Leases (Tables)
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6 Months Ended |
Jun. 30, 2024 |
Leases [Abstract] |
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Schedule of Information Related to Company's Leases and Lease Expense |
Information related to the Company's leases is presented below as of June 30, 2024 and December 31, 2023: | | | | | | | | | | | | | | | | | | | | | June 30, | | December 31, | | | | | | Classification | | 2024 | | 2023 | Right-of-use assets: | | | | | | Operating leases | Operating lease right-of-use assets | | $ | 49,123 | | $ | 54,295 | Finance leases | Premises and equipment, net | | 1,201 | | 1,256 | Total right-of-use assets | | | $ | 50,324 | | $ | 55,551 | Lease liabilities: | | | | | | Operating leases | Operating lease liabilities | | $ | 61,932 | | $ | 67,643 | Finance leases | Borrowings | | 1,278 | | 1,326 | Total lease liabilities | | | $ | 63,210 | | $ | 68,969 | Weighted average remaining lease term (in years) - operating | | | 11.2 | | 11.6 | Weighted average remaining lease term (in years) - finance | | | 10.9 | | 11.4 | Weighted average discount rate - operating | | | 3.34 | % | | 3.39 | % | Weighted average discount rate - finance | | | 1.76 | % | | 1.76 | % |
The components of total lease expense included in the consolidated statements of income were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | | June 30, | | June 30, | | Classification | | 2024 | | | 2023 | | | 2024 | | | | 2023 | | | | Operating lease costs: | | | | | | | | | | | | | Amortization of right-of-use asset | Occupancy and equipment | | $ | 1,759 | | | $ | 2,307 | | | $ | 3,686 | | | | $ | 4,122 | | | | Short-term lease cost | Occupancy and equipment | | 89 | | | 143 | | | 186 | | | | 264 | | | | Variable lease cost | Occupancy and equipment | | 367 | | | 326 | | | 703 | | | | 624 | | | | | | | | | | | | | | | | | Gain on lease modifications and terminations
| Occupancy and equipment | | — | | | (1) | | | — | | | | (73) | | | | Finance lease costs: | | | | | | | | | | | | | Interest on lease liabilities | Interest expense on borrowings | | 5 | | | 6 | | | 11 | | | | 12 | | | | Amortization of right-of-use asset | Occupancy and equipment | | 27 | | | 27 | | | 55 | | | | 55 | | | | | | | | | | | | | | | | | Sublease income | Occupancy and equipment | | (139) | | | (215) | | | (311) | | | | (496) | | | | Total lease cost | | | $ | 2,108 | | | $ | 2,593 | | | $ | 4,330 | | | | $ | 4,508 | | | |
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Schedule of Maturity Analysis of Operating Lease Liabilities |
A maturity analysis of operating and finance lease liabilities and a reconciliation of cash flows to lease liabilities as of June 30, 2024 is as follows: | | | | | | | | | | | | | Operating | | Finance | | Leases | | Lease | Lease payments due: | | | | June 30, 2025 | $ | 4,175 | | | $ | 60 | | June 30, 2026 | 8,195 | | | 121 | | June 30, 2027 | 8,054 | | | 123 | | June 30, 2028 | 7,602 | | | 125 | | June 30, 2029 | 6,649 | | | 127 | | Thereafter | 41,875 | | | 850 | | Total undiscounted future minimum lease payments | 76,550 | | | 1,406 | | Less: imputed interest | (14,618) | | | (128) | | Lease liabilities | $ | 61,932 | | | $ | 1,278 | |
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Schedule of Maturity of Finance Lease Liabilities |
A maturity analysis of operating and finance lease liabilities and a reconciliation of cash flows to lease liabilities as of June 30, 2024 is as follows: | | | | | | | | | | | | | Operating | | Finance | | Leases | | Lease | Lease payments due: | | | | June 30, 2025 | $ | 4,175 | | | $ | 60 | | June 30, 2026 | 8,195 | | | 121 | | June 30, 2027 | 8,054 | | | 123 | | June 30, 2028 | 7,602 | | | 125 | | June 30, 2029 | 6,649 | | | 127 | | Thereafter | 41,875 | | | 850 | | Total undiscounted future minimum lease payments | 76,550 | | | 1,406 | | Less: imputed interest | (14,618) | | | (128) | | Lease liabilities | $ | 61,932 | | | $ | 1,278 | |
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