Lease Commitments

12 Months Ended

Dec. 31, 2023

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)	2023		2022		2021
Operating lease cost	$	10,667	$	8,111	$	5,872
Variable lease cost	2,827		1,599		996
Short-term lease cost	919		427		564
Sublease income	(639)		(704)		(601)
Total lease cost	$	13,774	$	9,433	$	6,831

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)	2023			2022
Operating lease right-of-use assets	$	46,772		$	47,500
Operating lease liabilities	50,545			50,770
Cash paid during the year for amounts included in the measurement of operating lease liabilities	10,005			16,508

Right-of-use assets recorded during the year in exchange for new or renewed operating lease obligations	4,139			5,305
Right-of-use assets obtained during the year through bank acquisition	3,909			14,597
Weighted average remaining lease term for operating leases	7.0 years			8.0 years
Weighted average discount rate for operating leases	4.94		%	4.64		%

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, 2023 are as follows:



	(In thousands)
2024	$	10,465
2025	9,833
2026	8,499
2027	7,437
2028	6,388
Thereafter	16,181
Total undiscounted cash flows	58,803
Less: Net present value adjustment	(8,258)
Total	$	50,545