PREMISES, EQUIPMENT, AND LEASES (Tables)

12 Months Ended

Dec. 31, 2020

Premises and equipment consist of the following:


	As of December 31,
	2020		2019
	(In thousands)
Leasehold improvements	$	56,482	$	55,482
Furniture, fixtures, and equipment	66,403		56,134
Buildings	3,159		3,159

Subtotal	126,044		114,775
Less: Accumulated depreciation	81,957		70,248
Premises and equipment, net	$	44,087	$	44,527

The following table presents information about the Company's leases as of the dates indicated:


		Twelve months ended December 31,
		2020		2019
	(In thousands)
Lease cost
Operating lease cost		$	18,639	$	19,004
Short-term lease cost		222		52
Variable lease cost		5		291
Less: Sublease income		(28)		(101)
Total operating lease cost		$	18,838	$	19,246


	Twelve months ended December 31,
	2020			2019
	(In thousands, except years and percentages)
Other information

Cash paid for amounts included in the measurement of lease liabilities

Operating cash flows from operating leases	$	20,244		$	20,230


ROU assets obtained in exchange for new operating lease liabilities (1)	$	11,737		$	8,131

Weighted average remaining lease term for operating leases	7.6 years			8.1 years

Weighted average discount rate for operating leases	3.1		%	3.2		%

______________________

(1) Operating lease liabilities were impacted by the addition of real estate and equipment leases, partially offset by real estate

lease modifications for the twelve months ended December 31, 2020.

In accordance with the terms of these leases, the Company is currently committed to minimum annual payments as follows as of the date indicated:


	December 31, 2020
	(In thousands)
2021	$	21,269
2022	21,578
2023	20,301
2024	14,116
2025	12,429
Thereafter	39,769
Total future minimum lease payments	$	129,462
Less: Amounts representing interest	(17,123)
Present value of net future minimum lease payments	$	112,339