Leases (Tables)

3 Months Ended

Mar. 31, 2020

Components of lease income

The components of lease income were as follows:

(in thousands)	For the Three Months ended March 31, 2020		For the Three Months Ended March 31, 2019
Interest income on lease financing(1)	$	11,949	$	7,327

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

Components of net investment in direct financing leases

At March 31, 2020 and December 31, 2019, the carrying value of net investment in leases was $1.6 billion and $1.4 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)	March 31, 2020		December 31, 2019
Net investment in the lease - lease payments receivable	$	1,514,016	$	1,302,760
Net investment in the lease - unguaranteed residual assets		76,697		74,064
Total lease payments	$	1,590,713	$	1,376,824

Remaining maturity analysis of the undiscounted lease receivables

The following table presents the remaining maturity analysis of the undiscounted lease receivables as of March 31, 2020, as well as the reconciliation to the total amount of receivables recognized in the Consolidated Statements of Condition:

(in thousands)	March 31, 2020
2020	$	38,441
2021		100,757
2022		284,259
2023		109,564
2024		114,568
Thereafter		943,124
Total lease payments		1,590,713
Plus: deferred origination costs		24,175
Less: unearned income		(106,450	)
Total lease finance receivables, net	$	1,508,438

Lease Expense

The components of lease expense were as follows:

(in thousands)	For the Three Months Ended March 31, 2020			For the three Months Ended March 31, 2019
Operating lease cost	$	6,759		$	7,348
Sublease income		(11	)		(22	)
Total lease cost	$	6,748		$	7,326

Supplemental Cash Flow Information Related to the Leases

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

(in thousands)	For the Three Months ended March 31, 2020		For the Three Months Ended March 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	6,759	$	7,348

Supplemental Balance Sheet Information Related to Leases

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

(in thousands, except lease term and discount rate)	March 31, 2020			December 31, 2019
Operating Leases:
Operating lease right-of-use assets	$	281,873		$	286,194
Operating lease liabilities		281,853			285,991
Weighted average remaining lease term		17 years			17 years
Weighted average discount rate		3.22	%		3.23	%

Maturities of Lease Liabilities

Maturities of lease liabilities:	March 31, 2020
(in thousands)
2020	$	20,213
2021		26,450
2022		25,615
2023		25,178
2024		24,514
Thereafter		255,572
Total lease payments		377,542
Less: imputed interest		(95,689	)
Total present value of lease liabilities	$	281,853