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Leases (Tables)

9 Months Ended

Sep. 30, 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):


		September 30,		December 31,
		2023		2022
Lease ROU Assets	Classification
Operating lease ROU assets	Other assets	$	19,610	$	19,055
Finance lease ROU asset	Premises and equipment, net	1,362		1,532
Total lease ROU assets		$	20,972	$	20,587

Lease Liabilities
Operating lease liabilities (1)	Other liabilities	$	20,645	$	20,053
Finance lease liability	Other borrowings	1,748		1,934
Total lease liabilities		$	22,393	$	21,987

(1) Operating lease liabilities excludes liabilities for future rent and estimated lease termination payments related to closed branches of $6.3 million and $7.7 million at September 30, 2023 and December 31, 2022, respectively.

Schedule of Weighted-Average Remaining Lease Term and Discount Rate


	September 30,		December 31,
	2023		2022
Weighted-Average Remaining Lease Term
Operating leases	6.59 years		6.87 years
Finance lease	5.85 years		6.60 years
Weighted-Average Discount Rate
Operating leases	2.95	%	2.86	%
Finance lease	5.63		5.63

Schedule of Lease Expenses 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,
	2023		2022		2023		2022
Lease Expense
Operating lease expense	$	1,153	$	1,159	$	3,472	$	3,857
Finance lease expense:
Amortization of ROU assets	58		49		170		149
Interest on lease liabilities (1)	25		24		77		76
Total	$	1,236	$	1,232	$	3,719	$	4,082

Other Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,154	$	955	$	3,414	$	3,366
Operating cash flows from finance leases	25		24		77		76
Financing cash flows from finance leases	63		52		186		154

(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.

Schedule of 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	$	88	$	1,157
2024	350		4,334
2025	350		4,351
2026	350		3,784
2027	350		2,628
Thereafter	559		6,754
Total	2,047		23,008
Less: Imputed interest	(299)		(2,363)
Total lease liabilities	$	1,748	$	20,645

Schedule of 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	$	88	$	1,157
2024	350		4,334
2025	350		4,351
2026	350		3,784
2027	350		2,628
Thereafter	559		6,754
Total	2,047		23,008
Less: Imputed interest	(299)		(2,363)
Total lease liabilities	$	1,748	$	20,645