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Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Components of ROU Assets and Lease Liabilities
The following table presents the components of the ROU assets and lease liabilities in the consolidated statements of financial condition by lease type at December 31, 2024 and 2023.
20242023
(in thousands)
ROU assets:
Operating leases $324,975 $343,442 
Finance leases3,500 19 
Total$328,475 $343,461 
Lease liabilities:
Operating leases $384,745 $403,766 
Finance leases3,558 15 
Total$388,303 $403,781 
Components of Total Lease Cost, Supplemental Cash Flow, and Supplemental Information
The following table presents the components by lease type, of total lease cost recognized in the consolidated statements of income for the years ended December 31, 2024, 2023, and 2022:
202420232022
(in thousands)
Finance lease cost:
Amortization of ROU assets$53 $16 $379 
Interest on lease liabilities12 — 30 
Operating lease cost49,875 48,241 42,268 
Short-term lease cost1,498 1,930 874 
Variable lease cost201 177 4,647 
Sublease income(3,316)(3,303)(2,982)
Total lease cost (primarily included in net occupancy expense)$48,323 $47,061 $45,216 
The following table presents supplemental cash flow information related to leases for the years ended December 31, 2024, 2023, and 2022:
202420232022
(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$51,581 $49,007 $43,768 
Operating cash flows from finance leases— — 30 
Financing cash flows from finance leases3 18 745 
The following table presents supplemental information related to leases at December 31, 2024 and 2023:
20242023
Weighted-average remaining lease term
Operating leases11.9 years12.5 years
Finance leases5.1 years2.6 years
Weighted-average discount rate
Operating leases3.88 %3.76 %
Finance leases4.33 %1.49 %
Sales-type Leases
The following table presents a maturity analysis of lessor and lessee arrangements outstanding as of December 31, 2024:
LessorLessee
Direct Financing and Sales-Type LeasesOperating LeasesFinance Leases
(in thousands)
2025$268,502 $51,338 $728 
2026223,569 50,392 794 
2027160,288 47,327 792 
202899,590 45,561 792 
202955,076 44,207 791 
Thereafter19,661 255,136 66 
Total lease payments826,686 493,961 3,963 
Less: present value discount(80,226)(109,216)(405)
Total $746,460 $384,745 $3,558 
Direct Financing Leases
The following table presents a maturity analysis of lessor and lessee arrangements outstanding as of December 31, 2024:
LessorLessee
Direct Financing and Sales-Type LeasesOperating LeasesFinance Leases
(in thousands)
2025$268,502 $51,338 $728 
2026223,569 50,392 794 
2027160,288 47,327 792 
202899,590 45,561 792 
202955,076 44,207 791 
Thereafter19,661 255,136 66 
Total lease payments826,686 493,961 3,963 
Less: present value discount(80,226)(109,216)(405)
Total $746,460 $384,745 $3,558 
Finance Leases Maturity
The following table presents a maturity analysis of lessor and lessee arrangements outstanding as of December 31, 2024:
LessorLessee
Direct Financing and Sales-Type LeasesOperating LeasesFinance Leases
(in thousands)
2025$268,502 $51,338 $728 
2026223,569 50,392 794 
2027160,288 47,327 792 
202899,590 45,561 792 
202955,076 44,207 791 
Thereafter19,661 255,136 66 
Total lease payments826,686 493,961 3,963 
Less: present value discount(80,226)(109,216)(405)
Total $746,460 $384,745 $3,558 
Operating Lease Maturity
The following table presents a maturity analysis of lessor and lessee arrangements outstanding as of December 31, 2024:
LessorLessee
Direct Financing and Sales-Type LeasesOperating LeasesFinance Leases
(in thousands)
2025$268,502 $51,338 $728 
2026223,569 50,392 794 
2027160,288 47,327 792 
202899,590 45,561 792 
202955,076 44,207 791 
Thereafter19,661 255,136 66 
Total lease payments826,686 493,961 3,963 
Less: present value discount(80,226)(109,216)(405)
Total $746,460 $384,745 $3,558