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Premises and Equipment | 12 Months Ended
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Dec. 31, 2024
Property, Plant and Equipment [Abstract] |
Premises and Equipment | Premises and Equipment Premises and equipment at December 31 were as follows:
(In thousands) | 2024 | 2023
Land | $ | 8,062 |  | $ | 8,063 |
Premises and equipment | 104,847 |  | 104,366 |
Furniture, fixtures, and equipment | 91,146 |  | 90,168 |
Accumulated depreciation and amortization | (127,428) |  | (122,910) |
Total | $ | 76,627 |  | $ | 79,687 |
Depreciation and amortization expenses in 2024, 2023, and 2022 are included in operating expenses as follows:
(In thousands) | 2024 | 2023 | 2022
Premises | $ | 2,713 |  | $ | 2,844 |  | $ | 2,500 |
Furniture, fixtures, and equipment | 4,756 |  | 5,246 |  | 5,138 |
Total | $ | 7,469 |  | $ | 8,090 |  | $ | 7,638 |
The Company leases land, buildings and equipment under operating lease arrangements. Total gross rental expense amounted to $4.1 million in 2024, $4.7 million in 2023, and $4.6 million in 2022. Most leases include options to renew for periods ranging from 5 to 20 years. Lease components Right-of-use lease assets totaled $26.9 million and $27.7 million at December 31, 2024 and 2023, respectively and are reported in accrued interest and other assets in the accompanying consolidated statements of condition. The related lease liabilities totaled $28.5 million and $29.1 million at December 31, 2024 and 2023, respectively, and are reported in other liabilities in the accompanying consolidated statements of condition. Lease payments under operating leases that were applied to our operating lease liability totaled $2.9 million during 2024 and $3.8 million during 2023. Included in the 2023 lease payment figures above were 2 lease termination payments totaling $579,000 which were applied to the lease liability. The components of operating lease expense, primarily included in “Net occupancy expense of premises,” in 2024, 2023, and 2022 were as follows:
(In thousands) | 2024 | 2023 | 2022
Operating lease cost | $ | 4,083 |  | $ | 4,741 |  | $ | 4,654 |
Variable lease cost | 687 |  | 681 |  | 695 |
Short-term lease cost | 9 |  | 2 |  | 2 |
Sublease income | 0 |  | 0 |  | (11) |
Total lease cost | $ | 4,779 |  | $ | 5,424 |  | $ | 5,340 |
At December 31, 2024, we did not have any material finance lease assets or liabilities. Other information related to operating leases for 2024 and 2023 was as follows:
(In thousands) | 2024 | 2023
Cash paid for amounts included in the measurement of lease liabilities: |  |
Operating cash flows from operating leases | $ | 3,863 |  | $ | 4,688 |
Weighted-average remaining lease term on operating leases | 11.35 | 11.64
Weighted-average discount rates on operating leases | 3.67 | % | 3.47 | %
Right-of-use assets obtained in exchange for lease liabilities | 2,341 |  | 1,655 |
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, 2024:
(In thousands) |
2025 | $ | 3,588 |
2026 | 3,546 |
2027 | 3,241 |
2028 | 2,992 |
2029 | 2,924 |
2030 and subsequent years | 18,944 |
Total lease payments | 35,235 |
Less: Interest | 6,701 |
Present value of lease liabilities | $ | 28,534 |

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