XML 47 R32.htm IDEA: XBRL DOCUMENT
v3.22.4

Leases | 12 Months Ended
--- | ---
Dec. 31, 2022
Leases [Abstract] |
Leases | Leases (In Thousands) The Company enters into leases in both lessor and lessee capacities. Lessor Arrangements As of December 31, 2022 and 2021, the net investment in these leases was $44,049 and $24,979, comprised of $37,301 and $19,646 in lease receivables, $12,875 and $8,323 in residual balances and $6,127 and $2,990 in deferred income, respectively. In order to mitigate potential exposure to residual asset risk, the Company utilizes first amendment or terminal rental adjustment clause leases. For the twelve months ended December 31, 2022 and 2021, the Company generated $903 and $698 in income from these leases, respectively, which is included in interest income on loans on the Consolidated Statements of Income. The maturities of the lessor arrangements outstanding at December 31, 2022 is presented in the table below.
2023 | $ | 476 |
2024 | 810 |
2025 | 995 |
2026 | 1,254 |
2027 | 8,289 |
Thereafter | 32,225 |
Total lease receivables | $ | 44,049 |
Lessee Arrangements As of December 31, 2022 and 2021, right-of-use assets totaled $54,930 and $63,547 and lease liabilities totaled $57,369 and $67,067, respectively. The table below provides the components of lease cost and supplemental information for the periods presented.
| Year ended December 31,
| 2022 |  | 2021
Operating lease cost (cost resulting from lease payments) | $ | 7,847 |  |  | $ | 8,868 |
Short-term lease cost | 29 |  |  | 93 |
Variable lease cost (cost excluded from lease payments) | 1,056 |  |  | 1,195 |
Sublease income | (624) |  |  | (658) |
Net lease cost | $ | 8,308 |  |  | $ | 9,498 |
Operating lease - operating cash flows (fixed payments) | 9,528 |  |  | 8,666 |
Operating lease - operating cash flows (liability reduction) | 7,789 |  |  | 6,640 |
Weighted average lease term - operating leases (in years) (at period end) | 17.96 |  | 17.25
Weighted average discount rate - operating leases (at period end) | 3.02 | % |  | 3.01 | %
Right-of-use assets obtained in exchange for new lease liabilities - operating leases | $ | 3,475 |  |  | $ | 8,142 |
The maturities of the lessee arrangements outstanding at December 31, 2022 are presented in the table below.
2023 | $ | 7,342 |
2024 | 6,320 |
2025 | 5,207 |
2026 | 4,758 |
2027 | 4,156 |
Thereafter | 48,292 |
Total undiscounted cash flows | 76,075 |
Discount on cash flows | 18,706 |
Total operating lease liabilities | $ | 57,369 |
Rental expense was $7,623, $8,298, and $10,044 for 2022, 2021, and 2020, respectively. For more information on lease accounting, see Note 1, “Significant Accounting Policies” and on lease financing receivables, see Note 3, “Loans.”
Leases | Leases (In Thousands) The Company enters into leases in both lessor and lessee capacities. Lessor Arrangements As of December 31, 2022 and 2021, the net investment in these leases was $44,049 and $24,979, comprised of $37,301 and $19,646 in lease receivables, $12,875 and $8,323 in residual balances and $6,127 and $2,990 in deferred income, respectively. In order to mitigate potential exposure to residual asset risk, the Company utilizes first amendment or terminal rental adjustment clause leases. For the twelve months ended December 31, 2022 and 2021, the Company generated $903 and $698 in income from these leases, respectively, which is included in interest income on loans on the Consolidated Statements of Income. The maturities of the lessor arrangements outstanding at December 31, 2022 is presented in the table below.
2023 | $ | 476 |
2024 | 810 |
2025 | 995 |
2026 | 1,254 |
2027 | 8,289 |
Thereafter | 32,225 |
Total lease receivables | $ | 44,049 |
Lessee Arrangements As of December 31, 2022 and 2021, right-of-use assets totaled $54,930 and $63,547 and lease liabilities totaled $57,369 and $67,067, respectively. The table below provides the components of lease cost and supplemental information for the periods presented.
| Year ended December 31,
| 2022 |  | 2021
Operating lease cost (cost resulting from lease payments) | $ | 7,847 |  |  | $ | 8,868 |
Short-term lease cost | 29 |  |  | 93 |
Variable lease cost (cost excluded from lease payments) | 1,056 |  |  | 1,195 |
Sublease income | (624) |  |  | (658) |
Net lease cost | $ | 8,308 |  |  | $ | 9,498 |
Operating lease - operating cash flows (fixed payments) | 9,528 |  |  | 8,666 |
Operating lease - operating cash flows (liability reduction) | 7,789 |  |  | 6,640 |
Weighted average lease term - operating leases (in years) (at period end) | 17.96 |  | 17.25
Weighted average discount rate - operating leases (at period end) | 3.02 | % |  | 3.01 | %
Right-of-use assets obtained in exchange for new lease liabilities - operating leases | $ | 3,475 |  |  | $ | 8,142 |
The maturities of the lessee arrangements outstanding at December 31, 2022 are presented in the table below.
2023 | $ | 7,342 |
2024 | 6,320 |
2025 | 5,207 |
2026 | 4,758 |
2027 | 4,156 |
Thereafter | 48,292 |
Total undiscounted cash flows | 76,075 |
Discount on cash flows | 18,706 |
Total operating lease liabilities | $ | 57,369 |
Rental expense was $7,623, $8,298, and $10,044 for 2022, 2021, and 2020, respectively. For more information on lease accounting, see Note 1, “Significant Accounting Policies” and on lease financing receivables, see Note 3, “Loans.”

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 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 -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for lessor's operating leases. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 30 -URI https://asc.fasb.org/subtopic&trid=77888252 + Details
Name: | us-gaap_OperatingLeasesOfLessorDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration