v3.25.1
Leases
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Leases
Note 27 – 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
29.8
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 12
and
 
Note
 
16
 
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:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
March 31, 2025
(In thousands)
Remaining
2025
2026
2027
2028
2029
Later
Years
Total Lease
Payments
Less: Imputed
Interest
Total
Operating Leases
$
21,775
$
21,524
$
16,304
$
13,791
$
11,700
$
34,890
$
119,984
$
(16,356)
$
103,628
Finance Leases
3,352
4,222
2,927
2,592
2,415
9,529
25,037
(2,801)
22,236
The following table presents the lease cost recognized by the Corporation in the Consolidated Statements of Operations as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarters ended March 31,
(In thousands)
2025
2024
Finance lease cost:
Amortization of ROU assets
$
746
$
748
Interest on lease liabilities
200
237
Operating lease cost
7,549
7,688
Short-term lease cost
193
116
Variable lease cost
85
69
Sublease income
(20)
(20)
Total lease cost
[1]
$
8,753
$
8,838
[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.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter ended March 31,2025
(Dollars in thousands)
2025
2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases
$
7,805
$
7,771
Operating cash flows from finance leases
200
237
Financing cash flows from finance leases
908
881
ROU assets obtained in exchange for new lease obligations:
Operating leases
$
5,572
$
1,127
Weighted-average remaining lease term:
Operating leases
7.4
years
7.2
years
Finance leases
8.0
years
8.2
years
Weighted-average discount rate:
Operating leases
3.5
%
3.3
%
Finance leases
3.6
%
3.8
%
As of March 31, 2025, the Corporation had additional operating leases contracts that have not yet commenced
 
with an undiscounted
contract amount of $
10
 
million, which will have lease terms of
10
 
years.