v3.25.1
Leases
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Leases Leases
The following table represents the Consolidated Statements of Financial Condition classification of the Company’s right-of use-assets and lease liabilities as of March 31, 2025 and December 31, 2024 (in thousands):
ClassificationMarch 31, 2025December 31, 2024
Lease Right-of-Use Assets:
Operating lease right-of-use assetsOther assets$59,955 62,258 
Lease Liabilities:
Operating lease liabilitiesOther liabilities$62,883 65,226 
The calculated amount of the right-of-use assets and lease liabilities in the table above are impacted by the length of the lease term and the discount rate used to present value the minimum lease payments. 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 will include the extended term in the calculation of the right-of-use asset and lease liability. Regarding the discount rate, Topic 842 requires the use of the rate implicit in the lease whenever this rate is readily determinable. As this rate is rarely determinable, the Company utilizes its incremental borrowing rate at lease inception based upon the term of the lease. For operating leases existing prior to January 1, 2019, the rate for the remaining lease term as of January 1, 2019 was applied.
All of the leases in which the Company is the lessee are classified as operating leases and are primarily comprised of real estate properties for branches and administrative offices with terms extending through 2046.
As of March 31, 2025, the weighted-average remaining lease term and the weighted-average discount rate for the Company's operating leases were 7.2 years and 3.23%, respectively.
The following tables represent lease costs and other lease information for the Company's operating leases. The variable lease cost primarily represents variable payments such as common area maintenance and utilities (in thousands):
Three months ended March 31, 2025Three months ended March 31, 2024
Lease Costs
Operating lease cost $3,544 2,627 
Variable lease cost 1,107 785 
Total lease cost$4,651 3,412 

Cash paid for amounts included in the measurement of lease liabilities:Three months ended March 31, 2025Three months ended March 31, 2024
Operating cash flows from operating leases$3,493 2,557 
Future minimum payments for operating leases with initial or remaining terms of one year or more as of March 31, 2025, were as follows (in thousands):
Operating leases
Twelve months ended:
Remainder of 2025$9,870 
202611,892 
202710,359 
20288,830 
20297,519 
Thereafter22,246 
Total future minimum lease payments70,716 
Amounts representing interest7,833 
Present value of net future minimum lease payments$62,883 
Leases Leases
The following table represents the Consolidated Statements of Financial Condition classification of the Company’s right-of use-assets and lease liabilities as of March 31, 2025 and December 31, 2024 (in thousands):
ClassificationMarch 31, 2025December 31, 2024
Lease Right-of-Use Assets:
Operating lease right-of-use assetsOther assets$59,955 62,258 
Lease Liabilities:
Operating lease liabilitiesOther liabilities$62,883 65,226 
The calculated amount of the right-of-use assets and lease liabilities in the table above are impacted by the length of the lease term and the discount rate used to present value the minimum lease payments. 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 will include the extended term in the calculation of the right-of-use asset and lease liability. Regarding the discount rate, Topic 842 requires the use of the rate implicit in the lease whenever this rate is readily determinable. As this rate is rarely determinable, the Company utilizes its incremental borrowing rate at lease inception based upon the term of the lease. For operating leases existing prior to January 1, 2019, the rate for the remaining lease term as of January 1, 2019 was applied.
All of the leases in which the Company is the lessee are classified as operating leases and are primarily comprised of real estate properties for branches and administrative offices with terms extending through 2046.
As of March 31, 2025, the weighted-average remaining lease term and the weighted-average discount rate for the Company's operating leases were 7.2 years and 3.23%, respectively.
The following tables represent lease costs and other lease information for the Company's operating leases. The variable lease cost primarily represents variable payments such as common area maintenance and utilities (in thousands):
Three months ended March 31, 2025Three months ended March 31, 2024
Lease Costs
Operating lease cost $3,544 2,627 
Variable lease cost 1,107 785 
Total lease cost$4,651 3,412 

Cash paid for amounts included in the measurement of lease liabilities:Three months ended March 31, 2025Three months ended March 31, 2024
Operating cash flows from operating leases$3,493 2,557 
Future minimum payments for operating leases with initial or remaining terms of one year or more as of March 31, 2025, were as follows (in thousands):
Operating leases
Twelve months ended:
Remainder of 2025$9,870 
202611,892 
202710,359 
20288,830 
20297,519 
Thereafter22,246 
Total future minimum lease payments70,716 
Amounts representing interest7,833 
Present value of net future minimum lease payments$62,883