Leases (Tables)

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Schedule of Right-of-Use Assets and Lease Liabilities

The following table represents the classification of the Company’s Right of Use (“ROU”) assets and lease liabilities on the Consolidated Statements of Financial Condition (in thousands):

		March 31,		December 31,
		2024		2023
Lease ROU Assets	Classification
Operating lease ROU assets	Other assets	$	17,963	$	18,979
Finance lease ROU asset	Premises and equipment, net	1,246		1,304
Total lease ROU assets		$	19,209	$	20,283
Lease Liabilities
Operating lease liabilities (1)	Other liabilities	$	19,060	$	20,018
Finance lease liability	Other borrowings	1,620		1,685
Total lease liabilities		$	20,680	$	21,703

(1) Operating lease liabilities excludes liabilities for future rent and estimated lease termination payments related to closed branches of $5.7 million and $5.9 million at March 31, 2024 and December 31, 2023, respectively.

Schedule of Weighted-Average Remaining Lease Term and Discount Rate

	March 31,		December 31,
	2024		2023
Weighted-Average Remaining Lease Term
Operating leases	6.39 years		6.52 years
Finance lease	5.35 years		5.60 years
Weighted-Average Discount Rate
Operating leases	3.03	%	3.02	%
Finance lease	5.63		5.63

Schedule of Lease Expenses and Other Lease Information

The following table represents lease expenses and other lease information (in thousands):

	Three Months Ended March 31,
	2024		2023
Lease Expense
Operating lease expense	$	1,159	$	1,145
Finance lease expense:
Amortization of ROU assets	58		58
Interest on lease liabilities (1)	23		26
Total	$	1,240	$	1,229
Other Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,101	$	1,139
Operating cash flows from finance leases	23		26
Financing cash flows from finance leases	65		61

(1)Included in borrowed funds interest expense on the Consolidated Statements of Income. All other costs are included in occupancy expense on the Consolidated Statements of Income.

Schedule of Future Minimum Payments for Finance Leases

Future minimum payments for the finance lease and operating leases with initial or remaining terms were as follows (in thousands):

	Finance Lease		Operating Leases
For the Year Ending December 31,
2024	$	262	$	3,274
2025	350		4,401
2026	350		3,833
2027	350		2,678
2028	350		1,524
Thereafter	209		5,545
Total	1,871		21,255
Less: Imputed interest	(251)		(2,195)
Total lease liabilities	$	1,620	$	19,060

Schedule of Future Minimum Payments for Operating Leases

Future minimum payments for the finance lease and operating leases with initial or remaining terms were as follows (in thousands):

	Finance Lease		Operating Leases
For the Year Ending December 31,
2024	$	262	$	3,274
2025	350		4,401
2026	350		3,833
2027	350		2,678
2028	350		1,524
Thereafter	209		5,545
Total	1,871		21,255
Less: Imputed interest	(251)		(2,195)
Total lease liabilities	$	1,620	$	19,060