Leases (Tables)

9 Months Ended

Sep. 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:

September 30, 2023

(In thousands)

Remaining

2023

2024

2025

2026

2027

Later

Years

Total Lease

Payments

Less:

Imputed

Interest

Total

Operating Leases

$

7,690

$

30,084

$

27,214

$

18,806

$

13,571

$

50,056

$

147,421

$

(18,398)

$

129,023

Finance Leases

2,061

3,991

4,084

3,839

2,468

9,346

25,789

(2,609)

23,180

Leases cost

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

Quarters ended September 30,

Nine months ended September 30,

(In thousands)

2023

2022

2023

2022

Finance lease cost:

Amortization of ROU assets

$

1,071

$

643

$

2,966

$

2,088

Interest on lease liabilities

219

261

749

848

Operating lease cost

7,924

7,498

23,578

22,785

Short-term lease cost

101

231

322

399

Variable lease cost

49

33

150

86

Sublease income

(20)

(9)

(46)

(28)

Total lease cost

[1]

$

9,344

$

8,657

$

27,719

$

26,178

[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.

Nine months ended September 30,

(Dollars in thousands)

2023

2022

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

Operating cash flows from operating leases

$

23,218

$

22,389

Operating cash flows from finance leases

749

848

Financing cash flows from finance leases

3,557

2,363

ROU assets obtained in exchange for new lease obligations:

Operating leases

$

4,864

$

1,937

Finance leases

1,796

556

Weighted-average remaining lease term:

Operating leases

7.3

years

7.4

years

Finance leases

7.8

years

8.4

years

Weighted-average discount rate:

Operating leases

3.2

%

2.8

%

Finance leases

3.8

%

4.3

%