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Leases (Tables) | 12 Months Ended
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Dec. 31, 2022
Leases [Abstract] |
Schedule of Right-of-Use Assets and Lease Liabilities | The following table represents the classification of the Company’s ROU assets and lease liabilities on the Consolidated Statements of Financial Condition (in thousands):
|  |  |  | For the Year Ended
|  |  |  | December 31, 2022 |  | December 31, 2021
Lease ROU Assets |  | Classification |  |  |  |
Operating lease ROU assets |  | Other assets |  | $ | 19,055 |  |  | $ | 17,442 |
Finance lease ROU asset |  | Premises and equipment, net |  | 1,532 |  |  | 1,495 |
Total lease ROU assets |  |  |  | $ | 20,587 |  |  | $ | 18,937 |
Lease Liabilities |  |  |  |  |  |
Operating lease liabilities (1) |  | Other liabilities |  | $ | 20,053 |  |  | $ | 17,982 |
Finance lease liability |  | Other borrowings |  | 1,934 |  |  | 1,904 |
Total lease liabilities |  |  |  | $ | 21,987 |  |  | $ | 19,886 |
(1) Operating lease liabilities excludes liabilities for future rent and estimated lease termination payments related to closed branches of $7.7 million and $8.2 million as of December 31, 2022 and 2021, respectively.
Schedule of Weighted Average Remaining Lease Term and Discount Rate |
|  | December 31, 2022 |  | December 31, 2021
Weighted-Average Remaining Lease Term |  |  |  |
Operating leases |  | 6.87 years |  | 8.22 years
Finance lease |  | 6.60 years |  | 7.59 years
Weighted-Average Discount Rate |  |  |  |
Operating leases |  | 2.86 | % |  | 2.97 | %
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):
|  |  |  | For the Year Ended December 31,
|  |  |  | 2022 |  | 2021 |  | 2020
Lease Expense |  |  |  |  |  |  |  |
Operating lease expense |  |  |  | $ | 5,000 |  |  | $ | 5,935 |  |  | $ | 6,438 |
Finance lease expense: |  |  |  |  |  |  |  |
Amortization of ROU assets |  |  |  | 207 |  |  | 199 |  |  | 174 |
Interest on lease liabilities (1) |  |  |  | 104 |  |  | 112 |  |  | 110 |
Total |  |  |  | $ | 5,311 |  |  | $ | 6,246 |  |  | $ | 6,722 |
Other Information |  |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  |  |  | $ | 4,466 |  |  | $ | 5,263 |  |  | $ | 6,298 |
Operating cash flows from finance leases |  |  |  | 104 |  |  | 112 |  |  | 110 |
Financing cash flows from finance leases |  |  |  | 214 |  |  | 195 |  |  | 187 |
(1)Included in borrowed funds interest expense on the Consolidated Statements of Income. All other costs are included in occupancy expense on the Consolidated Statements of Income.
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 December 31, 2022 were as follows (in thousands):
|  | Finance Lease |  | Operating Leases
For the Year Ending December 31, |  |  |  |
2023 |  | $ | 350 |  |  | $ | 4,333 |
2024 |  | 350 |  |  | 3,961 |
2025 |  | 350 |  |  | 3,741 |
2026 |  | 350 |  |  | 3,008 |
2027 |  | 350 |  |  | 2,027 |
Thereafter |  | 559 |  |  | 5,348 |
Total |  | 2,309 |  |  | 22,418 |
Less: Imputed interest |  | (375) |  |  | (2,365) |
Total lease liabilities |  | $ | 1,934 |  |  | $ | 20,053 |
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 December 31, 2022 were as follows (in thousands):
|  | Finance Lease |  | Operating Leases
For the Year Ending December 31, |  |  |  |
2023 |  | $ | 350 |  |  | $ | 4,333 |
2024 |  | 350 |  |  | 3,961 |
2025 |  | 350 |  |  | 3,741 |
2026 |  | 350 |  |  | 3,008 |
2027 |  | 350 |  |  | 2,027 |
Thereafter |  | 559 |  |  | 5,348 |
Total |  | 2,309 |  |  | 22,418 |
Less: Imputed interest |  | (375) |  |  | (2,365) |
Total lease liabilities |  | $ | 1,934 |  |  | $ | 20,053 |

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- Definition Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=128292326&loc=SL77918701-209980 + Details
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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=128292326&loc=SL77918686-209980 + Details
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