v3.26.1
Leases
 6 Months Ended
Jun. 30, 2026
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 June 30, 2026 and December 31, 2025 (in thousands):
ClassificationJune 30, 2026December 31, 2025
Lease Right-of-Use Assets:
Operating lease right-of-use assetsOther assets$59,340 57,941 
Lease Liabilities:
Operating lease liabilitiesOther liabilities$62,821 61,125 
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 June 30, 2026, the weighted-average remaining lease term and the weighted-average discount rate for the Company's operating leases were 6.8 years and 3.47%, 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 June 30, 2026Three months ended June 30, 2025
Lease Costs
Operating lease cost $3,631 3,471 
Variable lease cost 1,037 934 
Total lease cost$4,668 4,405 

Six months ended June 30, 2026Six months ended June 30, 2025
Lease Costs
Operating lease cost$7,301 7,015 
Variable lease cost2,226 2,041 
Total lease cost$9,527 9,056 

Cash paid for amounts included in the measurement of lease liabilities:Six months ended June 30, 2026Six months ended June 30, 2025
Operating cash flows from operating leases$6,530 6,866 

Future minimum payments for operating leases with initial or remaining terms of one year or more as of June 30, 2026, were as follows (in thousands):
Operating leases
Twelve months ended:
Remainder of 2025$6,626 
202612,421 
202711,188 
20289,914 
20298,868 
Thereafter22,073 
Total future minimum lease payments71,090 
Amounts representing interest8,269 
Present value of net future minimum lease payments$62,821 
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 June 30, 2026 and December 31, 2025 (in thousands):
ClassificationJune 30, 2026December 31, 2025
Lease Right-of-Use Assets:
Operating lease right-of-use assetsOther assets$59,340 57,941 
Lease Liabilities:
Operating lease liabilitiesOther liabilities$62,821 61,125 
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 June 30, 2026, the weighted-average remaining lease term and the weighted-average discount rate for the Company's operating leases were 6.8 years and 3.47%, 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 June 30, 2026Three months ended June 30, 2025
Lease Costs
Operating lease cost $3,631 3,471 
Variable lease cost 1,037 934 
Total lease cost$4,668 4,405 

Six months ended June 30, 2026Six months ended June 30, 2025
Lease Costs
Operating lease cost$7,301 7,015 
Variable lease cost2,226 2,041 
Total lease cost$9,527 9,056 

Cash paid for amounts included in the measurement of lease liabilities:Six months ended June 30, 2026Six months ended June 30, 2025
Operating cash flows from operating leases$6,530 6,866 

Future minimum payments for operating leases with initial or remaining terms of one year or more as of June 30, 2026, were as follows (in thousands):
Operating leases
Twelve months ended:
Remainder of 2025$6,626 
202612,421 
202711,188 
20289,914 
20298,868 
Thereafter22,073 
Total future minimum lease payments71,090 
Amounts representing interest8,269 
Present value of net future minimum lease payments$62,821