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LEASES (Tables)
 9 Months Ended
Sep. 30, 2024
Leases [Abstract]  
Lessee, Summary of Right-of-Use Assets and Lease Liabilities
The following table summarizes operating lease ROU assets and operating lease liabilities and their corresponding balance sheet location:
(amounts in thousands)ClassificationSeptember 30, 2024December 31, 2023
ASSETS
Operating lease ROU assetsOther assets$35,901 $15,644 
LIABILITIES
Operating lease liabilitiesOther liabilities$37,993 $18,048 
Lease, Cost
The following table summarizes operating lease cost and its corresponding income statement location for the periods presented:
Three Months Ended September 30,Nine Months Ended September 30,
(amounts in thousands)Classification2024202320242023
Operating lease cost (1)
Occupancy expenses$1,792 $1,260 $4,277 $3,775 
(1) There were no variable lease costs for the three and nine months ended September 30, 2024 and 2023, and sublease income for operating leases was immaterial.
Maturities of Non-cancelable Operating Lease Liabilities
Maturities of non-cancelable operating lease liabilities were as follows at September 30, 2024:
(amounts in thousands)September 30, 2024
2024$1,507 
20255,668 
20266,328 
20275,833 
20285,207 
Thereafter21,187 
Total minimum payments45,730 
Less: interest
7,737 
Present value of lease liabilities$37,993 
Summary of Lease Term and Discount Rate for Operating Leases
The following table summarizes the weighted average remaining lease term and discount rate for Customers’ operating leases at September 30, 2024 and December 31, 2023:
September 30, 2024December 31, 2023
Weighted average remaining lease term (years)
Operating leases8.6 years
5.6 years
Weighted average discount rate
Operating leases4.08 %3.28 %
Lessor, Lease Receivables and Investment in Operating Leases and their Corresponding Balance Sheet Location
The following table summarizes lease receivables and investment in operating leases and their corresponding balance sheet location at September 30, 2024 and December 31, 2023:
(amounts in thousands)ClassificationSeptember 30, 2024December 31, 2023
ASSETS
Direct financing and sales-type leases
Lease receivablesLoans and leases receivable$243,859 $190,559 
Guaranteed residual assetsLoans and leases receivable21,878 15,783 
Unguaranteed residual assetsLoans and leases receivable10,467 10,010 
Deferred initial direct costsLoans and leases receivable1,348 1,213 
Unearned incomeLoans and leases receivable(23,208)(11,891)
Net investment in direct financing and sales-type leases
$254,344 $205,674 
Operating leases
Investment in operating leasesOther assets$287,575 $282,208 
Accumulated depreciationOther assets(88,636)(77,672)
Deferred initial direct costsOther assets957 1,192 
Net investment in operating leases199,896 205,728 
Total lease assets$454,240 $411,402 
Sales-type and Direct Financing Leases, Lease Receivable, Maturity
Maturities of operating and direct financing and sales-type lease receivables were as follows at September 30, 2024:
(amounts in thousands)Operating leases
Direct financing and sales-type leases
2024$11,314 $19,302 
202541,979 63,374 
202647,551 56,173 
202734,377 47,608 
202857,173 29,881 
Thereafter35,968 27,521 
Total minimum payments$228,362 243,859 
Less: interest23,208 
Present value of lease receivables$220,651 
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity
Maturities of operating and direct financing and sales-type lease receivables were as follows at September 30, 2024:
(amounts in thousands)Operating leases
Direct financing and sales-type leases
2024$11,314 $19,302 
202541,979 63,374 
202647,551 56,173 
202734,377 47,608 
202857,173 29,881 
Thereafter35,968 27,521 
Total minimum payments$228,362 243,859 
Less: interest23,208 
Present value of lease receivables$220,651