Lease Commitments

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Lease Commitments

Lease Commitments

Our leases relate primarily to office space and bank branches with remaining lease terms of generally 1 to 15 years. Certain lease arrangements contain extension options which typically range from 5 to 10 years at the then fair market rental rates. As these extension options are not generally considered reasonably certain of exercise, they are not included in the lease term. For leases existing during transition from ASC 840 to ASC 842 at January 1, 2022, extension options were not considered in the remaining lease term.

	2023		2022
ROU asset on leased property, gross	$	36,520	$	35,212
Accumulated amortization	(12,293)		(6,808)
ROU asset, net (Note 9)	$	24,227	$	28,404
Lease liability (Note 13)	$	26,431	$	31,267

The following table reconciles future undiscounted lease payments due under non-cancelable operating leases to the aggregate operating lessee lease liability as of December 31, 2023:

2024	$	7,146
2025	6,145
2026	4,386
2027	2,670
2028	2,488
Thereafter	5,287
Total undiscounted operating lease liability	28,122
Imputed interest	1,691
Total operating lease liability included in the accompanying balance sheet	$	26,431
Weighted Average Remaining Life - Operating Leases	5.56
Weighted Average Rate - Operating Leases	2.10		%

The components of total lease expense was as follows for the years ended December 31,:

	2023		2022
Operating leases	$	7,683	$	7,145
Short-term leases	216		476
Sublease income	(229)		(310)
Net lease expense	$	7,670	$	7,311

Total lease expense for the year ended December 31, 2021 was $6,623.

We do not currently have any significant finance leases in which we are the lessee, material related-party leases, leases containing residual value guarantees or restrictive covenants.