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Leases | 3 Months Ended
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Mar. 31, 2024
Leases [Abstract] |
Leases | 15. Leases The Company leases land and office facilities under long-term, non-cancelable operating lease agreements. The leases expire at various dates through 2044 and do not include renewal options based on economic factors that would have implied that continuation of the lease was reasonably certain. Certain leases provide for increases in future minimum annual rental payments as defined in the lease agreements. The leases generally include real estate taxes and common area maintenance charges in the rental payments. Short-term leases are leases having a term of twelve months or less. The Company does not separate nonlease components from the associated lease component of our operating leases. As a result, the Company accounts for these components as a single component since (i) the timing and pattern of transfer of the nonlease components and the associated lease component are the same and (ii) the lease component, if accounted for separately, would be classified as an operating lease. The Company recognizes short term leases on a straight-line basis and does not record a related right-of-use ("ROU") asset and liability for such leases. In addition, equipment leases were determined to be immaterial and a related ROU asset and liability for such leases is not recorded. As of March 31, 2024, the balances of the ROU asset and lease liability were $40.6 million and $43.3 million, respectively. As of December 31, 2023, the balances of the ROU asset and lease liability were $42.2 million and $45.0 million, respectively. The ROU asset is included in bank premises and equipment, net, and the lease liability is included in accrued interest payable and other liabilities. The minimum rental commitments under these noncancelable operating leases are as follows (in thousands) as of March 31, 2024 and December 31, 2023:
| March 31, 2024 |  | December 31, 2023
2024 | $ | 7,018 |  |  | $ | 9,373 |
2025 | 8,566 |  |  | 8,549 |
2026 | 8,115 |  |  | 8,111 |
2027 | 7,227 |  |  | 7,223 |
2028 | 5,496 |  |  | 5,496 |
Thereafter | 19,827 |  |  | 19,827 |
Total future minimum lease payments | $ | 56,249 |  |  | $ | 58,579 |
Discount effect of cash flows | (12,903) |  |  | (13,551) |
Present value of net future minimum lease payments | $ | 43,346 |  |  | $ | 45,028 |
Additional information (dollar amounts in thousands):
| For the Three Months Ended |  |
Lease expense: | March 31, 2024 |  | March 31, 2023 |  |  |  |
Operating lease expense | $ | 2,598 |  | $ | 1,955 |  |  |  |
Short-term lease expense | — |  | — |  |  |  |
Variable lease expense | 296 |  | 260 |  |  |  |
Total lease expense | $ | 2,894 |  | $ | 2,215 |  |  |  |
Other information: |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities | $ | 2,710 |  | $ | 2,023 |  |  |  |
Weighted-average remaining lease term (in years) | 7.88 |  | 8.84 |  |  |  |
Weighted-average discount rate | 3.42 | % |  | 3.48 | % |  |  |  |
The Company currently leases three properties from three related parties. Total rent expense from the leases was $35,000, or 1.20% of total lease expense for the three months ended March 31, 2024.

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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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