Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Lease Liability Maturity

December 31, 2020
(In thousands)		2021		2022		2023		2024		2025		Later Years		Total Lease Payments		Less: Imputed Interest		Total
Operating Leases	$	34,322	$	25,062	$	22,900	$	21,778	$	18,870	$	51,807	$	174,739	$	(22,151)	$	152,588
Finance Leases		3,897		3,402		3,492		3,589		3,701		8,850		26,931		(4,359)		22,572

Leases cost

		Years ended December 31,
(In thousands)		2020		2019
Finance lease cost:
	Amortization of ROU assets	$	2,215	$	1,701
	Interest on lease liabilities		1,185		1,194
Operating lease cost			31,674		30,664
Short-term lease cost			214		252
Variable lease cost			51		97
Sublease income			(113)		(113)
Net gain recognized from sale and leaseback transaction[1]			(5,550)		-
Impairment of operating ROU assets[2]			14,805		-
Impairment of finance ROU assets[2]			1,115		-
Total lease cost[3]		$	45,596	$	33,795
[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]	Impairment loss recognized during the fourth quarter of 2020 in connection with the closure of nine branches as a result of the strategic realignment of PB’s New York Metro branch network.
[3]	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

			Years ended December 31,
(Dollars in thousands)			2020			2019
Cash paid for amounts included in the measurement of lease liabilities:
	Operating cash flows from operating leases[1]	$	41,650		$	30,073
	Operating cash flows from finance leases		1,185			1,200
	Financing cash flows from finance leases[1]		3,145			1,726
ROU assets obtained in exchange for new lease obligations:
	Operating leases[2]	$	14,975		$	28,430
	Finance leases		4,510			661
Weighted-average remaining lease term:
	Operating leases		8.0	years		8.7	years
	Finance leases		8.9	years		7.3	years
Weighted-average discount rate:
	Operating leases		3.0	%		3.4	%
	Finance leases		5.0	%		5.9	%
[1]	During the quarter ended December 31, 2020, the Corporation made base lease termination payments amounting to $10.2 million in connection with the closure of nine branches as a result of the strategic realignment of PB’s New York Metro branch network.
[2]	During the quarter ended June 30, 2020, the Corporation recognized a lease liability of $11.1 million and a corresponding ROU asset for the same amount as a result of the partial leaseback of the Caparra Center.