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Leases | 6 Months Ended
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Jun. 30, 2023
Leases [Abstract] |
Leases | Leases The following table represents the consolidated statements of financial condition classification of the Company’s right-of use-assets and lease liabilities at June 30, 2023 and December 31, 2021 (in thousands):
|  | Classification |  | June 30, 2023 |  | December 31, 2022
Lease Right-of-Use Assets: |  |  |  |  |  |
Operating lease right-of-use assets |  | Other assets |  | $ | 60,749 |  |  | 60,577 |
Lease Liabilities: |  |  |  |  |  |
Operating lease liabilities |  | Other liabilities |  | $ | 63,916 |  |  | 63,372 |
The calculated amount of the right-of-use assets and lease liabilities in the table above are impacted by the length of the lease term and the discount rate used to present value the minimum lease payments. The Company’s lease agreements often include one or more options to renew at the Company’s discretion. If at lease inception the Company considers the exercising of a renewal option to be reasonably certain, the Company will include the extended term in the calculation of the right-of-use asset and lease liability. Regarding the discount rate, Topic 842 requires the use of the rate implicit in the lease whenever this rate is readily determinable. As this rate is rarely determinable, the Company utilizes its incremental borrowing rate at lease inception based upon the term of the lease. For operating leases existing prior to January 1, 2019, the rate for the remaining lease term as of January 1, 2019 was applied. All of the leases in which the Company is the lessee are classified as operating leases and are primarily comprised of real estate properties for branches and administrative offices with terms extending through 2040. At June 30, 2023, the weighted-average remaining lease term and the weighted-average discount rate for the Company's operating leases were 8.3 years and 2.71%, respectively. The following tables represent lease costs and other lease information for the Company's operating leases. The variable lease cost primarily represents variable payments such as common area maintenance and utilities (in thousands):
|  | Three months ended June 30, 2023 |  | Three months ended June 30, 2022
Lease Costs |  |  |
Operating lease cost |  | $ | 2,629 |  |  | 2,586 |
Variable lease cost |  | 842 |  |  | 718 |
Total lease cost |  | $ | 3,471 |  |  | 3,304 |
|  | Six months ended June 30, 2023 |  | Six months ended June 30, 2022
Lease Costs |  |  |
Operating lease cost |  | $ | 5,257 |  |  | 5,393 |
Variable lease cost |  | 1,722 |  |  | 1,436 |
Total lease cost |  | $ | 6,979 |  |  | 6,829 |
Cash paid for amounts included in the measurement of lease liabilities: |  | Six months ended June 30, 2023 |  | Six months ended June 30, 2022
Operating cash flows from operating leases |  | $ | 4,776 |  |  | 4,060 |
Future minimum payments for operating leases with initial or remaining terms of one year or more as of June 30, 2023, were as follows (in thousands):
|  | Operating leases
Twelve months ended: |
Remainder of 2022 |  | $ | 5,094 |
2023 |  | 9,971 |
2024 |  | 9,488 |
2025 |  | 8,518 |
2026 |  | 7,667 |
Thereafter |  | 30,707 |
Total future minimum lease payments | 71,445 |
Amounts representing interest |  | 7,529 |
Present value of net future minimum lease payments | $ | 63,916 |
Leases | Leases The following table represents the consolidated statements of financial condition classification of the Company’s right-of use-assets and lease liabilities at June 30, 2023 and December 31, 2021 (in thousands):
|  | Classification |  | June 30, 2023 |  | December 31, 2022
Lease Right-of-Use Assets: |  |  |  |  |  |
Operating lease right-of-use assets |  | Other assets |  | $ | 60,749 |  |  | 60,577 |
Lease Liabilities: |  |  |  |  |  |
Operating lease liabilities |  | Other liabilities |  | $ | 63,916 |  |  | 63,372 |
The calculated amount of the right-of-use assets and lease liabilities in the table above are impacted by the length of the lease term and the discount rate used to present value the minimum lease payments. The Company’s lease agreements often include one or more options to renew at the Company’s discretion. If at lease inception the Company considers the exercising of a renewal option to be reasonably certain, the Company will include the extended term in the calculation of the right-of-use asset and lease liability. Regarding the discount rate, Topic 842 requires the use of the rate implicit in the lease whenever this rate is readily determinable. As this rate is rarely determinable, the Company utilizes its incremental borrowing rate at lease inception based upon the term of the lease. For operating leases existing prior to January 1, 2019, the rate for the remaining lease term as of January 1, 2019 was applied. All of the leases in which the Company is the lessee are classified as operating leases and are primarily comprised of real estate properties for branches and administrative offices with terms extending through 2040. At June 30, 2023, the weighted-average remaining lease term and the weighted-average discount rate for the Company's operating leases were 8.3 years and 2.71%, respectively. The following tables represent lease costs and other lease information for the Company's operating leases. The variable lease cost primarily represents variable payments such as common area maintenance and utilities (in thousands):
|  | Three months ended June 30, 2023 |  | Three months ended June 30, 2022
Lease Costs |  |  |
Operating lease cost |  | $ | 2,629 |  |  | 2,586 |
Variable lease cost |  | 842 |  |  | 718 |
Total lease cost |  | $ | 3,471 |  |  | 3,304 |
|  | Six months ended June 30, 2023 |  | Six months ended June 30, 2022
Lease Costs |  |  |
Operating lease cost |  | $ | 5,257 |  |  | 5,393 |
Variable lease cost |  | 1,722 |  |  | 1,436 |
Total lease cost |  | $ | 6,979 |  |  | 6,829 |
Cash paid for amounts included in the measurement of lease liabilities: |  | Six months ended June 30, 2023 |  | Six months ended June 30, 2022
Operating cash flows from operating leases |  | $ | 4,776 |  |  | 4,060 |
Future minimum payments for operating leases with initial or remaining terms of one year or more as of June 30, 2023, were as follows (in thousands):
|  | Operating leases
Twelve months ended: |
Remainder of 2022 |  | $ | 5,094 |
2023 |  | 9,971 |
2024 |  | 9,488 |
2025 |  | 8,518 |
2026 |  | 7,667 |
Thereafter |  | 30,707 |
Total future minimum lease payments | 71,445 |
Amounts representing interest |  | 7,529 |
Present value of net future minimum lease payments | $ | 63,916 |

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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