Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

16. Leases

The Company has 30 operating leases for branches (including headquarters) and office spaces, 10 operating leases for vehicles, and one operating lease for equipment. Our leases have remaining lease terms ranging from less than three months to approximately 13 years, none of which has a renewal option reasonably certain of exercise, which has been reflected in the Company’s calculation of lease term.

The Company has elected the short-term lease recognition exemption such that the Company will not recognize ROU assets or lease liabilities for leases with a term of less than 12 months from the commencement date.  The Company has two agreements in 2022 and one agreement in 2021 that qualified as short-term leases.

Certain leases have escalation clauses for operating expenses and real estate taxes. The Company’s non-cancelable Operating lease agreements expire through 2036.

Supplemental balance sheet information related to leases was as follows:

(Dollars in thousands)	December 31, 2022		December 31, 2021
Operating lease ROU assets	$	43,289	$	50,200
Operating lease liabilities	$	46,125	$	54,155
Weighted-average remaining lease term-operating leases		6.6 years		7.4 years
Weighted average discount rate-operating leases		2.9%		3.1%

The components of lease expense and cash flow information related to leases were as follows:

		For the year ended December 31,
(Dollars in thousands)	Line Item Presented		2022		2021		2020
Lease Cost
Operating lease cost	Occupancy and equipment	$	8,510	$	8,609	$	7,657
Operating lease cost	Other operating expenses		93		80		68
Short-term lease cost	Professional Services and Other operating expenses		193		164		139
Variable lease cost	Occupancy and equipment		999		1,065		1,128
Total lease cost		$	9,795	$	9,918	$	8,992
Other information
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases		$	9,459	$	12,811	$	8,316
Right-of-use assets obtained in exchange for new operating lease liabilities		$	1,208	$	6,570	$	5,484
Right-of-use assets obtained in acquisition		$	—		—	$	9,993

The Company’s minimum annual rental payments at December 31, 2022 for Bank facilities due under non-cancelable leases are as follows:

	Minimum Rental
	(In thousands)
Years ended December 31:
2023	$	8,763
2024		9,373
2025		8,699
2026		7,806
2027		3,711
Thereafter		12,814
Total minimum payments required		51,166
Less: implied interest		5,041
Total lease obligations	$	46,125