)
10,44422,98927,897
Weighted-average remaining lease term (in years)7.087.467.72
Weighted-average discount rate3.20  %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
202636,103
202731,516
202827,780
202923,408
Thereafter64,338
Total operating lease payments216,366
Present value adjustment(23,178)
Total operating lease liabilities$193,188