Leases (Tables)

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Lease Liability Maturity

The following table presents the undiscounted cash flows of operating and finance leases for each of the following periods:

March 31, 2023

(In thousands)

Remaining

2023

2024

2025

2026

2027

Later

Years

Total Lease

Payments

Less:

Imputed

Interest

Total

Operating Leases

$

22,345

$

28,441

$

25,514

$

16,995

$

11,769

$

44,279

$

149,343

$

(17,905)

$

131,438

Finance Leases

3,404

4,631

4,743

4,402

2,468

9,346

28,994

(3,265)

25,729

Leases cost

The following table presents the lease cost recognized by the Corporation in the Consolidated Statements of Operations as follows:

Quarters ended March 31,

(In thousands)

2023

2022

Finance lease cost:

Amortization of ROU assets

$

824

$

759

Interest on lease liabilities

296

308

Operating lease cost

7,854

7,627

Short-term lease cost

73

55

Variable lease cost

56

23

Sublease income

(9)

(9)

Total lease cost

[1]

$

9,094

$

8,763

[1]

Total lease cost is recognized as part of net occupancy expense.

Leases supplemental information

The following table presents supplemental cash flow information and other related information related to operating and finance

leases.

Quarters ended March 31,

(Dollars in thousands)

2023

2022

Cash paid for amounts included in the measurement of lease liabilities:

Operating cash flows from operating leases

$

7,754

$

7,506

Operating cash flows from finance leases

296

308

Financing cash flows from finance leases

804

833

ROU assets obtained in exchange for new lease obligations:

Operating leases

$

967

$

1,553

Finance leases

1,796

-

Weighted-average remaining lease term:

Operating leases

7.3

years

7.6

years

Finance leases

8.2

years

8.7

years

Weighted-average discount rate:

Operating leases

3.0

%

2.8

%

Finance leases

4.1

%

4.4

%