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OPERATING LEASES
 12 Months Ended
Dec. 31, 2024
OPERATING LEASES [Abstract]  
OPERATING LEASES
NOTE 21
–
OPERATING
 
LEASES
The
 
Corporation
 
accounts
 
for
 
its
 
leases
 
in
 
accordance
 
with
 
ASC
 
842
 
“Leases”
 
(“ASC
 
Topic
 
842).
 
The
 
Corporation’s
 
operating
leases are primarily
 
related to the
 
Corporation’s
 
branches. Our
 
leases mainly have
 
terms ranging
 
from
two years
 
to
20 years
, some of
which
 
include
 
options
 
to
 
extend
 
the
 
leases
 
for
 
up
 
to
ten years
.
 
Liabilities
 
to
 
make
 
future
 
lease
 
payments
 
are
 
recorded
 
in
 
accounts
payable and
 
other liabilities,
 
while ROU
 
assets are
 
recorded in
 
other assets
 
in the
 
Corporation’s
 
consolidated statements
 
of financial
condition. As of December 31, 2024 and 2023, the Corporation
 
did not classify any of its leases as a finance lease.
 
Operating lease cost for the
 
year ended December 31, 2024
 
amounted to $
18.1
 
million (2023 - $
17.3
 
million; 2022 - $
18.4
 
million),
and is recorded in occupancy and equipment in the consolidated
 
statements
 
of income.
Supplemental balance sheet information related to leases was as follows as of the
 
indicated dates:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of December 31,
2024
2023
(Dollars in thousands)
ROU asset
$
63,159
$
68,495
Operating lease liability
$
65,801
$
71,419
Operating lease weighted-average remaining lease term (in years)
7.4
7.0
Operating lease weighted-average discount rate
3.11%
2.63%
Generally,
 
the
 
Corporation
 
cannot
 
practically
 
determine
 
the interest
 
rate
 
implicit
 
in
 
the lease.
 
Therefore,
 
the Corporation
 
uses its
incremental
 
borrowing
 
rate
 
as
 
the
 
discount
 
rate
 
for
 
the
 
lease.
 
See
 
Note
 
1
 
–
 
“Nature
 
of
 
Business
 
and
 
Summary
 
of
 
Significant
Accounting Policies” for information on how the Corporation determines
 
its incremental borrowing rate.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Supplemental cash flow information related to leases was as follows:
Year Ended
 
December 31,
2024
2023
2022
(In thousands)
Operating cash flow from operating leases
(1)
$
17,541
$
17,307
$
18,202
ROU assets obtained in exchange for operating lease liabilities
 
(2) (3)
$
10,492
$
4,960
$
5,744
(1)
Represents cash paid for amounts included in the measurement of
 
operating lease liabilities.
(2)
Represents non-cash activity and, accordingly,
 
is not reflected in the consolidated statements of cash flows.
(3)
For the years ended December 31, 2024, 2023, and 2022 excludes
 
$
0.5
 
million, $
0.1
 
million, and $
3.0
 
million, respectively, of lease
 
terminations.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Maturities under operating lease liabilities as of December 31, 2024,
 
were as follows:
Amount
(In thousands)
2025
$
17,465
2026
16,509
2027
8,508
2028
7,277
2029
5,575
2030 and later years
19,672
Total lease payments
75,006
Less: imputed interest
(9,205)
Total present value
 
of lease liability
$
65,801