Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Right-of-Use Assets and Lease Liabilities

The following table represents the consolidated statements of condition classification of the Company’s ROU assets and lease liabilities. The Company elected not to include short-term leases (i.e., leases with initial terms of twelve months or less), or equipment leases (deemed immaterial) on the consolidated statements of condition.

(dollars in thousands)		December 31, 2023		December 31, 2022
Lease Right-of-Use Assets	Classification
Operating lease right-of-use assets	Operating Lease Right-of-Use Assets	$	86,110	$	92,307
Finance lease right-of-use assets	Premises and Equipment, Net		2,088		2,160
Total Lease Right-of-Use Assets		$	88,198	$	94,467
Lease Liabilities
Operating lease liabilities	Operating Lease Liabilities	$	94,693	$	100,526
Finance lease liabilities	Other Debt		10,190		10,294
Total Lease Liabilities		$	104,883	$	110,820

Schedule of Lease Cost and Other Information

For the Company’s only finance lease, the Company utilized its incremental borrowing rate at lease inception.

	December 31, 2023			December 31, 2022
Weighted-Average Remaining Lease Term
Operating leases	14.7 years			15.4 years
Finance leases	29.0 years			30.0 years
Weighted-Average Discount Rate
Operating leases		3.59	%		3.56	%
Finance leases		7.04	%		7.04	%

The following table represents lease costs and other lease information. As the Company elected, for all classes of underlying assets, not to separate lease and non-lease components and instead to account for them as a single lease component, the variable lease cost primarily represents variable payments such as common area maintenance and utilities. Variable lease cost also includes payments for ATM location leases in which payments are based on a percentage of ATM transactions (i.e., ATM surcharge fees), rather than a fixed amount.

(dollars in thousands)	2023			2022
Lease Costs
Operating lease cost	$	11,667		$	11,843
Variable lease cost		3,497			3,305
Short-term lease cost		226			328
Interest on lease liabilities 1		721			728
Amortization of right-of-use assets		72			72
Sublease income		(7,201	)		(7,147	)
Net Lease Costs	$	8,982		$	9,129
Other Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	11,561		$	11,502
Operating cash flows from finance leases		721			728
Financing cash flows from finance leases		104			97
Right-of-use assets obtained in exchange for new operating lease liabilities		2,477			10,804

1Included in other debt interest expense in the Company’s consolidated statements of income. All other lease costs in this table are included in net occupancy expense.

Future Minimum Payments for Finance Leases and Operating Leases

Future minimum payments for finance leases and operating leases with initial or remaining terms of one year or more as of December 31, 2023, were as follows:

(dollars in thousands)	Finance Leases			Operating Leases
2024	$	825		$	11,496
2025		825			10,855
2026		825			9,634
2027		825			8,817
2028		825			8,313
Thereafter		19,804			78,996
Total Future Minimum Lease Payments		23,929			128,111
Amounts Representing Interest		(13,739	)		(33,418	)
Present Value of Net Future Minimum Lease Payments	$	10,190		$	94,693

Future Minimum Rental Income under Operating Leases Including Subleases

Future minimum rental income under operating leases, including subleases, as of December 31, 2023, were as follows:

(dollars in thousands)	Minimum Rental Income
2024	$	4,828
2025		3,815
2026		3,118
2027		2,226
2028		1,886
Thereafter		2,534
Total	$	18,407