Leases (Tables)

6 Months Ended

Jun. 30, 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:

June 30, 2023

(In thousands)

Remaining

2023

2024

2025

2026

2027

Later

Years

Total Lease

Payments

Less:

Imputed

Interest

Total

Operating Leases

$

15,095

$

29,153

$

26,326

$

17,935

$

12,709

$

48,893

$

150,111

$

(18,674)

$

131,437

Finance Leases

3,192

3,991

4,084

3,839

2,468

9,346

26,920

(2,829)

24,091

Leases cost

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

Quarters ended June 30,

Six months ended June 30,

(In thousands)

2023

2022

2023

2022

Finance lease cost:

Amortization of ROU assets

$

1,071

$

686

$

1,895

$

1,445

Interest on lease liabilities

234

279

530

587

Operating lease cost

7,800

7,660

15,654

15,287

Short-term lease cost

148

113

221

168

Variable lease cost

45

30

101

53

Sublease income

(17)

(10)

(26)

(19)

Total lease cost

[1]

$

9,281

$

8,758

$

18,375

$

17,521

[1]

Total lease cost is recognized as part of net occupancy expense, except for the net gain recognized from sale and leaseback transactions which

was included as part of other operating income.

Leases supplemental information

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

leases.

Six months ended June 30,

(Dollars in thousands)

2023

2022

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

Operating cash flows from operating leases

$

15,480

$

15,005

Operating cash flows from finance leases

530

587

Financing cash flows from finance leases

2,645

1,592

ROU assets obtained in exchange for new lease obligations:

Operating leases

$

1,623

$

1,806

Finance leases

1,796

556

Weighted-average remaining lease term:

Operating leases

7.4

years

7.5

years

Finance leases

8.0

years

8.5

years

Weighted-average discount rate:

Operating leases

3.1

%

2.8

%

Finance leases

3.9

%

4.3

%