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Premises and Equipment | 12 Months Ended
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Dec. 31, 2023
Property, Plant and Equipment [Abstract] |
Premises and Equipment | Premises and Equipment Premises and equipment at December 31 were as follows:
(In thousands) | 2023 | 2022
Land | $ | 8,063 |  | $ | 8,063 |
Premises and equipment | 104,366 |  | 106,297 |
Furniture, fixtures, and equipment | 90,168 |  | 87,619 |
Accumulated depreciation and amortization | (122,910) |  | (119,839) |
Total | $ | 79,687 |  | $ | 82,140 |
Depreciation and amortization expenses in 2023, 2022, and 2021 are included in operating expenses as follows:
(In thousands) | 2023 | 2022 | 2021
Premises | $ | 2,844 |  | $ | 2,500 |  | $ | 2,599 |
Furniture, fixtures, and equipment | 5,246 |  | 5,138 |  | 5,367 |
Total | $ | 8,090 |  | $ | 7,638 |  | $ | 7,966 |
The Company leases land, buildings and equipment under operating lease arrangements. Total gross rental expense amounted to $4.7 million in 2023, $4.6 million in 2022, and $4.9 million in 2021. Most leases include options to renew for periods ranging from 5 to 20 years. Lease components Right-of-use lease assets totaled $27.7 million and $33.1 million at December 31, 2023 and 2022, respectively and are reported in accrued interest and other assets in the accompanying consolidated statements of condition. The related lease liabilities totaled $29.1 million and $34.5 million at December 31, 2023 and 2022, respectively, and are reported as a component of other liabilities in the accompanying consolidated statements of condition. Lease payments under operating leases that were applied to our operating lease liability totaled $3.8 million during 2023 and $3.4 million during 2022. Included in the 2023 lease payment figures above were 2 lease termination payments totaling $579,000 and were applied to the lease liability. The components of operating lease expense, primarily included in “Net occupancy expense of premises,” in 2023, 2022, and 2021 were as follows:
(In thousands) | 2023 | 2022 | 2021
Operating lease cost | $ | 4,741 |  | $ | 4,654 |  | $ | 4,939 |
Variable lease cost | 681 |  | 695 |  | 668 |
Short-term lease cost | 2 |  | 2 |  | 2 |
Sublease income | 0 |  | (11) |  | (25) |
Total lease cost | $ | 5,424 |  | $ | 5,340 |  | $ | 5,584 |
At December 31, 2023, we did not have any material finance lease assets or liabilities. Other information related to operating leases for 2023 and 2022 was as follows:
(In thousands) | 2023 | 2022
Cash paid for amounts included in the measurement of lease liabilities: |  |
Operating cash flows from operating leases | $ | 4,688 |  | $ | 4,389 |
Weighted-average remaining lease term on operating leases | 11.64 | 13.45
Weighted-average discount rates on operating leases | 3.47 | % | 3.47 | %
Right-of-use assets obtained in exchange for lease liabilities | 1,655 |  | 2,498 |
The following table reconciles future undiscounted lease payments due under non-cancelable operating leases (those amounts subject to recognition) to the aggregate operating lessee lease liability as of December 31, 2023:
(In thousands) |
2024 | $ | 3,824 |
2025 | 3,531 |
2026 | 3,480 |
2027 | 3,161 |
2028 | 2,942 |
2029 and subsequent years | 18,930 |
Total lease payments | 35,868 |
Less: Interest | 6,793 |
Present value of lease liabilities | $ | 29,075 |

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