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Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases
Note 32 – Leases
The
 
Corporation enters
 
in
 
the
 
ordinary course
 
of
 
business
 
into
 
operating and
 
finance
 
leases
 
for
 
land,
 
buildings
 
and
 
equipment.
These contracts generally do
 
not include purchase options
 
or residual value guarantees.
 
The remaining lease terms
 
of
0.2
 
to
30.0
years
 
considers options
 
to
 
extend the
 
leases for
 
up
 
to
20
 
years. The
 
Corporation identifies
 
leases when
 
it
 
has
 
both the
 
right to
obtain substantially all of the economic benefits from
 
the use of the asset and the right to direct
 
the use of the asset.
The Corporation
 
recognizes right-of-use
 
assets (“ROU
 
assets”) and
 
lease liabilities
 
related to
 
operating and
 
finance leases
 
in its
Consolidated Statements of Financial Condition under the caption of other assets and other liabilities, respectively. Refer to Note 13
and
 
Note
 
18
 
to
 
the
 
Consolidated Financial
 
Statements,
 
respectively,
 
for
 
information
 
on
 
the
 
balances of
 
these
 
lease
 
assets
 
and
liabilities.
The Corporation uses the
 
incremental borrowing rate for
 
purposes of discounting lease payments
 
for operating and finance leases,
since it
 
does not have
 
enough information to
 
determine the rates
 
implicit in the
 
leases. The discount
 
rates are based
 
on fixed-rate
and
 
fully
 
amortizing
 
borrowing
 
facilities
 
of
 
its
 
banking
 
subsidiaries
 
that
 
are
 
collateralized.
 
For
 
leases
 
held
 
by
 
non-banking
subsidiaries, a credit spread is added to this rate
 
based on financing transactions with a
 
similar credit risk profile.
The following table presents the undiscounted
 
cash flows of operating and finance leases for
 
each of the following periods:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2024
(In thousands)
2025
2026
2027
2028
2029
Later
Years
Total Lease
Payments
Less: Imputed
Interest
Total
Operating Leases
$
28,708
$
20,567
$
15,184
$
12,657
$
10,652
$
30,371
$
118,139
$
(14,941)
$
103,198
Finance Leases
4,459
4,222
2,927
2,592
2,414
9,527
26,141
(3,000)
23,141
The following table presents the lease cost recognized
 
by the Corporation in the Consolidated
 
Statements of Operations as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Years ended December
 
31,
(In thousands)
2024
2023
2022
Finance lease cost:
Amortization of ROU assets
$
3,006
$
4,192
$
2,938
Interest on lease liabilities
912
1,063
1,117
Operating lease cost
30,660
31,596
30,534
Short-term lease cost
497
456
505
Variable lease cost
290
211
124
Sublease income
(81)
(66)
(37)
Total lease cost
 
[1]
$
35,284
$
37,452
$
35,181
[1]
Total lease cost
 
is recognized as part of net occupancy expense.
The
 
following
 
table
 
presents
 
supplemental
 
cash
 
flow
 
information
 
and
 
other
 
related
 
information
 
related
 
to
 
operating
 
and
 
finance
leases.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Years ended December
 
31,
(Dollars in thousands)
2024
2023
2022
Cash paid for amounts included in the measurement of
 
lease liabilities:
Operating cash flows from operating leases
$
31,416
$
31,124
$
29,985
Operating cash flows from finance leases
912
1,063
1,117
Financing cash flows from finance leases
3,977
5,360
3,346
ROU assets obtained in exchange for new lease obligations:
Operating leases
$
2,290
$
8,048
$
14,564
Finance leases
732
6,198
556
Weighted-average remaining lease term:
Operating leases
7.2
years
7.3
years
7.5
years
Finance leases
8.1
years
8.3
years
8.2
years
Weighted-average discount rate:
Operating leases
3.4
%
3.3
%
3.0
%
Finance leases
3.6
%
3.9
%
4.2
%
As
 
of
 
December
 
31,
 
2024,
 
the
 
Corporation
 
had
 
additional
 
operating
 
leases
 
contracts
 
that
 
have
 
not
 
yet
 
commenced
 
with
 
an
undiscounted contract amount of $
12.5
 
million, which will have lease terms ranging
 
from
10
 
to
20
 
years.