XML 39 R22.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Leases Leases | 12 Months Ended
--- | ---
Dec. 31, 2023
Leases [Abstract] |
Leases | Leases The Company's noncancelable operating lease agreements relate to certain banking offices, back-office operational facilities, office equipment and sublease agreements. The majority of the leases contain renewal options and provisions for increases in rental rates based on an agreed upon index or predetermined escalation schedule. As of December 31, 2023 and December 31, 2022, the Company’s operating lease ROU asset was $23.6 million and $22.7 million, respectively, and is included in "Prepaid expenses and other assets" on the Consolidated Statements of Financial Condition. The related operating lease ROU liability was $25.5 million and $24.4 million, respectively and is included in "Accrued expenses and other liabilities" on the Consolidated Statements of Financial Condition. In addition, the Company has one operating sublease agreement in which the Company is the intermediate lessor. The operating sublease is for five years with rental increases on a predetermined escalation schedule with a projected future cash flow of $1.7 million. The Company does not have any leases designated as finance leases. The table below summarizes the information about our leases during the periods or at period end presented:
| Year Ended December 31,
| 2023 |  | 2022
| (Dollars in thousands)
Operating lease cost | $ | 5,279 |  |  | $ | 4,942 |
Short-term lease cost | 80 |  |  | 80 |
Variable lease cost | 1,243 |  |  | 1,118 |
Sublease income | (392) |  |  | (87) |
Total net lease cost during the period | $ | 6,210 |  |  | $ | 6,053 |
Operating cash used for amounts included in the measurement of lease liabilities during the period | $ | 4,982 |  |  | $ | 4,748 |
ROU assets obtained in exchange for lease liabilities during the period | 6,880 |  |  | 2,869 |
Weighted average remaining lease term of operating leases, in years, at period end | 6.2 |  | 6.5
Weighted average discount rate of operating leases, at period end | 2.95 | % |  | 2.42 | %
The following table presents the lease payment obligations as of December 31, 2023 as outlined in the Company’s lease agreements for each of the next five years and thereafter, in thousands:
2024 | $ | 5,163 |
2025 | 4,977 |
2026 | 4,575 |
2027 | 4,134 |
2028 | 2,583 |
Thereafter | 6,754 |
Total lease payments | 28,186 |
Implied interest | (2,644) |
ROU liability | $ | 25,542 |
During the year ended December 31, 2023, the Company entered into two lease agreements for $2.9 million and $700,000 commencing on January 22, 2024 and February 1, 2024. These lease agreements are not included in the lease payment obligations in the table above.

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration