LEASES

9 Months Ended

Sep. 30, 2023

The Company leases real estate properties for its network of bank branches, financial centers and corporate offices. All of the Company’s leases are currently classified as operating. Most lease agreements include one or more options to renew, with renewal terms that can extend the original lease term from one to twenty years or more. The Company does not sublease any of its leased real estate properties.

The following table provides information regarding the Company's leases as of the dates indicated:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Components of lease expense:
Operating lease cost (resulting from lease payments)	$	2,668	$	2,707	$	8,095	$	8,211




Supplemental cash flow information related to leases:
Operating cash flows from operating leases	$	2,862	$	2,866	$	8,612	$	8,698
ROU assets obtained in the exchange for lease liabilities due to:
New leases	$	—	$	—	$	703	$	—
Acquisitions	$	—	$	—	$	—	$	—

					September 30, 2023		December 31, 2022
Supplemental balance sheet information related to leases:
Operating lease ROU assets					$	41,535	$	48,910
Operating lease liabilities					$	49,510	$	57,402

Other information related to leases:
Weighted average remaining lease term of operating leases					5.7 years		8.6 years
Weighted average discount rate of operating leases					3.54%		3.02%

ROU assets and lease liabilities are recorded in other assets and other liabilities, respectively, in the Condensed Consolidated Statements of Condition.

At September 30, 2023, the maturities of the Company’s operating lease liabilities were as follows:


(In thousands)	Amount
Maturity:
Remaining 2023	$	2,858
2024	10,831
2025	9,821
2026	9,088
2027	7,682
Thereafter	14,711
Total undiscounted lease payments	54,991
Less: Present value discount	(5,481)
Lease liability	$	49,510

At September 30, 2023, the Company had one operating lease that has not yet commenced operations and is expected to commence operations by the end of 2023. The total amount of ROU asset and lease liability at September 30, 2023 was $0.6 million. The Company does not have any lease arrangements with any of its related parties as of September 30, 2023.