Leases (Tables)

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Lease Liability Maturity

March 31, 2021
(In thousands)		Remaining 2021		2022		2023		2024		2025		Later Years		Total Lease Payments		Less: Imputed Interest		Total
Operating Leases	$	21,007	$	24,843	$	22,657	$	21,549	$	18,605	$	52,393	$	161,054	$	(20,925)	$	140,129
Finance Leases		2,491		3,402		3,492		3,589		3,701		8,850		25,525		(4,086)		21,439

Leases cost

		Quarters ended March 31,
(In thousands)		2021		2020
Finance lease cost:
	Amortization of ROU assets	$	581	$	520
	Interest on lease liabilities		273		313
Operating lease cost			7,055		7,914
Short-term lease cost			87		57
Variable lease cost			30		11
Sublease income			(19)		(30)
Total lease cost[1]		$	8,007	$	8,785
[1]	Total lease cost is recognized as part of net occupancy expense.

Leases supplemental information

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

			Quarters ended March 31,
(Dollars in thousands)			2021			2020
Cash paid for amounts included in the measurement of lease liabilities:
	Operating cash flows from operating leases[1]	$	15,197		$	7,822
	Operating cash flows from finance leases		273			313
	Financing cash flows from finance leases[1]		1,133			538
ROU assets obtained in exchange for new lease obligations:
	Operating leases	$	2,394		$	259
Weighted-average remaining lease term:
	Operating leases		8.2	years		8.6	years
	Finance leases		8.9	years		7.3	years
Weighted-average discount rate:
	Operating leases		3.0	%		3.4	%
	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.