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Leases (Tables) | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
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, 2024 |  |  | December 31, 2023 |
Lease Right-of-Use Assets |  | Classification |  |  |  |  |  |
Operating Lease Right-of-Use Assets |  | Operating Lease Right-of-Use Assets |  | $ | 80,165 |  |  | $ | 86,110 |
Finance Lease Right-of-Use Assets |  | Premises and Equipment, Net |  |  | 551 |  |  |  | 2,088 |
Total Lease Right-of-Use Assets |  |  |  | $ | 80,716 |  |  | $ | 88,198 |
Lease Liabilities |  |  |  |  |  |  |  |
Operating Lease Liabilities |  | Operating Lease Liabilities |  | $ | 88,794 |  |  | $ | 94,693 |
Finance Lease Liabilities |  | Other Debt |  |  | 8,274 |  |  |  | 10,190 |
Total Lease Liabilities |  |  |  | $ | 97,068 |  |  | $ | 104,883 |
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, 2024 |  | December 31, 2023
Weighted-Average Remaining Lease Term |  |  |
Operating Leases |  | 13.8 years |  | 14.7 years
Finance Leases |  | 28.0 years |  | 29.0 years
Weighted-Average Discount Rate |  |  |  |
Operating Leases |  | 3.62% |  | 3.59%
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) |  | 2024 |  |  | 2023 |  |  | 2022 |
Lease Costs |  |  |  |  |  |  |  |  |
Operating Lease Cost |  | $ | 11,469 |  |  | $ | 11,667 |  |  | $ | 11,843 |
Variable Lease Cost |  |  | 3,808 |  |  |  | 3,497 |  |  |  | 3,305 |
Short-Term Lease Cost |  |  | 478 |  |  |  | 226 |  |  |  | 328 |
Interest on Lease Liabilities 1 |  |  | 671 |  |  |  | 721 |  |  |  | 728 |
Amortization of Right-of-Use Assets |  |  | 55 |  |  |  | 72 |  |  |  | 72 |
Revaluation of lease liability |  |  | (330 | ) |  |  | — |  |  |  | — |
Sublease Income |  |  | (6,105 | ) |  |  | (7,201 | ) |  |  | (7,147 | )
Net Lease Costs |  | $ | 10,046 |  |  | $ | 8,982 |  |  | $ | 9,129 |
Other Information |  |  |  |  |  |  |  |  |
Cash Paid for Amounts Included in the Measurement of Lease Liabilities: |  |  |  |  |  |  |  |  |
Operating Cash Flows for Operating Leases |  | $ | 12,368 |  |  | $ | 11,561 |  |  | $ | 11,502 |
Operating Cash Flows for Finance Leases |  |  | 671 |  |  |  | 721 |  |  |  | 728 |
Financing Cash Flows for Finance Leases |  |  | 105 |  |  |  | 104 |  |  |  | 97 |
Non-Cash Operating Activities: |  |  |  |  |  |  |  |  |
Right-of-Use Assets Obtained in Exchange for New Operating Lease Liabilities |  |  | 3,244 |  |  |  | 2,477 |  |  |  | 10,804 |
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, 2024, were as follows:
(dollars in thousands) |  | Finance Leases |  |  | Operating Leases |
2025 |  | $ | 677 |  |  | $ | 11,529 |
2026 |  |  | 677 |  |  |  | 10,458 |
2027 |  |  | 677 |  |  |  | 9,478 |
2028 |  |  | 677 |  |  |  | 8,865 |
2029 |  |  | 677 |  |  |  | 8,115 |
Thereafter |  |  | 15,581 |  |  |  | 73,459 |
Total Future Minimum Lease Payments |  |  | 18,966 |  |  |  | 121,904 |
Amounts Representing Interest |  |  | (10,692 | ) |  |  | (33,110 | )
Present Value of Net Future Minimum Lease Payments |  | $ | 8,274 |  |  | $ | 88,794 |
Future Minimum Rental Income under Operating Leases Including Subleases | Future minimum rental income under operating leases, including subleases, as of December 31, 2024, were as follows:
(dollars in thousands) |  | Minimum Rental Income |
2025 |  | $ | 4,916 |
2026 |  |  | 4,076 |
2027 |  |  | 2,899 |
2028 |  |  | 2,358 |
2029 |  |  | 881 |
Thereafter |  |  | 2,168 |
Total |  | $ | 17,298 |

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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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- Definition Tabular disclosure of maturity of undiscounted cash flows to be received on annual basis for sales-type and direct financing leases receivable. Includes, but is not limited to, reconciliation to lease receivable recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479773/842-30-50-10 + Details
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