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LEASES

9 Months Ended

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

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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

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