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OPERATING LEASES | 12 Months Ended
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Dec. 31, 2024
OPERATING LEASES [Abstract] |
OPERATING LEASES | NOTE 21 – OPERATING LEASES The Corporation accounts for its leases in accordance with ASC 842 “Leases” (“ASC Topic 842). The Corporation’s operating leases are primarily related to the Corporation’s branches. Our leases mainly have terms ranging from two years to 20 years , some of which include options to extend the leases for up to ten years . Liabilities to make future lease payments are recorded in accounts payable and other liabilities, while ROU assets are recorded in other assets in the Corporation’s consolidated statements of financial condition. As of December 31, 2024 and 2023, the Corporation did not classify any of its leases as a finance lease. Operating lease cost for the year ended December 31, 2024 amounted to $ 18.1 million (2023 - $ 17.3 million; 2022 - $ 18.4 million), and is recorded in occupancy and equipment in the consolidated statements of income. Supplemental balance sheet information related to leases was as follows as of the indicated dates: As of December 31, 2024 2023 (Dollars in thousands) ROU asset $ 63,159 $ 68,495 Operating lease liability $ 65,801 $ 71,419 Operating lease weighted-average remaining lease term (in years) 7.4 7.0 Operating lease weighted-average discount rate 3.11% 2.63% Generally, the Corporation cannot practically determine the interest rate implicit in the lease. Therefore, the Corporation uses its incremental borrowing rate as the discount rate for the lease. See Note 1 – “Nature of Business and Summary of Significant Accounting Policies” for information on how the Corporation determines its incremental borrowing rate. Supplemental cash flow information related to leases was as follows: Year Ended December 31, 2024 2023 2022 (In thousands) Operating cash flow from operating leases (1) $ 17,541 $ 17,307 $ 18,202 ROU assets obtained in exchange for operating lease liabilities (2) (3) $ 10,492 $ 4,960 $ 5,744 (1) Represents cash paid for amounts included in the measurement of operating lease liabilities. (2) Represents non-cash activity and, accordingly, is not reflected in the consolidated statements of cash flows. (3) For the years ended December 31, 2024, 2023, and 2022 excludes $ 0.5 million, $ 0.1 million, and $ 3.0 million, respectively, of lease terminations. Maturities under operating lease liabilities as of December 31, 2024, were as follows: Amount (In thousands) 2025 $ 17,465 2026 16,509 2027 8,508 2028 7,277 2029 5,575 2030 and later years 19,672 Total lease payments 75,006 Less: imputed interest (9,205) Total present value of lease liability $ 65,801

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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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