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Leases
 12 Months Ended
Dec. 31, 2024
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 as of December 31, 2024 and December 31, 2023 (in thousands):
ClassificationDecember 31, 2024December 31, 2023
Lease Right-of-Use Assets:
Operating lease right-of-use assetsOther assets$62,258 $56,907 
Lease Liabilities:
Operating lease liabilitiesOther liabilities$65,226 $60,039 
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 property for branches and administrative offices with terms extending through 2046.
As of December 31, 2024, the weighted-average remaining lease term and the weighted-average discount rate for the Company's operating leases were 7.3 years and 3.23%, respectively.
The following table represents 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):
Year ended December 31, 2024
Year ended December 31, 2023
Lease Costs
Operating lease cost$13,088 10,495 
Variable lease cost3,057 3,193 
Total Lease Cost$16,145 13,688 

Cash paid for amounts included in the measurement of lease liabilities (in thousands):
Year ended December 31, 2024
Year ended December 31, 2023
Operating cash flows from operating leases$12,818 9,904 
During the year ended December 31, 2024, the Company added 39 new lease obligations related to the Lakeland merger. The Company recorded a $14.7 million right-of-use asset and lease liability for these lease obligations.
Future minimum payments for operating leases with initial or remaining terms of one year or more as of December 31, 2024 were as follows (in thousands):
Operating Leases
Years ended:
2025$13,170 
202611,715 
202710,203 
20288,742 
20297,431 
Thereafter22,239 
Total future minimum lease payments73,500 
Amounts representing interest8,274 
Present value of net future minimum lease payments$65,226 
Leases Leases
The following table represents the consolidated statements of financial condition classification of the Company’s right-of use-assets and lease liabilities as of December 31, 2024 and December 31, 2023 (in thousands):
ClassificationDecember 31, 2024December 31, 2023
Lease Right-of-Use Assets:
Operating lease right-of-use assetsOther assets$62,258 $56,907 
Lease Liabilities:
Operating lease liabilitiesOther liabilities$65,226 $60,039 
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 property for branches and administrative offices with terms extending through 2046.
As of December 31, 2024, the weighted-average remaining lease term and the weighted-average discount rate for the Company's operating leases were 7.3 years and 3.23%, respectively.
The following table represents 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):
Year ended December 31, 2024
Year ended December 31, 2023
Lease Costs
Operating lease cost$13,088 10,495 
Variable lease cost3,057 3,193 
Total Lease Cost$16,145 13,688 

Cash paid for amounts included in the measurement of lease liabilities (in thousands):
Year ended December 31, 2024
Year ended December 31, 2023
Operating cash flows from operating leases$12,818 9,904 
During the year ended December 31, 2024, the Company added 39 new lease obligations related to the Lakeland merger. The Company recorded a $14.7 million right-of-use asset and lease liability for these lease obligations.
Future minimum payments for operating leases with initial or remaining terms of one year or more as of December 31, 2024 were as follows (in thousands):
Operating Leases
Years ended:
2025$13,170 
202611,715 
202710,203 
20288,742 
20297,431 
Thereafter22,239 
Total future minimum lease payments73,500 
Amounts representing interest8,274 
Present value of net future minimum lease payments$65,226