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LEASES | 12 Months Ended
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Dec. 31, 2025
Leases [Abstract] |
LEASES | LEASES The Company as a lessee has operating leases primarily consisting of real estate arrangements where the Company operates its headquarters, branches and business production offices. All leases identified as in scope are accounted for as operating leases as of December 31, 2025 and December 31, 2024. These leases are typically long-term leases and generally are not complicated arrangements or structures. Several of the leases contain renewal options at a rate comparable to the fair market value based on comparable analysis to similar properties in the Company’s geographies. Real estate operating leases are presented as a right-of-use asset and a related operating lease liability on the Consolidated Statements of Financial Condition. The ROU asset represents the Company’s right to use the underlying asset for the lease term and the operating lease liabilities represent the obligation to make lease payments arising from the lease. The Company applied its incremental borrowing rate as the discount rate to the remaining lease payments to derive a present value calculation for initial measurement of the operating lease liability. The IBR reflects the interest rate the Company would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments. Lease expense is recognized on a straight-line basis over the lease term. During the year ended December 31, 2025, the Company entered into a fifteen-year lease agreement, following a sixteen-month base rent abatement period, for the Company's headquarters. The base rent amount for the premises commences at $6.2 million per annum and is escalated by approximately 9% on the fifth anniversary of rent commencement and by an additional approximately 8% on the tenth anniversary of rent commencement. The lease is not set to commence until the Company moves to the new premises in 2026. As of December 31, 2025, the ROU lease asset is $9.6 million and operating lease liability is $12.3 million. As of December 31, 2024, the ROU lease asset was $14.2 million and operating lease liability was $19.7 million. The following table summarizes our lease cost and other operating lease information:
|  |  |  | Year Ended December 31,
|  |  |  | 2025 |  | 2024 |  | 2023
| (In thousands) |  |  |  |  |  |  |
| Operating lease cost |  |  | $ | 8,132 |  |  | $ | 7,376 |  |  | $ | 7,219 |
| Cash paid for amounts included in the measurement of operating leases liability |  |  | 10,873 |  |  | 12,257 |  |  | 11,294 |
| Right-of-use assets obtained in exchange for lease liabilities |  |  | 2,873 |  |  | 560 |  |  | — |
The lease expiration dates ranged from 0.2 to 5.3 years for December 31, 2025 and from 0 to 3 years for December 31, 2024. The weighted average remaining lease term on operating leases at December 31, 2025 and December 31, 2024 was 2.0 years and 2.2 years, respectively. The weighted average discount rate used for the operating lease liability was 3.45% and 3.15% at December 31, 2025 and December 31, 2024, respectively. The following table presents the remaining commitments for operating lease payments for the next five years and thereafter, as well as a reconciliation to the discounted operating leases liability recorded in the Consolidated Statements of Financial Condition as of December 31, 2025:
(In thousands) | As of December 31, 2025
2026 | $ | 9,263 |
2027 | 1,341 |
2028 | 610 |
2029 | 627 |
2030 | 645 |
Thereafter | 258 |
Total undiscounted operating lease payments | 12,744 |
Less: present value adjustment | 489 |
Total Operating leases liability | $ | 12,255 |

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- 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
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