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Leases (Tables)

9 Months Ended

Sep. 30, 2021

Schedule of Right-of-Use Assets and Lease Liabilities

The following table represents the classification of the Company’s right-of-use (“ROU”) assets and lease liabilities on the consolidated statements of financial condition (in thousands):


		September 30,		December 31,
		2021		2020
Lease ROU Assets	Classification
Operating lease ROU assets	Other assets	$	21,117	$	22,555
Finance lease ROU asset	Premises and equipment, net	1,545		1,694
Total lease ROU assets		$	22,662	$	24,249

Lease Liabilities
Operating lease liabilities (1)	Other liabilities	$	21,713	$	22,990
Finance lease liability	Other borrowings	1,954		2,100
Total lease liabilities		$	23,667	$	25,090

(1) Operating lease liabilities excludes liabilities for future rent and lease termination payments related to closed branches of $5.3 million and $7.4 million as of September 30, 2021 and December 31, 2020, respectively.

Schedule of Weighted Average Remaining Lease Term and Discount Rate


	September 30,		December 31,
	2021		2020
Weighted-Average Remaining Lease Term
Operating leases	7.98 years		7.77 years
Finance lease	7.85 years		8.59 years
Weighted-Average Discount Rate
Operating leases	2.94	%	3.01	%
Finance lease	5.63		5.63

Schedule of Lease Costs and Other Lease Information

The following table represents lease expenses and other lease information (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Lease Expense
Operating lease expense	$	1,498	$	1,585	$	4,459	$	4,898
Finance lease expense:
Amortization of ROU assets	50		43		149		124
Interest on lease liabilities(1)	28		27		85		80
Total	$	1,576	$	1,655	$	4,693	$	5,102

Other Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,322	$	1,756	$	4,119	$	4,808
Operating cash flows from finance leases	28		27		85		80
Financing cash flows from finance leases	50		47		146		141

(1)Included in borrowed funds interest expense on the consolidated statements of income. All other costs are included in occupancy expense.

Schedule of Future Minimum Payments for Finance Leases

Future minimum payments for the finance lease and operating leases with initial or remaining terms of one year or more as of September 30, 2021 were as follows (in thousands):


	Finance Lease		Operating Leases
For the Twelve Months Ending September 30,
2022	$	307	$	5,382
2023	307		3,782
2024	307		3,231
2025	307		2,927
2026	307		2,162
Thereafter	875		7,423
Total	2,410		24,907
Less: Imputed interest	(456)		(3,194)
Total lease liabilities	$	1,954	$	21,713

Schedule of Future Minimum Payments for Operating Leases

Future minimum payments for the finance lease and operating leases with initial or remaining terms of one year or more as of September 30, 2021 were as follows (in thousands):


	Finance Lease		Operating Leases
For the Twelve Months Ending September 30,
2022	$	307	$	5,382
2023	307		3,782
2024	307		3,231
2025	307		2,927
2026	307		2,162
Thereafter	875		7,423
Total	2,410		24,907
Less: Imputed interest	(456)		(3,194)
Total lease liabilities	$	1,954	$	21,713