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Leases (Tables)
 3 Months Ended
Mar. 31, 2024
Leases [Abstract]  
Lessee, Summary of Right-of-Use Assets and Lease Liabilities
The following table summarizes operating lease ROU assets and operating lease liabilities and their corresponding balance sheet location:
(amounts in thousands)ClassificationMarch 31, 2024December 31, 2023
ASSETS
Operating lease ROU assetsOther assets$16,741 $15,644 
LIABILITIES
Operating lease liabilitiesOther liabilities$18,987 $18,048 
Lease, Cost
The following table summarizes operating lease cost and its corresponding income statement location for the periods presented:
Three Months Ended March 31,
(amounts in thousands)Classification20242023
Operating lease cost (1)
Occupancy expenses$1,185 $1,218 
(1) There were no variable lease costs for the three months ended March 31, 2024 and 2023, and sublease income for operating leases was immaterial.
Maturities of Non-cancelable Operating Lease Liabilities
Maturities of non-cancelable operating lease liabilities were as follows at March 31, 2024:
(amounts in thousands)March 31, 2024
2024$3,683 
20254,218 
20263,462 
20272,966 
20282,600 
Thereafter3,667 
Total minimum payments20,596 
Less: interest1,609 
Present value of lease liabilities$18,987 
Summary of Lease Term and Discount Rate for Operating Leases
The following table summarizes the weighted average remaining lease term and discount rate for Customers’ operating leases at March 31, 2024 and December 31, 2023:
March 31, 2024December 31, 2023
Weighted average remaining lease term (years)
Operating leases
5.7 years
5.6 years
Weighted average discount rate
Operating leases3.51 %3.28 %
Lessor, Lease Receivables and Investment in Operating Leases and their Corresponding Balance Sheet Location
The following table summarizes lease receivables and investment in operating leases and their corresponding balance sheet location at March 31, 2024 and December 31, 2023:
(amounts in thousands)ClassificationMarch 31, 2024December 31, 2023
ASSETS
Direct financing leases
Lease receivablesLoans and leases receivable$198,187 $190,559 
Guaranteed residual assetsLoans and leases receivable16,796 15,783 
Unguaranteed residual assetsLoans and leases receivable10,010 10,010 
Deferred initial direct costsLoans and leases receivable1,231 1,213 
Unearned incomeLoans and leases receivable(14,076)(11,891)
Net investment in direct financing leases$212,148 $205,674 
Operating leases
Investment in operating leasesOther assets$278,379 $282,208 
Accumulated depreciationOther assets(78,739)(77,672)
Deferred initial direct costsOther assets1,116 1,192 
Net investment in operating leases200,756 205,728 
Total lease assets$412,904 $411,402 
Sales-type and Direct Financing Leases, Lease Receivable, Maturity
Maturities of operating and direct financing lease receivables were as follows at March 31, 2024:
(amounts in thousands)Operating leasesDirect financing leases
2024$32,330 $38,847 
202539,137 45,807 
202644,812 38,092 
202733,566 33,108 
202853,255 23,609 
Thereafter25,654 19,850 
Total minimum payments$228,754 199,313 
Less: interest1,126 
Present value of lease receivables$198,187 
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity
Maturities of operating and direct financing lease receivables were as follows at March 31, 2024:
(amounts in thousands)Operating leasesDirect financing leases
2024$32,330 $38,847 
202539,137 45,807 
202644,812 38,092 
202733,566 33,108 
202853,255 23,609 
Thereafter25,654 19,850 
Total minimum payments$228,754 199,313 
Less: interest1,126 
Present value of lease receivables$198,187