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LEASES
 12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
Lessee, Operating Leases [Text Block]
NOTE 29
–
LEASES
The Corporation
 
accounts for its
 
leases in accordance
 
with ASC 842
 
“Leases” (“ASC
 
Topic
 
842”), which
 
it adopted on
 
January 1,
2019. ASC
 
Topic
 
842 requires
 
the Corporation
 
to record
 
liabilities for
 
future lease
 
obligations as
 
well as
 
assets representing
 
the right
to
 
use
 
the underlying
 
lease
 
asset. The
 
Corporation’s
 
operating
 
leases are
 
primarily
 
related
 
to
 
the Corporation’s
 
branches and
 
leased
commercial
 
space
 
for
 
ATMs.
 
Our
 
leases
 
mainly
 
have
 
terms
 
ranging
 
from
two years
 
to
30 years
,
 
some
 
of
 
which
 
include
 
options
 
to
extend the leases for up to
seven years
. Liabilities to make future lease payments are
 
recorded in accounts payable and other liabilities,
while right-of-use
 
(“ROU”) assets are
 
recorded in
 
other assets in
 
the Corporation’s
 
consolidated statements
 
of financial condition.
 
As
of December 31, 2021 and 2020, the Corporation did
no
t have a lease that qualifies as a finance lease.
 
Operating lease cost for the
 
year ended December 31, 2021
 
amounted to $
18.2
 
million (2020 - $
13.8
 
million; 2019 - $
10.7
 
million),
recorded in occupancy and equipment in the consolidated statement of
 
income.
Supplemental balance sheet information related to leases as of the indicated dates was as follows:
As of
As of
December 31,
December 31,
2021
2020
(Dollars in thousands)
ROU asset
$
90,319
$
103,186
Operating lease liability
$
93,772
$
106,502
Operating lease weighted-average remaining lease term (in years)
8.0
8.5
Operating lease weighted-average discount rate
2.24%
2.25%
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 was as follows:
Year
 
Ended
Year
 
Ended
December 31,
December 31,
2021
2020
(In thousands)
Operating cash flow from operating leases
(1)
$
19,328
$
13,464
ROU assets obtained in exchange for operating lease liabilities
(2)
$
4,553
$
1,328
(1)
Represents cash paid for amounts included in the measurement of operating
 
lease liabilities.
(2)
Represents non-cash activity and, accordingly,
 
is not reflected in the consolidated statements
 
of cash flows. For the year ended December 31,
 
2020 excludes $
52.1
 
million ROU
assets and related liabilities assumed
Maturities under lease liabilities as of December 31, 2021, were as follows:
Amount
(Dollars in thousands)
2022
$
18,159
2023
16,369
2024
15,299
2025
14,296
2026
13,064
2027 and after
26,971
Total lease payments
104,158
Less: imputed interest
(10,386)
Total present value
 
of lease liability
$
93,772