v3.23.1
Leases
 3 Months Ended
Mar. 31, 2023
Leases [Abstract]  
Leases LEASES
Operating Leases as a Lessee
Our lease expense is a component of "Occupancy expense" on our condensed consolidated statements of earnings. The following table presents the components of lease expense for the periods indicated:
Three Months Ended
March 31,
20232022
(In thousands)
Operating lease expense:
Fixed costs$7,748 $8,479 
Variable costs35 23 
Short-term lease costs357 364 
Sublease income(712)(1,076)
Net lease expense$7,428 $7,790 
The following table presents supplemental cash flow information related to leases for the periods indicated:
Three Months Ended
March 31,
20232022
(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$8,963 $8,839 
ROU assets obtained in exchange for lease obligations:
Operating leases$2,196 $17,301 
The following table presents supplemental balance sheet and other information related to operating leases as of the dates indicated:
March 31,December 31,
20232022
(Dollars in thousands)
Operating leases:
Operating lease right-of-use assets, net$120,828 $126,255 
Operating lease liabilities$142,027 $148,401 
Weighted average remaining lease term (in years)6.46.6
Weighted average discount rate2.54 %2.64 %
The following table presents the maturities of operating lease liabilities as of the date indicated:
March 31, 2023
(In thousands)
Period ending December 31,
2023$24,867 
202430,594 
202526,922 
202621,950 
202715,802 
Thereafter52,415 
Total operating lease liabilities172,550 
Less: Imputed interest(30,523)
Present value of operating lease liabilities$142,027 
Operating Leases as a Lessor
We provide equipment financing to our customers through operating leases where we facilitate the purchase of equipment leased to our customers. The equipment is shown on the condensed consolidated balance sheets as "Equipment leased to others under operating leases" and is depreciated to its estimated residual value at the end of the lease term, shown as "Leased equipment depreciation" in the condensed consolidated statements of earnings, according to our fixed asset accounting policy. We receive periodic rental income payments under the leases, which are recorded as "Noninterest Income" in the condensed consolidated statements of earnings. The equipment is tested periodically for impairment. No impairment was recorded on "Equipment leased to others under operating leases" during the three months ended March 31, 2023 and 2022.
The following table presents the rental payments to be received on operating leases as of the date indicated:
March 31, 2023
(In thousands)
Period ending December 31,
2023$39,565 
202450,938 
202540,715 
202634,486 
202726,154 
Thereafter79,739 
Total undiscounted cash flows$271,597 
Leases LEASES
Operating Leases as a Lessee
Our lease expense is a component of "Occupancy expense" on our condensed consolidated statements of earnings. The following table presents the components of lease expense for the periods indicated:
Three Months Ended
March 31,
20232022
(In thousands)
Operating lease expense:
Fixed costs$7,748 $8,479 
Variable costs35 23 
Short-term lease costs357 364 
Sublease income(712)(1,076)
Net lease expense$7,428 $7,790 
The following table presents supplemental cash flow information related to leases for the periods indicated:
Three Months Ended
March 31,
20232022
(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$8,963 $8,839 
ROU assets obtained in exchange for lease obligations:
Operating leases$2,196 $17,301 
The following table presents supplemental balance sheet and other information related to operating leases as of the dates indicated:
March 31,December 31,
20232022
(Dollars in thousands)
Operating leases:
Operating lease right-of-use assets, net$120,828 $126,255 
Operating lease liabilities$142,027 $148,401 
Weighted average remaining lease term (in years)6.46.6
Weighted average discount rate2.54 %2.64 %
The following table presents the maturities of operating lease liabilities as of the date indicated:
March 31, 2023
(In thousands)
Period ending December 31,
2023$24,867 
202430,594 
202526,922 
202621,950 
202715,802 
Thereafter52,415 
Total operating lease liabilities172,550 
Less: Imputed interest(30,523)
Present value of operating lease liabilities$142,027 
Operating Leases as a Lessor
We provide equipment financing to our customers through operating leases where we facilitate the purchase of equipment leased to our customers. The equipment is shown on the condensed consolidated balance sheets as "Equipment leased to others under operating leases" and is depreciated to its estimated residual value at the end of the lease term, shown as "Leased equipment depreciation" in the condensed consolidated statements of earnings, according to our fixed asset accounting policy. We receive periodic rental income payments under the leases, which are recorded as "Noninterest Income" in the condensed consolidated statements of earnings. The equipment is tested periodically for impairment. No impairment was recorded on "Equipment leased to others under operating leases" during the three months ended March 31, 2023 and 2022.
The following table presents the rental payments to be received on operating leases as of the date indicated:
March 31, 2023
(In thousands)
Period ending December 31,
2023$39,565 
202450,938 
202540,715 
202634,486 
202726,154 
Thereafter79,739 
Total undiscounted cash flows$271,597