Leases (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Right-of-Use Assets and Lease Liabilities

The following table represents the consolidated statements of condition classification of the Company’s ROU assets and lease liabilities. The Company elected not to include short-term leases (i.e., leases with initial terms of twelve months or less), or equipment leases (deemed immaterial) on the consolidated statements of condition.

(dollars in thousands)		December 31, 2021		December 31, 2020
Lease Right-of-Use Assets	Classification
Operating lease right-of-use assets	Operating Lease Right-of-Use Assets	$	95,621	$	99,542
Finance lease right-of-use assets	Premises and Equipment, Net		2,232		2,304
Total Lease Right-of-Use Assets		$	97,853	$	101,846

Lease Liabilities
Operating lease liabilities	Operating Lease Liabilities	$	103,210	$	107,412
Finance lease liabilities	Other Debt		10,391		10,481
Total Lease Liabilities		$	113,601	$	117,893

Schedule of Lease Cost and Other Information

For the Company’s only finance lease, the Company utilized its incremental borrowing rate at lease inception.

	December 31, 2021			December 31, 2020
Weighted-Average Remaining Lease Term
Operating leases	16.4 years			17.0 years
Finance leases	31.0 years			32.0 years
Weighted-Average Discount Rate
Operating leases		3.57	%		3.61	%
Finance leases		7.04	%		7.04	%

The following table represents lease costs and other lease information. As the Company elected, for all classes of underlying assets, not to separate lease and non-lease components and instead to account for them as a single lease component, the variable lease cost primarily represents variable payments such as common area maintenance and utilities. Variable lease cost also includes payments for ATM location leases in which payments are based on a percentage of ATM transactions (i.e., ATM surcharge fees), rather than a fixed amount.

(dollars in thousands)	2021			2020
Lease Costs
Operating lease cost	$	11,493		$	12,281
Variable lease cost		2,954			5,549
Short-term lease cost		407			587
Interest on lease liabilities ¹		735			741
Amortization of right-of-use assets		72			72
Sublease income		(7,452	)		(7,804	)
Net Lease Costs	$	8,209		$	11,426

Other Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	13,741		$	12,349
Operating cash flows from finance leases		735			741
Financing cash flows from finance leases		90			84
Right-of-use assets obtained in exchange for new operating lease liabilities		12,207			11,185

¹	Included in other debt interest expense in the Company’s consolidated statements of income. All other lease costs in this table are included in net occupancy expense.

Future Minimum Payments for Finance Leases and Operating Leases

Future minimum payments for finance leases and operating leases with initial or remaining terms of one year or more as of December 31, 2021, were as follows:

(dollars in thousands)	Finance Leases			Operating Leases
2022	$	825		$	11,100
2023		825			10,298
2024		825			9,430
2025		825			8,852
2026		825			7,618
Thereafter		21,455			92,849
Total Future Minimum Lease Payments		25,580			140,147
Amounts Representing Interest		(15,189	)		(36,937	)
Present Value of Net Future Minimum Lease Payments	$	10,391		$	103,210

Future Minimum Rental Income under Operating Leases Including Subleases

Future minimum rental income under operating leases, including subleases, as of December 31, 2021, were as follows:

(dollars in thousands)	Minimum Rental Income
2022	$	5,807
2023		4,382
2024		2,829
2025		1,919
2026		1,232
Thereafter		3,635
Total	$	19,804