Leases (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024

(In thousands)

Remaining 

2024

2025

2026

2027

2028

Later

Years

Total Lease

Payments

Less: Imputed

Interest

Total

Operating Leases

$

23,167

$

28,327

$

19,932

$

14,531

$

12,074

40,740

$

138,771

$

(17,438)

$

121,333

Finance Leases

3,380

4,605

4,374

3,017

2,344

10,434

28,154

(3,257)

24,897

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)

2024

2023

Finance lease cost:

Amortization of ROU assets

$

748

$

824

Interest on lease liabilities

237

296

Operating lease cost

7,688

7,854

Short-term lease cost

116

73

Variable lease cost

69

56

Sublease income

(20)

(9)

Total lease cost

[1]

$

8,838

$

9,094

[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)

2024

2023

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

Operating cash flows from operating leases

$

7,771

$

7,754

Operating cash flows from finance leases

237

296

Financing cash flows from finance leases

881

804

ROU assets obtained in exchange for new lease obligations:

Operating leases

$

1,127

$

967

Finance leases

-

1,796

Weighted-average remaining lease term:

Operating leases

7.2

years

7.3

years

Finance leases

8.2

years

8.2

years

Weighted-average discount rate:

Operating leases

3.3

%

3.0

%

Finance leases

3.8

%

4.1

%