Lease Commitments

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Lease Commitments

Lease Commitments

The Company is the lessee in various noncancellable operating leases for land, buildings, and equipment. Certain leases contain provisions for variable lease payments that are linked to the consumer price index. Lease cost consists of:

	For the Year Ended December 31,
(In thousands)	2022		2021		2020
Operating lease cost	$	8,111	$	5,872	$	5,738
Variable lease cost	1,599		996		1,325
Short-term lease cost	427		564		497
Sublease income	(704)		(601)		(684)
Total lease cost	$	9,433	$	6,831	$	6,876

The following table provides supplemental information related to leases:

	As of and For the Year Ended December 31,
(In thousands, except for weighted average data)	2022			2021
Operating lease right-of-use assets	$	47,500		$	35,256
Operating lease liabilities	50,770			38,330
Cash paid during the year for amounts included in the measurement of operating lease liabilities	16,508			11,117
Right-of-use assets recorded during the year in exchange for new or renewed operating lease obligations	5,305			12,459
Right-of-use assets obtained during the year through bank acquisition	14,597			2,606
Weighted average remaining lease term for operating leases	8.0 years			8.3 years
Weighted average discount rate for operating leases	4.64		%	4.25		%

The Company’s lease agreements often include one or more options to renew at the Company’s discretion. If, at lease inception, the Company considers the exercising of a renewal option to be reasonably certain, the Company includes the extended term in the calculation of the lease liability. Maturities of lease liabilities as of December 31, 2022 are as follows:

	(In thousands)
2023	$	8,880
2024	8,646
2025	8,035
2026	7,045
2027	6,355
Thereafter	21,205
Total undiscounted cash flows	60,166
Less: Net present value adjustment	(9,396)
Total	$	50,770