XML 42 R31.htm IDEA: XBRL DOCUMENT v3.23.1
Leases (Tables)
 3 Months Ended
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)ClassificationMarch 31, 2023December 31, 2022
ASSETS
Operating lease ROU assetsOther assets$18,509 $16,133 
LIABILITIES
Operating lease liabilitiesOther 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)Classification20232022
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 
20244,701 
20253,650 
20262,880 
20272,369 
Thereafter5,524 
Total minimum payments23,220 
Less: interest2,153 
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, 2023December 31, 2022
Weighted average remaining lease term (years)
Operating leases5.9 years5.1 years
Weighted average discount rate
Operating leases3.15 %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)ClassificationMarch 31, 2023December 31, 2022
ASSETS
Direct financing leases
Lease receivablesLoans and leases receivable$152,650 $140,182 
Guaranteed residual assetsLoans and leases receivable12,043 12,370 
Unguaranteed residual assetsLoans and leases receivable8,419 7,555 
Deferred initial direct costsLoans and leases receivable1,056 667 
Unearned incomeLoans and leases receivable(5,398)(3,404)
Net investment in direct financing leases$168,770 $157,370 
Operating leases
Investment in operating leasesOther assets$251,027 $248,454 
Accumulated depreciationOther assets(60,350)(52,585)
Deferred initial direct costsOther assets1,385 1,461 
Net investment in operating leases192,062 197,330 
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 leasesDirect financing leases
2023$37,253 $30,229 
202435,972 37,402 
202532,256 28,074 
202637,305 22,519 
202726,746 18,792 
Thereafter59,528 17,585 
Total minimum payments$229,060 154,601 
Less: interest1,951 
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 leasesDirect financing leases
2023$37,253 $30,229 
202435,972 37,402 
202532,256 28,074 
202637,305 22,519 
202726,746 18,792 
Thereafter59,528 17,585 
Total minimum payments$229,060 154,601 
Less: interest1,951 
Present value of lease receivables$152,650