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Leases | 6 Months Ended
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Jun. 30, 2024
Leases [Abstract] |
Leases | LEASES Operating Leases as a Lessee Our lease expense is a component of "Occupancy expense" on our condensed consolidated statements of earnings. The following table presents the components of lease expense for the periods indicated:
| Three Months Ended |  | Six Months Ended
| June 30, |  | June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
| (In thousands)
Operating lease expense: |  |  |  |  |  |  |
Fixed costs | $ | 8,927 |  |  | $ | 8,421 |  |  | $ | 18,362 |  |  | $ | 16,169 |
Variable costs | 100 |  |  | 30 |  |  | 148 |  |  | 65 |
Short-term lease costs | 74 |  |  | 265 |  |  | 140 |  |  | 622 |
Sublease income | (1,321) |  |  | (533) |  |  | (2,517) |  |  | (1,245) |
Net lease expense | $ | 7,780 |  |  | $ | 8,183 |  |  | $ | 16,133 |  |  | $ | 15,611 |
The following table presents supplemental cash flow information related to leases for the periods indicated:
| Six Months Ended
| June 30,
| 2024 |  | 2023
| (In thousands)
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows from operating leases | $ | 16,926 |  |  | $ | 18,247 |
ROU assets obtained in exchange for lease obligations: |  |  |
Operating leases | $ | 2,527 |  |  | $ | 9,706 |
The following table presents supplemental balance sheet and other information related to operating leases as of the dates indicated:
| June 30, |  | December 31,
| 2024 |  | 2023
| (Dollars in thousands)
Operating leases: |  |  |
Operating lease right-of-use assets, net | $ | 113,858 |  |  | $ | 133,126 |
Operating lease liabilities | $ | 144,908 |  |  | $ | 161,308 |
Weighted average remaining lease term (in years) | 6.0 |  | 6.1
Weighted average discount rate | 3.48 | % |  | 3.40 | %
The following table presents the maturities of operating lease liabilities as of the date indicated:
| June 30, 2024
| (In thousands)
Period ending December 31, |
2024 | $ | 19,478 |
2025 | 34,815 |
2026 | 28,412 |
2027 | 20,690 |
2028 | 16,541 |
Thereafter | 41,537 |
Total operating lease liabilities | 161,473 |
Less: Imputed interest | (16,565) |
Present value of operating lease liabilities | $ | 144,908 |
Operating Leases as a Lessor We provide equipment financing to our customers through operating leases where we facilitate the purchase of equipment leased to our customers. The equipment is shown on the condensed consolidated balance sheets as "Equipment leased to others under operating leases" and is depreciated to its estimated residual value at the end of the lease term, shown as "Leased equipment depreciation" in the condensed consolidated statements of earnings, according to our fixed asset accounting policy. We receive periodic rental income payments under the leases, which are recorded as "Noninterest Income" in the condensed consolidated statements of earnings (loss). The equipment is tested periodically for impairment. No impairment was recorded on "Equipment leased to others under operating leases" during the six months ended June 30, 2024 and 2023. The following table presents the rental payments to be received on operating leases as of the date indicated:
| June 30, 2024
| (In thousands)
Year Ending December 31, |
2024 | $ | 21,049 |
2025 | 40,606 |
2026 | 36,111 |
2027 | 29,145 |
2028 | 25,020 |
Thereafter | 68,751 |
Total undiscounted cash flows | $ | 220,682 |

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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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