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LEASES

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

LEASES

LEASES

Substantially all of the leases in which the Company is the lessee are comprised of real estate property for branches, ATM locations, and office space. Most of the Company’s leases are classified as operating leases. At September 30, 2022, lease expiration dates ranged from 1 month to 17 years.

The following table represents the Consolidated Balance Sheets classification of the Company’s right-of-use (“ROU”) assets and lease liabilities:

(In thousands)												September 30, 2022						December 31, 2021
Lease Right-of-Use Assets						Classification
Operating lease right-of-use assets						Other assets						$	48,467					$	52,180
Finance lease right-of-use assets						Premises and equipment, net						6,282						6,674
Total Lease Right-of-Use Assets												$	54,749					$	58,854
Lease Liabilities
Operating lease liabilities						Other liabilities						$	55,269					$	55,674
Finance lease liabilities						Other liabilities						9,448						9,862
Total Lease Liabilities												$	64,717					$	65,536

Supplemental information related to leases was as follows:

			September 30, 2022						December 31, 2021
Weighted-Average Remaining Lease Term (in years)
Operating leases			9.1						9.5
Finance leases			12.1						12.8
Weighted-Average Discount Rate
Operating leases			2.60		%				2.77		%
Finance leases			5.00		%				5.00		%

The Company has lease agreements with lease and non-lease components, which are generally accounted for separately. For real estate leases, non-lease components and other non-components, such as common area maintenance charges, real estate taxes, and insurance are not included in the measurement of the lease liability since they are generally able to be segregated.

The Company does not have any material sub-lease agreements.

Lease expense for operating leases for the three months ended September 30, 2022 was $2.2 million. Lease expense for operating leases for the nine months ended September 30, 2022 was $7.3 million. Variable lease components, such as consumer price index adjustments, are expensed as incurred and not included in ROU assets and operating lease liabilities.

Lease expense for operating leases for the three months ended September 30, 2021 was $2.6 million. Lease expense for operating leases for the nine months ended September 30, 2021 was $8.3 million. Variable lease components, such as consumer price index adjustments, are expensed as incurred and not included in ROU assets and operating lease liabilities.

Supplemental cash flow information related to leases was as follows:

						Three Months Ended
(In thousands)						September 30, 2022						September 30, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases						$	2,518					$	2,524
Operating cash flows from finance leases						119						126
Financing cash flows from finance leases						139						132

						Nine Months Ended
(In thousands)						September 30, 2022						September 30, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases						$	7,657					$	8,358
Operating cash flows from finance leases						359						379
Financing cash flows from finance leases						414						394

The following table presents a maturity analysis of the Company’s lease liability by lease classification at September 30, 2022:

(In thousands)						Operating Leases						Finance Leases
2022						$	2,522					$	256
2023						10,068						1,037
2024						8,506						1,037
2025						6,541						1,037
2026						5,323						1,037
Thereafter						29,271						8,187
Total undiscounted lease payments						62,231						12,591
Less amounts representing interest						(6,962)						(3,143)
Lease liability						$	55,269					$	9,448

LEASES

LEASES

Substantially all of the leases in which the Company is the lessee are comprised of real estate property for branches, ATM locations, and office space. Most of the Company’s leases are classified as operating leases. At September 30, 2022, lease expiration dates ranged from 1 month to 17 years.

The following table represents the Consolidated Balance Sheets classification of the Company’s right-of-use (“ROU”) assets and lease liabilities:

(In thousands)												September 30, 2022						December 31, 2021
Lease Right-of-Use Assets						Classification
Operating lease right-of-use assets						Other assets						$	48,467					$	52,180
Finance lease right-of-use assets						Premises and equipment, net						6,282						6,674
Total Lease Right-of-Use Assets												$	54,749					$	58,854
Lease Liabilities
Operating lease liabilities						Other liabilities						$	55,269					$	55,674
Finance lease liabilities						Other liabilities						9,448						9,862
Total Lease Liabilities												$	64,717					$	65,536

Supplemental information related to leases was as follows:

			September 30, 2022						December 31, 2021
Weighted-Average Remaining Lease Term (in years)
Operating leases			9.1						9.5
Finance leases			12.1						12.8
Weighted-Average Discount Rate
Operating leases			2.60		%				2.77		%
Finance leases			5.00		%				5.00		%

The Company has lease agreements with lease and non-lease components, which are generally accounted for separately. For real estate leases, non-lease components and other non-components, such as common area maintenance charges, real estate taxes, and insurance are not included in the measurement of the lease liability since they are generally able to be segregated.

The Company does not have any material sub-lease agreements.

Lease expense for operating leases for the three months ended September 30, 2022 was $2.2 million. Lease expense for operating leases for the nine months ended September 30, 2022 was $7.3 million. Variable lease components, such as consumer price index adjustments, are expensed as incurred and not included in ROU assets and operating lease liabilities.

Lease expense for operating leases for the three months ended September 30, 2021 was $2.6 million. Lease expense for operating leases for the nine months ended September 30, 2021 was $8.3 million. Variable lease components, such as consumer price index adjustments, are expensed as incurred and not included in ROU assets and operating lease liabilities.

Supplemental cash flow information related to leases was as follows:

						Three Months Ended
(In thousands)						September 30, 2022						September 30, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases						$	2,518					$	2,524
Operating cash flows from finance leases						119						126
Financing cash flows from finance leases						139						132

						Nine Months Ended
(In thousands)						September 30, 2022						September 30, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases						$	7,657					$	8,358
Operating cash flows from finance leases						359						379
Financing cash flows from finance leases						414						394

The following table presents a maturity analysis of the Company’s lease liability by lease classification at September 30, 2022:

(In thousands)						Operating Leases						Finance Leases
2022						$	2,522					$	256
2023						10,068						1,037
2024						8,506						1,037
2025						6,541						1,037
2026						5,323						1,037
Thereafter						29,271						8,187
Total undiscounted lease payments						62,231						12,591
Less amounts representing interest						(6,962)						(3,143)
Lease liability						$	55,269					$	9,448

X

- References

No definition available.

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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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-URI https://asc.fasb.org/subtopic&trid=77888251

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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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-URI https://asc.fasb.org/subtopic&trid=77888251

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