LEASES

3 Months Ended

Mar. 31, 2020

Leases [Abstract]

Lessee, Operating Leases [Text Block]

NOTE 11 – LEASES

The Corporation’s operating leases are primarily related to the Corporation’s branches and leased commercial space for automated teller machines (“ATMs”). Our leases mainly have terms ranging from two years to thirty years, some of which include options to extend the leases for up to seven years. As of March 31, 2020 and December 31, 2019, the Corporation did not have a lease that qualifies as a finance lease.

Operating lease cost for the quarter ended March 31, 2020 and 2019 amounted to $2.6 million and $2.7 million, respectively.

Supplemental balance sheet information related to leases as of the dates indicated was as follows:
	March 31,		December 31,
	2020		2019
(In thousands)
Operating lease ROU asset	$	59,488	$	61,327
Operating lease liability	$	62,509	$	64,259
Operating lease weighted-average remaining lease term (in years)		10.7		10.8
Operating lease weighted-average discount rate		3.30%		3.29%

Generally, the Corporation cannot practically determine the interest rate implicit in the lease. Therefore, the Corporation uses its incremental borrowing rate as the discount rate for the lease.

Supplemental cash flow information related to leases for the indicated periods was as follows:
	Quarter Ended
	March 31,
	2020		2019
(In thousands)
Operating cash flow from operating leases (1)	$	2,550	$	2,742
ROU assets obtained in exchange for operating lease liabilities (2)		274		-

Represents cash paid for amounts included in the measurement of operating lease liabilities.Represents non-cash activity and, accordingly, is not reflected in the consolidated statements of cash flows.

Maturities under lease liabilities as of March 31, 2020, were as follows:
	Amount
(In thousands)
2020	$	7,712
2021		9,622
2022		8,612
2023		7,007
2024		6,422
2025 and later years		35,434
Total lease payments		74,809
Less: imputed interest		(12,300)
Total present value of lease liability	$	62,509