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LEASES | 12 Months Ended
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Dec. 31, 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 December 31, 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) |  |  |  | December 31, 2022 |  | December 31, 2021
Lease Right-of-Use Assets |  | Classification |  |  |  |
Operating lease right-of-use assets |  | Other assets |  | $ | 46,411 |  |  | $ | 52,180 |
Finance lease right-of-use assets |  | Premises and equipment, net |  | 6,151 |  |  | 6,674 |
Total Lease Right-of-Use Assets |  |  |  | $ | 52,562 |  |  | $ | 58,854 |
Lease Liabilities |  |  |  |  |  |
Operating lease liabilities |  | Other liabilities |  | $ | 53,736 |  |  | $ | 55,674 |
Finance lease liabilities |  | Other liabilities |  | 9,306 |  |  | 9,862 |
Total Lease Liabilities |  |  |  | $ | 63,042 |  |  | $ | 65,536 |
Supplemental information related to leases was as follows:
| December 31, 2022 |  | December 31, 2021
Weighted-Average Remaining Lease Term (in years) |  |  |
Operating leases | 9.3 |  | 9.5
Finance leases | 11.8 |  | 12.8
Weighted-Average Discount Rate |  |  |
Operating leases | 2.56 | % |  | 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 year ended December 31, 2022 was $9.7 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 year ended December 31, 2021 was $10.9 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 year ended December 31, 2020 was $13.5 million, of which $1.2 million was related to FCLS and is reported as discontinued operations. 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:
(In thousands) |  | December 31, 2022 |  | December 31, 2021 |  | December 31, 2020
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 9,438 |  |  | $ | 10,897 |  |  | $ | 13,750 |
Operating cash flows from finance leases |  | 476 |  |  | 503 |  |  | 530 |
Financing cash flows from finance leases |  | 555 |  |  | 528 |  |  | 500 |
Right-of-use assets obtained in exchange for lease obligations: |  |  |  |  |  |
Operating leases |  | 5,730 |  |  | 2,976 |  |  | 7,083 |
Finance leases |  | — |  |  | — |  |  | — |
The following table presents a maturity analysis of the Company’s lease liability by lease classification at December 31, 2022:
(In thousands) |  | Operating Leases |  | Finance Leases
2023 |  | $ | 9,743 |  |  | $ | 1,035 |
2024 |  | 8,225 |  |  | 1,037 |
2025 |  | 6,501 |  |  | 1,037 |
2026 |  | 5,480 |  |  | 1,037 |
2027 |  | 4,713 |  |  | 1,037 |
Thereafter |  | 25,313 |  |  | 7,149 |
Total undiscounted lease payments |  | 59,975 |  |  | 12,332 |
Less amounts representing interest |  | (6,239) |  |  | (3,026) |
Lease liability |  | $ | 53,736 |  |  | $ | 9,306 |
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 December 31, 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) |  |  |  | December 31, 2022 |  | December 31, 2021
Lease Right-of-Use Assets |  | Classification |  |  |  |
Operating lease right-of-use assets |  | Other assets |  | $ | 46,411 |  |  | $ | 52,180 |
Finance lease right-of-use assets |  | Premises and equipment, net |  | 6,151 |  |  | 6,674 |
Total Lease Right-of-Use Assets |  |  |  | $ | 52,562 |  |  | $ | 58,854 |
Lease Liabilities |  |  |  |  |  |
Operating lease liabilities |  | Other liabilities |  | $ | 53,736 |  |  | $ | 55,674 |
Finance lease liabilities |  | Other liabilities |  | 9,306 |  |  | 9,862 |
Total Lease Liabilities |  |  |  | $ | 63,042 |  |  | $ | 65,536 |
Supplemental information related to leases was as follows:
| December 31, 2022 |  | December 31, 2021
Weighted-Average Remaining Lease Term (in years) |  |  |
Operating leases | 9.3 |  | 9.5
Finance leases | 11.8 |  | 12.8
Weighted-Average Discount Rate |  |  |
Operating leases | 2.56 | % |  | 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 year ended December 31, 2022 was $9.7 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 year ended December 31, 2021 was $10.9 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 year ended December 31, 2020 was $13.5 million, of which $1.2 million was related to FCLS and is reported as discontinued operations. 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:
(In thousands) |  | December 31, 2022 |  | December 31, 2021 |  | December 31, 2020
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 9,438 |  |  | $ | 10,897 |  |  | $ | 13,750 |
Operating cash flows from finance leases |  | 476 |  |  | 503 |  |  | 530 |
Financing cash flows from finance leases |  | 555 |  |  | 528 |  |  | 500 |
Right-of-use assets obtained in exchange for lease obligations: |  |  |  |  |  |
Operating leases |  | 5,730 |  |  | 2,976 |  |  | 7,083 |
Finance leases |  | — |  |  | — |  |  | — |
The following table presents a maturity analysis of the Company’s lease liability by lease classification at December 31, 2022:
(In thousands) |  | Operating Leases |  | Finance Leases
2023 |  | $ | 9,743 |  |  | $ | 1,035 |
2024 |  | 8,225 |  |  | 1,037 |
2025 |  | 6,501 |  |  | 1,037 |
2026 |  | 5,480 |  |  | 1,037 |
2027 |  | 4,713 |  |  | 1,037 |
Thereafter |  | 25,313 |  |  | 7,149 |
Total undiscounted lease payments |  | 59,975 |  |  | 12,332 |
Less amounts representing interest |  | (6,239) |  |  | (3,026) |
Lease liability |  | $ | 53,736 |  |  | $ | 9,306 |

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