LEASES

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

LEASES

LEASES

Substantially all of the leases in which the Company is the lessee are comprised of real estate property for branches, ATM locations, and office space. Most of the Company’s leases are classified as operating leases. At December 31, 2023, lease expiration dates ranged from 1 month to 16 years.

The following table represents the Consolidated Balance Sheets classification of the Company’s right-of-use (“ROU”) assets and lease liabilities:

(In thousands)		December 31, 2023		December 31, 2022
Lease Right-of-Use Assets	Classification
Operating lease right-of-use assets	Other assets	$	47,348	$	46,411
Finance lease right-of-use assets	Premises and equipment, net	5,597		6,151
Total Lease Right-of-Use Assets		$	52,945	$	52,562
Lease Liabilities
Operating lease liabilities	Other liabilities	$	53,026	$	53,736
Finance lease liabilities	Other liabilities	8,681		9,306
Total Lease Liabilities		$	61,707	$	63,042

Supplemental information related to leases was as follows:

	December 31, 2023		December 31, 2022
Weighted-Average Remaining Lease Term (in years)
Operating leases	8.3		9.3
Finance leases	10.8		11.8
Weighted-Average Discount Rate
Operating leases	2.90	%	2.56	%
Finance leases	5.00	%	5.00	%

The Company has lease agreements with lease and non-lease components, which are generally accounted for separately. For real estate leases, non-lease components and other non-components, such as common area maintenance charges, real estate taxes, and insurance are not included in the measurement of the lease liability since they are generally able to be segregated.

The Company does not have any material sub-lease agreements.

Lease expense for operating leases for the year ended December 31, 2023 was $9.1 million. Variable lease components, such as consumer price index adjustments, are expensed as incurred and not included in ROU assets and operating lease liabilities.

Lease expense for operating leases for the year ended December 31, 2022 was $9.7 million. Variable lease components, such as consumer price index adjustments, are expensed as incurred and not included in ROU assets and operating lease liabilities.

Lease expense for operating leases for the year ended December 31, 2021 was $10.9 million. Variable lease components, such as consumer price index adjustments, are expensed as incurred and not included in ROU assets and operating lease liabilities.

Supplemental cash flow information related to leases was as follows:

(In thousands)	December 31, 2023		December 31, 2022		December 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	9,009	$	9,438	$	10,897
Operating cash flows from finance leases	446		476		503
Financing cash flows from finance leases	593		555		528
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	8,512		5,730		2,976
Finance leases	—		—		—

The following table presents a maturity analysis of the Company’s lease liability by lease classification at December 31, 2023:

(In thousands)	Operating Leases		Finance Leases
2024	$	9,519	$	1,039
2025	8,533		1,039
2026	7,471		1,039
2027	6,589		1,039
2028	5,567		1,039
Thereafter	21,399		6,036
Total undiscounted lease payments	59,078		11,231
Less amounts representing interest	(6,052)		(2,550)
Lease liability	$	53,026	$	8,681

LEASES

LEASES

Substantially all of the leases in which the Company is the lessee are comprised of real estate property for branches, ATM locations, and office space. Most of the Company’s leases are classified as operating leases. At December 31, 2023, lease expiration dates ranged from 1 month to 16 years.

The following table represents the Consolidated Balance Sheets classification of the Company’s right-of-use (“ROU”) assets and lease liabilities:

(In thousands)		December 31, 2023		December 31, 2022
Lease Right-of-Use Assets	Classification
Operating lease right-of-use assets	Other assets	$	47,348	$	46,411
Finance lease right-of-use assets	Premises and equipment, net	5,597		6,151
Total Lease Right-of-Use Assets		$	52,945	$	52,562
Lease Liabilities
Operating lease liabilities	Other liabilities	$	53,026	$	53,736
Finance lease liabilities	Other liabilities	8,681		9,306
Total Lease Liabilities		$	61,707	$	63,042

Supplemental information related to leases was as follows:

	December 31, 2023		December 31, 2022
Weighted-Average Remaining Lease Term (in years)
Operating leases	8.3		9.3
Finance leases	10.8		11.8
Weighted-Average Discount Rate
Operating leases	2.90	%	2.56	%
Finance leases	5.00	%	5.00	%

The Company has lease agreements with lease and non-lease components, which are generally accounted for separately. For real estate leases, non-lease components and other non-components, such as common area maintenance charges, real estate taxes, and insurance are not included in the measurement of the lease liability since they are generally able to be segregated.

The Company does not have any material sub-lease agreements.

Lease expense for operating leases for the year ended December 31, 2023 was $9.1 million. Variable lease components, such as consumer price index adjustments, are expensed as incurred and not included in ROU assets and operating lease liabilities.

Lease expense for operating leases for the year ended December 31, 2022 was $9.7 million. Variable lease components, such as consumer price index adjustments, are expensed as incurred and not included in ROU assets and operating lease liabilities.

Lease expense for operating leases for the year ended December 31, 2021 was $10.9 million. Variable lease components, such as consumer price index adjustments, are expensed as incurred and not included in ROU assets and operating lease liabilities.

Supplemental cash flow information related to leases was as follows:

(In thousands)	December 31, 2023		December 31, 2022		December 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	9,009	$	9,438	$	10,897
Operating cash flows from finance leases	446		476		503
Financing cash flows from finance leases	593		555		528
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	8,512		5,730		2,976
Finance leases	—		—		—

The following table presents a maturity analysis of the Company’s lease liability by lease classification at December 31, 2023:

(In thousands)	Operating Leases		Finance Leases
2024	$	9,519	$	1,039
2025	8,533		1,039
2026	7,471		1,039
2027	6,589		1,039
2028	5,567		1,039
Thereafter	21,399		6,036
Total undiscounted lease payments	59,078		11,231
Less amounts representing interest	(6,052)		(2,550)
Lease liability	$	53,026	$	8,681