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LEASES | 9 Months Ended
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Sep. 30, 2024
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, 2024, lease expiration dates ranged from 1 month to 15 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, 2024 |  | December 31, 2023
Lease Right-of-Use Assets |  | Classification |  |  |  |
Operating lease right-of-use assets |  | Other assets |  | $ | 43,712 |  |  | $ | 47,348 |
Finance lease right-of-use assets |  | Premises and equipment, net |  | 641 |  |  | 5,597 |
Total Lease Right-of-Use Assets |  |  |  | $ | 44,353 |  |  | $ | 52,945 |
Lease Liabilities |  |  |  |  |  |
Operating lease liabilities |  | Other liabilities |  | $ | 48,762 |  |  | $ | 53,026 |
Finance lease liabilities |  | Other liabilities |  | 903 |  |  | 8,681 |
Total Lease Liabilities |  |  |  | $ | 49,665 |  |  | $ | 61,707 |
Supplemental information related to leases was as follows:
| September 30, 2024 |  | December 31, 2023
Weighted-Average Remaining Lease Term (in years) |  |  |
Operating leases | 8.0 |  | 8.3
Finance leases | 13.3 |  | 10.8
Weighted-Average Discount Rate |  |  |
Operating leases | 3.25 | % |  | 2.90 | %
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, 2024 was $2.2 million. Lease expense for operating leases for the nine months ended September 30, 2024 was $6.7 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 three months ended September 30, 2023 was $2.2 million. Lease expense for operating leases for the nine months ended September 30, 2023 was $6.9 million. Variable lease components, such as consumer price index adjustments, are expensed as incurred and not included in ROU assets and operating lease liabilities. Supplemental cash flow information related to leases was as follows:
|  | Three Months Ended
(In thousands) |  | September 30, 2024 |  | September 30, 2023
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from operating leases |  | $ | 2,073 |  |  | $ | 2,267 |
Operating cash flows from finance leases |  | 11 |  |  | 112 |
Financing cash flows from finance leases |  | 12 |  |  | 148 |
|  | Nine Months Ended
(In thousands) |  | September 30, 2024 |  | September 30, 2023
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from operating leases |  | $ | 6,160 |  |  | $ | 6,800 |
Operating cash flows from finance leases |  | 34 |  |  | 336 |
Financing cash flows from finance leases |  | 35 |  |  | 443 |
The following table presents a maturity analysis of the Company’s lease liability by lease classification at September 30, 2024:
(In thousands) |  | Operating Leases |  | Finance Leases
2024 |  | $ | 2,200 |  |  | $ | 23 |
2025 |  | 8,157 |  |  | 93 |
2026 |  | 7,962 |  |  | 93 |
2027 |  | 7,246 |  |  | 93 |
2028 |  | 6,109 |  |  | 93 |
Thereafter |  | 23,116 |  |  | 837 |
Total undiscounted lease payments |  | 54,790 |  |  | 1,232 |
Less amounts representing interest |  | (6,028) |  |  | (329) |
Lease liability |  | $ | 48,762 |  |  | $ | 903 |
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, 2024, lease expiration dates ranged from 1 month to 15 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, 2024 |  | December 31, 2023
Lease Right-of-Use Assets |  | Classification |  |  |  |
Operating lease right-of-use assets |  | Other assets |  | $ | 43,712 |  |  | $ | 47,348 |
Finance lease right-of-use assets |  | Premises and equipment, net |  | 641 |  |  | 5,597 |
Total Lease Right-of-Use Assets |  |  |  | $ | 44,353 |  |  | $ | 52,945 |
Lease Liabilities |  |  |  |  |  |
Operating lease liabilities |  | Other liabilities |  | $ | 48,762 |  |  | $ | 53,026 |
Finance lease liabilities |  | Other liabilities |  | 903 |  |  | 8,681 |
Total Lease Liabilities |  |  |  | $ | 49,665 |  |  | $ | 61,707 |
Supplemental information related to leases was as follows:
| September 30, 2024 |  | December 31, 2023
Weighted-Average Remaining Lease Term (in years) |  |  |
Operating leases | 8.0 |  | 8.3
Finance leases | 13.3 |  | 10.8
Weighted-Average Discount Rate |  |  |
Operating leases | 3.25 | % |  | 2.90 | %
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, 2024 was $2.2 million. Lease expense for operating leases for the nine months ended September 30, 2024 was $6.7 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 three months ended September 30, 2023 was $2.2 million. Lease expense for operating leases for the nine months ended September 30, 2023 was $6.9 million. Variable lease components, such as consumer price index adjustments, are expensed as incurred and not included in ROU assets and operating lease liabilities. Supplemental cash flow information related to leases was as follows:
|  | Three Months Ended
(In thousands) |  | September 30, 2024 |  | September 30, 2023
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from operating leases |  | $ | 2,073 |  |  | $ | 2,267 |
Operating cash flows from finance leases |  | 11 |  |  | 112 |
Financing cash flows from finance leases |  | 12 |  |  | 148 |
|  | Nine Months Ended
(In thousands) |  | September 30, 2024 |  | September 30, 2023
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from operating leases |  | $ | 6,160 |  |  | $ | 6,800 |
Operating cash flows from finance leases |  | 34 |  |  | 336 |
Financing cash flows from finance leases |  | 35 |  |  | 443 |
The following table presents a maturity analysis of the Company’s lease liability by lease classification at September 30, 2024:
(In thousands) |  | Operating Leases |  | Finance Leases
2024 |  | $ | 2,200 |  |  | $ | 23 |
2025 |  | 8,157 |  |  | 93 |
2026 |  | 7,962 |  |  | 93 |
2027 |  | 7,246 |  |  | 93 |
2028 |  | 6,109 |  |  | 93 |
Thereafter |  | 23,116 |  |  | 837 |
Total undiscounted lease payments |  | 54,790 |  |  | 1,232 |
Less amounts representing interest |  | (6,028) |  |  | (329) |
Lease liability |  | $ | 48,762 |  |  | $ | 903 |

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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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + 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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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