LEASES (Tables)

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Schedule of Lease Cost

The components of operating lease cost were as follows:

	Three months ended
(Dollars in thousands)	March 31, 2023		March 31, 2022
Operating lease cost (1)	$	4,793	$	5,350
Sublease income	(49)		(86)
Net lease cost	$	4,744	$	5,264

(1)Includes variable lease cost and short-term lease cost.

Summary of Balance Sheet Information

Supplemental balance sheet information related to operating leases was as follows:

(Dollars in thousands)	March 31, 2023			December 31, 2022
Right-of-use assets	$	129,642		$	138,182
Lease liabilities	$	150,162		$	158,269
Lease term and discount rate
Weighted average remaining lease term (in years)	17.86			17.91
Weighted average discount rate	4.25		%	4.25		%

Schedule of Lease Maturities

Maturities of operating lease liabilities were as follows:

(Dollars in thousands)	March 31, 2023
Remaining in 2022	$	14,571
2023	18,100
2024	18,113
2025	14,597
2026	13,157
After 2026	152,418
Total lease payments	230,956
Less: Interest	(80,794)
Present value of lease liabilities	$	150,162

Summary of Supplemental Cash Flow Information

Supplemental cash flow information related to operating leases was as follows:

	Three months ended
(Dollars in thousands)	March 31, 2023		March 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	5,060	$	5,651
Right of use assets obtained in exchange for new operating lease liabilities (non-cash)	—		13,707

Schedule of Direct Financing Leases

The components of direct finance lease income are summarized in the table below:

	Three months ended
(Dollars in thousands)	March 31, 2023		March 31, 2022
Direct financing leases:
Interest income on lease receivable	$	12,382	$	9,737
Interest income on deferred fees and costs, net	(1,386)		(544)
Total direct financing lease net interest income	$	10,996	$	9,193

Equipment leasing receivables relate to direct financing leases. The composition of the net investment in direct financing leases was as follows:

(Dollars in thousands)	March 31, 2023		December 31, 2022
Lease receivables	$	665,312	$	642,369
Unearned income	(101,911)		(95,683)
Deferred fees and costs	13,183		12,295
Net investment in direct financing leases	$	576,584	$	558,981