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v3.23.1

Leases (Tables) | 3 Months Ended
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Mar. 31, 2023
Leases [Abstract] |
Lessee, Summary of Right-of-Use Assets and Lease Liabilities | The following table summarizes operating lease ROU assets and operating lease liabilities and their corresponding balance sheet location:
(amounts in thousands) | Classification |  | March 31, 2023 |  | December 31, 2022 |  |
ASSETS |  |  |  |  |  |  |
Operating lease ROU assets | Other assets |  | $ | 18,509 |  |  | $ | 16,133 |  |  |
LIABILITIES |  |  |  |  |  |  |
Operating lease liabilities | Other liabilities |  | $ | 21,067 |  |  | $ | 19,046 |  |  |
Lease, Cost | The following table summarizes operating lease cost and its corresponding income statement location for the periods presented:
|  |  | Three Months Ended March 31, |  |
(amounts in thousands) | Classification |  | 2023 |  | 2022 |  |  |  |
Operating lease cost (1) | Occupancy expenses |  | $ | 1,218 |  |  | $ | 998 |  |  |  |  |
(1) There were no variable lease costs for the three months ended March 31, 2023 and 2022, and sublease income for operating leases was immaterial.
Maturities of Non-cancelable Operating Lease Liabilities | Maturities of non-cancelable operating lease liabilities were as follows at March 31, 2023:
(amounts in thousands) | March 31, 2023 |
2023 | $ | 4,096 |  |
2024 | 4,701 |  |
2025 | 3,650 |  |
2026 | 2,880 |  |
2027 | 2,369 |  |
Thereafter | 5,524 |  |
Total minimum payments | 23,220 |  |
Less: interest | 2,153 |  |
Present value of lease liabilities | $ | 21,067 |  |
Summary of Lease Term and Discount Rate for Operating Leases | The following table summarizes the weighted average remaining lease term and discount rate for Customers' operating leases at March 31, 2023 and December 31, 2022:
| March 31, 2023 |  | December 31, 2022 |  |
Weighted average remaining lease term (years) |  |  |  |  |
Operating leases | 5.9 years |  | 5.1 years |  |
Weighted average discount rate |  |  |  |  |
Operating leases | 3.15 | % |  | 2.85 | % |  |
Lessor, Lease Receivables and Investment in Operating Leases and their Corresponding Balance Sheet Location | The following table summarizes lease receivables and investment in operating leases and their corresponding balance sheet location at March 31, 2023 and December 31, 2022:
(amounts in thousands) | Classification |  | March 31, 2023 |  | December 31, 2022 |  |
ASSETS |  |  |  |  |  |  |
Direct financing leases |  |  |  |  |  |  |
Lease receivables | Loans and leases receivable |  | $ | 152,650 |  |  | $ | 140,182 |  |  |
Guaranteed residual assets | Loans and leases receivable |  | 12,043 |  |  | 12,370 |  |  |
Unguaranteed residual assets | Loans and leases receivable |  | 8,419 |  |  | 7,555 |  |  |
Deferred initial direct costs | Loans and leases receivable |  | 1,056 |  |  | 667 |  |  |
Unearned income | Loans and leases receivable |  | (5,398) |  |  | (3,404) |  |  |
Net investment in direct financing leases |  |  | $ | 168,770 |  |  | $ | 157,370 |  |  |
Operating leases |  |  |  |  |  |  |
Investment in operating leases | Other assets |  | $ | 251,027 |  |  | $ | 248,454 |  |  |
Accumulated depreciation | Other assets |  | (60,350) |  |  | (52,585) |  |  |
Deferred initial direct costs | Other assets |  | 1,385 |  |  | 1,461 |  |  |
Net investment in operating leases |  |  | 192,062 |  |  | 197,330 |  |  |
Total lease assets |  |  | $ | 360,832 |  |  | $ | 354,700 |  |  |
Sales-type and Direct Financing Leases, Lease Receivable, Maturity | Maturities of operating and direct financing lease receivables were as follows at March 31, 2023:
(amounts in thousands) | Operating leases |  | Direct financing leases |
2023 | $ | 37,253 |  |  | $ | 30,229 |  |
2024 | 35,972 |  |  | 37,402 |  |
2025 | 32,256 |  |  | 28,074 |  |
2026 | 37,305 |  |  | 22,519 |  |
2027 | 26,746 |  |  | 18,792 |  |
Thereafter | 59,528 |  |  | 17,585 |  |
Total minimum payments | $ | 229,060 |  |  | 154,601 |  |
Less: interest |  |  | 1,951 |  |
Present value of lease receivables |  |  | $ | 152,650 |  |
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity | Maturities of operating and direct financing lease receivables were as follows at March 31, 2023:
(amounts in thousands) | Operating leases |  | Direct financing leases |
2023 | $ | 37,253 |  |  | $ | 30,229 |  |
2024 | 35,972 |  |  | 37,402 |  |
2025 | 32,256 |  |  | 28,074 |  |
2026 | 37,305 |  |  | 22,519 |  |
2027 | 26,746 |  |  | 18,792 |  |
Thereafter | 59,528 |  |  | 17,585 |  |
Total minimum payments | $ | 229,060 |  |  | 154,601 |  |
Less: interest |  |  | 1,951 |  |
Present value of lease receivables |  |  | $ | 152,650 |  |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=128292326&loc=SL77918686-209980 + 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 -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=128292326&loc=SL77918701-209980 + Details
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- Definition Tabular disclosure of maturity of undiscounted cash flows to be received by lessor on annual basis for operating lease. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 30 -Section 50 -Paragraph 12 -URI https://asc.fasb.org/extlink&oid=124258985&loc=SL77919396-209981 + 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 -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 30 -Section 50 -Paragraph 10 -URI https://asc.fasb.org/extlink&oid=124258985&loc=SL77919391-209981 + Details
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