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LEASES (Tables) | 9 Months Ended
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Sep. 30, 2024
Leases [Abstract] |
Schedule of Lease Cost | The components of operating lease cost were as follows:
|  | Three months ended |  | Nine months ended
(Dollars in thousands) |  | September 30, 2024 |  | September 30, 2023 |  | September 30, 2024 |  | September 30, 2023
Operating lease cost (1) |  | $ | 4,308 |  |  | $ | 3,077 |  |  | $ | 12,732 |  |  | $ | 12,593 |
Sublease income |  | (30) |  |  | (37) |  |  | (90) |  |  | (118) |
Net lease cost |  | $ | 4,278 |  |  | $ | 3,040 |  |  | $ | 12,642 |  |  | $ | 12,475 |
(1)Includes variable lease cost and short-term lease cost.
Schedule of Balance Sheet Information | Supplemental information related to operating leases was as follows:
(Dollars in thousands) |  | September 30, 2024 |  | December 31, 2023
Right-of-use assets |  | $ | 134,342 |  |  | $ | 130,601 |
Lease liabilities |  | $ | 157,309 |  |  | $ | 151,596 |
Lease term and discount rate |  |  |  |
Weighted average remaining lease term (in years) |  | 12.73 |  | 13.01
Weighted average discount rate |  | 5.26 | % |  | 5.20 | %
Schedule of Lease Maturities | Maturities of operating lease liabilities were as follows:
(Dollars in thousands) |  | September 30, 2024
Remaining in 2024 |  | $ | 4,721 |
2025 |  | 18,730 |
2026 |  | 17,985 |
2027 |  | 16,584 |
2028 |  | 16,601 |
After 2028 |  | 145,256 |
Total lease payments |  | 219,877 |
Less: Interest |  | (62,568) |
Present value of lease liabilities |  | $ | 157,309 |
Schedule of Supplemental Cash Flow Information | Supplemental cash flow information related to operating leases was as follows:
|  | Three months ended |  | Nine months ended
(Dollars in thousands) |  | September 30, 2024 |  | September 30, 2023 |  | September 30, 2024 |  | September 30, 2023
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 4,999 |  |  | $ | 4,041 |  |  | $ | 14,482 |  |  | $ | 14,235 |
Schedule of Direct Financing Leases | The components of direct finance lease income are summarized in the table below:
|  | Three months ended |  | Nine months ended
(Dollars in thousands) |  | September 30, 2024 |  | September 30, 2023 |  | September 30, 2024 |  | September 30, 2023
Direct financing leases: |  |  |  |  |  |  |  |
Interest income on lease receivable |  | $ | 16,051 |  |  | $ | 13,682 |  |  | $ | 46,665 |  |  | $ | 39,200 |
Interest income on deferred fees and costs, net |  | (2,034) |  |  | (1,643) |  |  | (5,715) |  |  | (4,479) |
Total direct financing lease net interest income |  | $ | 14,017 |  |  | $ | 12,039 |  |  | $ | 40,950 |  |  | $ | 34,721 |
Equipment leasing receivables relate to direct financing leases. The composition of the net investment in direct financing leases was as follows:
(Dollars in thousands) |  | September 30, 2024 |  | December 31, 2023
Lease receivables |  | $ | 747,886 |  |  | $ | 721,338 |
Unearned income |  | (122,591) |  |  | (114,341) |
Deferred fees and costs |  | 20,126 |  |  | 16,625 |
Net investment in direct financing leases |  | $ | 645,421 |  |  | $ | 623,622 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-4 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6 + Details
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