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Leases | 9 Months Ended
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Sep. 30, 2024
Leases [Abstract] |
Leases | Note 27 – Leases The Corporation enters in the ordinary course of business into operating and finance leases for land, buildings and equipment. These contracts generally do not include purchase options or residual value guarantees. The remaining lease terms of 0.1 to 30.3 years considers options to extend the leases for up to 20 years. The Corporation identifies leases when it has both the right to obtain substantially all of the economic benefits from the use of the asset and the right to direct the use of the asset. The Corporation recognizes right-of-use assets (“ROU assets”) and lease liabilities related to operating and finance leases in its Consolidated Statements of Financial Condition under the caption of other assets and other liabilities, respectively. Refer to Note 12 and Note 16 to the Consolidated Financial Statements, respectively, for information on the balances of these lease assets and liabilities. The Corporation uses the incremental borrowing rate for purposes of discounting lease payments for operating and finance leases, since it does not have enough information to determine the rates implicit in the leases. The discount rates are based on fixed-rate and fully amortizing borrowing facilities of its banking subsidiaries that are collateralized. For leases held by non-banking subsidiaries, a credit spread is added to this rate based on financing transactions with a similar credit risk profile. The following table presents the undiscounted cash flows of operating and finance leases for each of the following periods: September 30, 2024 (In thousands) Remaining 2024 2025 2026 2027 2028 Later Years Total Lease Payments Less: Imputed Interest Total Operating Leases $ 7,818 $ 28,553 $ 20,088 $ 14,681 $ 12,221 40,309 $ 123,670 $ (15,505) $ 108,165 Finance Leases 1,156 4,692 4,462 3,105 2,432 10,908 26,755 (2,962) 23,793 The following table presents the lease cost recognized by the Corporation in the Consolidated Statements of Operations as follows: Quarters ended September 30, Nine months ended September 30, (In thousands) 2024 2023 2024 2023 Finance lease cost: Amortization of ROU assets $ 775 $ 1,071 $ 2,272 $ 2,966 Interest on lease liabilities 239 219 702 749 Operating lease cost 7,626 7,924 22,964 23,578 Short-term lease cost 123 101 359 322 Variable lease cost 69 49 208 150 Sublease income (20) (20) (61) (46) Total lease cost [1] $ 8,812 $ 9,344 $ 26,444 $ 27,719 [1] Total lease cost is recognized as part of net occupancy expense, except for the net gain recognized from sale and leaseback transactions which was included as part of other operating income. The following table presents supplemental cash flow information and other related information related to operating and finance leases. Nine months ended September 30,2024 (Dollars in thousands) 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 23,500 $ 23,218 Operating cash flows from finance leases 702 749 Financing cash flows from finance leases 2,717 3,557 ROU assets obtained in exchange for new lease obligations: Operating leases $ 1,618 $ 4,864 Finance leases 732 1,796 Weighted-average remaining lease term: Operating leases 7.2 years 7.3 years Finance leases 8.2 years 7.8 years Weighted-average discount rate: Operating leases 3.3 % 3.2 % Finance leases 3.7 % 3.8 % As of September 30, 2024, the Corporation had additional operating leases contracts that have not yet commenced with an undiscounted contract amount of $ 3.9 million, which will have lease terms ranging from 10 to 20 years.

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 840 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//840/tableOfContent + Details
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