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Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Capital Leases in Financial Statements of Lessee Disclosure Leases
The Corporation has operating leases for retail and corporate offices, land, and equipment. The Corporation also has a finance lease for retail and corporate offices.
These leases have original terms of 1 year or longer with remaining maturities up to 37 years, some of which include options to extend the lease term. An analysis of the lease options has been completed and any purchase options or optional periods that the Corporation is reasonably likely to extend have been included in the capitalization.
The discount rate used to capitalize the operating leases is the FHLB borrowing rate on the date of lease commencement. When determining the rate to discount specific lease obligations, the repayment period and term are considered.
Operating and finance lease costs and cash flows resulting from these leases are presented below:
Twelve Months Ended December 31,
(in thousands)202520242023
Operating lease costs$6,938 $6,414 $6,281 
Operating lease cash flows6,851 6,617 7,171 
The right-of-use asset and lease liability by lease classifications on the consolidated balance sheets were as follows:
Consolidated Balance Sheets Category
(in thousands)December 31, 2025December 31, 2024
Operating lease right-of-use assetPremises and equipment$36,647 $33,202 
Operating lease liabilityAccrued expenses and other liabilities39,129 35,596 
The lease payment obligations, weighted-average remaining lease term, and weighted-average original discount rate were as follows:
December 31, 2025December 31, 2024
(in thousands)Lease PaymentsWeighted-average Lease Term (in years)Weighted-average Discount RateLease PaymentsWeighted-average Lease Term (in years)Weighted-average Discount Rate
Operating leases
Retail and corporate offices$44,505 8.824.41 %$39,072 8.304.26 %
Land3,165 6.163.82 %3,228 6.633.52 %
Equipment— 0.00— %204 1.504.62 %
Total operating leases$47,670 8.634.37 %$42,505 8.134.20 %
Contractual lease payment obligations for each of the next five years and thereafter, in addition to a reconciliation to the Corporation’s lease liability, were as follows:
(in thousands)Total Leases
2026$6,878 
20276,483 
20285,752 
20294,511 
20304,258 
Beyond 203019,788 
Total lease payments$47,670 
Less: interest8,541 
Present value of lease payments$39,129 
At December 31, 2025 and 2024, additional operating leases, primarily retail and corporate offices, that had not yet commenced totaled $6.1 million and $2.1 million, respectively. The leases that had not yet commenced as of December 31, 2025 will commence between April 2026 and January 2027 with lease terms of 5 year to 11 years.
The Corporation conducts a portion of its business through certain facilities and equipment under non-cancelable operating leases. The Corporation also leases a subdivision of some of its facilities and receives rental income from such lease agreements, included within occupancy expense on the consolidated statements of income. The approximate minimum annual rental payments and rental receipts under non-cancelable agreements and leases are as follows:
(in thousands)PaymentsReceipts
2026$6,693 $4,101 
20276,112 3,478 
20285,393 2,763 
20294,157 2,712 
20304,171 2,744 
Beyond 203019,975 12,851 
Total$46,501 $28,649 
Total rental expense from leases, net of lease income, totaled $2.4 million in 2025, $2.5 million in 2024, and $2.5 million in 2023.