XML 46 R24.htm IDEA: XBRL DOCUMENT
v3.24.3

Leases | 9 Months Ended
--- | ---
Sep. 30, 2024
Leases [Abstract] |
Leases | Leases The Corporation has operating leases for retail and corporate offices, land, and equipment. The Corporation also has a finance lease for retail and corporate offices. These leases have original terms of 1 year or longer with remaining maturities up to 38 years, some of which include options to extend the lease term. An analysis of the lease options has been completed and any purchase options or optional periods that the Corporation is reasonably likely to extend have been included in the capitalization. The discount rate used to capitalize the operating leases is the FHLB borrowing rate on the date of lease commencement. When determining the rate to discount specific lease obligations, the repayment period and term are considered. Operating and finance lease costs and cash flows resulting from these leases are presented below:
| Three Months Ended Sep 30, | Nine Months Ended Sep 30,
($ in thousands) | 2024 | 2023 | 2024 | 2023
Operating lease costs | $ | 1,631 |  | $ | 1,594 |  | $ | 4,727 |  | $ | 4,536 |
Finance lease costs | 23 |  | 23 |  | 68 |  | 69 |
Operating lease cash flows | 1,795 |  | 1,917 |  | 5,027 |  | 5,442 |
Finance lease cash flows | 23 |  | 23 |  | 69 |  | 69 |
The right-of-use asset and lease liability by lease classifications on the consolidated balance sheets were as follows:
($ in thousands) | Consolidated Balance Sheets Category | Sep 30, 2024 | Dec 31, 2023
Operating lease right-of-use asset | Premises and equipment | $ | 28,425 |  | $ | 24,712 |
Finance lease right-of-use asset | Other assets | 303 |  | 368 |
Operating lease liability | Accrued expenses and other liabilities | 30,723 |  | 27,311 |
Finance lease liability | Other long-term funding | 317 |  | 383 |
The lease payment obligations, weighted-average remaining lease term, and weighted-average original discount rate were as follows:
| Sep 30, 2024 | Dec 31, 2023
($ in thousands) | Lease Payments | Weighted-average Lease Term (in years) | Weighted-average Discount Rate | Lease Payments | Weighted-average Lease Term (in years) | Weighted-average Discount Rate
Operating leases |  |  |  |  |  |
Retail and corporate offices | $ | 31,317 |  | 6.51 | 3.65 | % | $ | 25,729 |  | 5.76 | 3.12 | %
Land | 3,435 |  | 6.69 | 3.51 | % | 4,050 |  | 6.98 | 3.48 | %
Equipment | 204 |  | 1.75 | 4.62 | % | 408 |  | 2.50 | 4.62 | %
Total operating leases | $ | 34,955 |  | 6.50 | 3.64 | % | $ | 30,187 |  | 5.88 | 3.19 | %
Finance leases |  |  |  |  |  |
Retail and corporate offices | $ | 324 |  | 3.50 | 1.32 | % | $ | 394 |  | 4.25 | 1.32 | %
Total finance leases | $ | 324 |  | 3.50 | 1.32 | % | $ | 394 |  | 4.25 | 1.32 | %
Contractual lease payment obligations for each of the next five years and thereafter, in addition to a reconciliation to the Corporation’s lease liability, were as follows:
($ in thousands) | Operating Leases | Finance Leases | Total Leases
Three months ended December 31, 2024 | $ | 1,590 |  | $ | 23 |  | $ | 1,613 |
2025 | 6,550 |  | 93 |  | 6,643 |
2026 | 6,062 |  | 93 |  | 6,155 |
2027 | 5,401 |  | 93 |  | 5,493 |
2028 | 4,727 |  | 23 |  | 4,750 |
Beyond 2028 | 10,625 |  | — |  | 10,625 |
Total lease payments | $ | 34,955 |  | $ | 324 |  | $ | 35,279 |
Less: interest | 4,232 |  | 7 |  | 4,239 |
Present value of lease payments | $ | 30,723 |  | $ | 317 |  | $ | 31,040 |
As of September 30, 2024 and December 31, 2023, additional operating leases, primarily retail and corporate offices, that had not yet commenced totaled $6 million and $3 million, respectively. The leases that had not yet commenced as of September 30, 2024 will commence between October 2024 and April 2025 with lease terms of 1 year to 7 years. Rental income generated by the Corporation's leases is included within occupancy expense on the consolidated statements of income.

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_LeasesOfLesseeDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration