Leases (Tables)

6 Months Ended

Jun. 30, 2019

Components of lease income

(in thousands)	For the Three Months Ended June 30, 2019		For the Six Months Ended June 30, 2019
Interest income on lease financing (1)	$	9,881	$	17,208

(1) Included in Interest Income – Mortgage and other loans and leases in the Consolidated Statements of Income and Comprehensive Income.

Components of net investment in direct financing leases

At June 30, 2019, the carrying value of net investment in leases was $1.1 billion. The components of net investment in direct financing leases, including the carrying amount of the lease receivables, as well as the unguaranteed residual asset were as follows:

(in thousands)	June 30, 2019
Net investment in the lease-lease payments receivable	$	1,025,333
Net investment in the lease-unguaranteed residual assets		65,573
Total lease payments	$	1,090,906

Remaining maturity analysis of the undiscounted lease receivables

The following table presents the remaining maturity analysis of the undiscounted lease receivables as of June 30, 2019, as well as the reconciliation to the total amount of receivables recognized in the Consolidated Statements of Condition:

(in thousands)	June 30, 2019
2019	$	1,082
2020		78,245
2021		209,674
2022		172,912
2023		70,951
Thereafter		558,042
Total lease payments		1,090,906
Plus: deferred origination costs		16,789
Less: unearned income		(81,559	)
Total lease finance receivables, net	$	1,026,136

Lease Expense

(in thousands)	For the Three Months Ended June 30, 2019			For the Six Months Ended June 30, 2019
Components of Lease Expense:
Operating lease cost	$	7,210		$	14,558
Sublease income		(43	)		(65	)
Total lease cost	$	7,167		$	14,493

Supplemental Cash Flow Information Related to the Leases

Supplemental cash flow information related to the leases for the following period:

(in thousands)	For the Three Months Ended June 30, 2019		For the Six  Months Ended June 30, 2019
Cash paid for amounts included in the measurement of lease  liabilities:
Operating cash flows from operating leases	$	7,210	$	14,558

Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to the leases for the following period:

(in  thousands, except lease term and discount rate)	June 30, 2019
Operating Leases:
Operating lease right-of-use assets	$	308,412
Operating lease liabilities		308,073
Weighted average remaining lease term		17 years
Weighted average discount rate		3.25	%

Maturities of Lease Liabilities

Maturities of lease liabilities:

Maturities of lease liabilities:
(in thousands)	June 30, 2019
2019	$	14,442
2020		28,319
2021		27,677
2022		26,971
2023		26,541
Thereafter		291,362
Total lease payments		415,312
Less: imputed interest		(107,239	)
Total present value of lease liabilities	$	308,073

Projected Minimum Annual Rental Commitments

The remaining projected minimum annual rental commitments under these agreements, exclusive of taxes and other charges, are summarized as follows:

(in thousands)
2019	$	30,322
2020		23,399
2021		19,736
2022		16,552
2023 and thereafter		55,525
Total minimum future rentals	$	145,534