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Leases | 12 Months Ended
--- | ---
Dec. 31, 2024
Leases [Abstract] |
Leases | Leases (In Thousands) The Company enters into leases in both lessor and lessee capacities. Lessor Arrangements As of December 31, 2024 and 2023, the net investment in these leases was $30,846 and $42,761, comprised of $26,655 and $34,929 in lease receivables, $7,961 and $13,446 in residual balances and $3,770 and $5,614 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, 2024 and 2023, the Company generated $1,080 and $1,441 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, 2024 is presented in the table below.
2025 | $ | 365 |
2026 | 722 |
2027 | 205 |
2028 | 479 |
2029 | 8,395 |
Thereafter | 20,680 |
Total lease receivables | $ | 30,846 |
Lessee Arrangements As of December 31, 2024 and 2023, right-of-use assets totaled $46,811 and $48,517 and lease liabilities totaled $49,385 and $51,130, respectively. The table below provides the components of lease cost and supplemental information for the periods presented.
| Year ended December 31,
| 2024 |  | 2023
Operating lease cost (cost resulting from lease payments) | $ | 6,705 |  |  | $ | 7,333 |
Short-term lease cost | 51 |  |  | 217 |
Variable lease cost (cost excluded from lease payments) | 960 |  |  | 800 |
Sublease income | (639) |  |  | (551) |
Net lease cost | $ | 7,077 |  |  | $ | 7,799 |
Operating lease - operating cash flows (fixed payments) | 6,714 |  |  | 7,171 |
Operating lease - operating cash flows (liability reduction) | 4,943 |  |  | 5,472 |
Weighted average lease term - operating leases (in years) (at period end) | 18.11 |  | 18.51
Weighted average discount rate - operating leases (at period end) | 3.55 | % |  | 3.49 | %
Right-of-use assets obtained in exchange for new lease liabilities - operating leases | $ | 4,630 |  |  | $ | 3,126 |
The maturities of the lessee arrangements outstanding at December 31, 2024 are presented in the table below.
2025 | $ | 6,186 |
2026 | 5,367 |
2027 | 4,727 |
2028 | 4,494 |
2029 | 4,274 |
Thereafter | 42,294 |
Total undiscounted cash flows | 67,342 |
Discount on cash flows | 17,957 |
Total operating lease liabilities | $ | 49,385 |
Rental expense was $6,136, $6,859, and $7,623 for 2024, 2023, and 2022, 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, 2024 and 2023, the net investment in these leases was $30,846 and $42,761, comprised of $26,655 and $34,929 in lease receivables, $7,961 and $13,446 in residual balances and $3,770 and $5,614 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, 2024 and 2023, the Company generated $1,080 and $1,441 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, 2024 is presented in the table below.
2025 | $ | 365 |
2026 | 722 |
2027 | 205 |
2028 | 479 |
2029 | 8,395 |
Thereafter | 20,680 |
Total lease receivables | $ | 30,846 |
Lessee Arrangements As of December 31, 2024 and 2023, right-of-use assets totaled $46,811 and $48,517 and lease liabilities totaled $49,385 and $51,130, respectively. The table below provides the components of lease cost and supplemental information for the periods presented.
| Year ended December 31,
| 2024 |  | 2023
Operating lease cost (cost resulting from lease payments) | $ | 6,705 |  |  | $ | 7,333 |
Short-term lease cost | 51 |  |  | 217 |
Variable lease cost (cost excluded from lease payments) | 960 |  |  | 800 |
Sublease income | (639) |  |  | (551) |
Net lease cost | $ | 7,077 |  |  | $ | 7,799 |
Operating lease - operating cash flows (fixed payments) | 6,714 |  |  | 7,171 |
Operating lease - operating cash flows (liability reduction) | 4,943 |  |  | 5,472 |
Weighted average lease term - operating leases (in years) (at period end) | 18.11 |  | 18.51
Weighted average discount rate - operating leases (at period end) | 3.55 | % |  | 3.49 | %
Right-of-use assets obtained in exchange for new lease liabilities - operating leases | $ | 4,630 |  |  | $ | 3,126 |
The maturities of the lessee arrangements outstanding at December 31, 2024 are presented in the table below.
2025 | $ | 6,186 |
2026 | 5,367 |
2027 | 4,727 |
2028 | 4,494 |
2029 | 4,274 |
Thereafter | 42,294 |
Total undiscounted cash flows | 67,342 |
Discount on cash flows | 17,957 |
Total operating lease liabilities | $ | 49,385 |
Rental expense was $6,136, $6,859, and $7,623 for 2024, 2023, and 2022, respectively. For more information on lease accounting, see Note 1, “Significant Accounting Policies” and on lease financing receivables, see Note 3, “Loans.”

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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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- Definition The entire disclosure for lessor's operating leases. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-30/tableOfContent + Details
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