Leases (Tables)

6 Months Ended

Jun. 30, 2021

Leases [Abstract]

Lease Liability Maturity

June 30, 2021
(In thousands)		Remaining 2021		2022		2023		2024		2025		Later Years		Total Lease Payments		Less: Imputed Interest		Total
Operating Leases	$	13,961	$	25,535	$	23,358	$	22,055	$	19,087	$	52,626	$	156,622	$	(20,009)	$	136,613
Finance Leases		1,666		3,402		3,492		3,589		3,702		8,850		24,701		(3,821)		20,880

Leases cost

		Quarters ended June 30,				Six months ended June 30,
(In thousands)		2021		2020		2021		2020
Finance lease cost:
	Amortization of ROU assets	$	475	$	467	$	1,056	$	987
	Interest on lease liabilities		265		288		538		601
Operating lease cost			7,150		7,914		14,205		15,828
Short-term lease cost			88		77		175		134
Variable lease cost			20		14		50		25
Sublease income			(19)		(30)		(38)		(60)
Net gain recognized from sale and leaseback transaction[1]			-		(5,550)		-		(5,550)
Total lease cost[2]		$	7,979	$	3,180	$	15,986	$	11,965
[1]	During the quarter ended June 30, 2020, the Corporation recognized the transfer of the Caparra Center as a sale. Since the sale and partial leaseback was considered to be at fair value, no portion of the gain on sale was deferred.
[2]	Total lease cost is recognized as part of net occupancy expense, except for the net gain recognized from the sale and leaseback transaction which was included as part of other operating income.

Leases supplemental information

The following table presents supplemental cash flow information and other related information related to operating and finance leases.

			Six months ended June 30,
(Dollars in thousands)			2021			2020
Cash paid for amounts included in the measurement of lease liabilities:
	Operating cash flows from operating leases[1]	$	22,542		$	15,769
	Operating cash flows from finance leases		538			601
	Financing cash flows from finance leases[1]		1,692			1,047
ROU assets obtained in exchange for new lease obligations:
	Operating leases	$	2,801		$	11,457
Weighted-average remaining lease term:
	Operating leases		8.1	years		8.3	years
	Finance leases		8.7	years		7.0	years
Weighted-average discount rate:
	Operating leases		3.0	%		3.2	%
	Finance leases		5.1	%		5.7	%
[1]	During the quarter ended March 31, 2021, the Corporation made base lease termination payments amounting to $7.8 million in connection with the closure of nine branches as a result of the strategic realignment of PB’s New York Metro branch network.