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Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Lease Cost and Supplemental Information
The following table presents the components of lease expense, which is included in net occupancy expense on the consolidated statements of income (dollars in thousands):
202420232022
Operating lease expense$27,893 $19,372 $17,766 
Variable lease expense3,147 3,160 3,017
Sublease income(1,224)(1,111)(964)
Total lease expense$29,816 $21,421 $19,819 
Supplemental cash flow information related to operating leases was as follows (dollars in thousands):
20242023
Cash paid for amounts included in the measurement of lease liabilities$25,161 $20,898 
ROU assets obtained in exchange for lease obligations78,278 20,184 
Supplemental Balance Sheet Information
Supplemental consolidated balance sheet information related to leases was as follows as of December 31 (dollars in thousands):
Operating LeasesBalance Sheet Classification20242023
ROU assetsOther assets$140,997 $88,188 
Lease liabilitiesOther liabilities$154,176 $95,230 
Weighted average remaining lease term9.30 years6.48 years
Weighted average discount rate5.51 %3.34 %
Lease Payment Obligations
Lease payment obligations for each of the next five years and thereafter, with a reconciliation to the Corporation's lease liability were as follows (dollars in thousands):
YearOperating Leases
2025$27,122 
202625,744 
202723,464 
202820,254 
202916,669
Thereafter91,077 
Total lease payments204,330 
Less: imputed interest(50,154)
Present value of lease liabilities$154,176 
On May 10, 2024, the Bank and Fulton Financial Realty Company, a wholly owned subsidiary of the Corporation, entered into the Sale-Leaseback Transaction for 40 financial center office locations for an aggregate cash purchase price of $55.4 million. The Bank entered into a lease for each of the locations sold in the Sale-Leaseback Transaction for an initial term of 15 years, with the option to extend the term of each for up to three successive terms of up to five years each. During the initial lease terms, the base rental amount will increase annually at a rate of 2.25%. The Corporation recorded a pre-tax gain, after deduction of transaction-related expenses, of approximately $20.3 million in connection with the Sale-Leaseback Transaction. The properties are located in Pennsylvania, New Jersey, Delaware, and Maryland.