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Leases (Tables)

3 Months Ended

Mar. 31, 2023

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):


		March 31,		December 31,
		2023		2022
Lease ROU Assets	Classification
Operating lease ROU assets	Other assets	$	20,081	$	19,055
Finance lease ROU asset	Premises and equipment, net	1,474		1,532
Total lease ROU assets		$	21,555	$	20,587

Lease Liabilities
Operating lease liabilities (1)	Other liabilities	$	21,084	$	20,053
Finance lease liability	Other borrowings	1,873		1,934
Total lease liabilities		$	22,957	$	21,987

(1) Operating lease liabilities excludes liabilities for future rent and estimated lease termination payments related to closed branches of $7.2 million and $7.7 million at March 31, 2023 and December 31, 2022, respectively.

Schedule of Weighted Average Remaining Lease Term and Discount Rate


	March 31,		December 31,
	2023		2022
Weighted-Average Remaining Lease Term
Operating leases	6.67 years		6.87 years
Finance lease	6.35 years		6.60 years
Weighted-Average Discount Rate
Operating leases	2.89	%	2.86	%
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 March 31,
	2023		2022
Lease Expense
Operating lease expense	$	1,145	$	1,258
Finance lease expense:
Amortization of ROU assets	58		50
Interest on lease liabilities (1)	26		26
Total	$	1,229	$	1,334

Other Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,139	$	1,162
Operating cash flows from finance leases	26		26
Financing cash flows from finance leases	61		51

(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 were as follows (in thousands):


	Finance Lease		Operating Leases
For the Year Ending December 31,
2023	$	263	$	3,487
2024	350		4,407
2025	350		4,203
2026	350		3,428
2027	350		2,269
Thereafter	559		5,832
Total	2,222		23,625
Less: Imputed interest	(349)		(2,541)
Total lease liabilities	$	1,873	$	21,084

Future Minimum Payments for Operating Leases

Future minimum payments for the finance lease and operating leases with initial or remaining terms were as follows (in thousands):


	Finance Lease		Operating Leases
For the Year Ending December 31,
2023	$	263	$	3,487
2024	350		4,407
2025	350		4,203
2026	350		3,428
2027	350		2,269
Thereafter	559		5,832
Total	2,222		23,625
Less: Imputed interest	(349)		(2,541)
Total lease liabilities	$	1,873	$	21,084