Leases (Tables)

9 Months Ended

Sep. 30, 2021

Leases [Abstract]

Lease Liability Maturity

September 30, 2021
(In thousands)		Remaining 2021		2022		2023		2024		2025		Later Years		Total Lease Payments		Less: Imputed Interest		Total
Operating Leases	$	7,611	$	28,880	$	26,677	$	25,396	$	22,458	$	61,399	$	172,421	$	(20,382)	$	152,039
Finance Leases		839		3,402		3,492		3,589		3,701		8,851		23,874		(3,564)		20,310

Leases cost

		Quarters ended September 30,				Nine months ended September 30,
(In thousands)		2021		2020		2021		2020
Finance lease cost:
	Amortization of ROU assets	$	475	$	525	$	1,531	$	1,512
	Interest on lease liabilities		257		299		795		900
Operating lease cost			7,800		8,361		22,005		24,189
Short-term lease cost			174		38		349		172
Variable lease cost			20		12		70		37
Sublease income			(19)		(23)		(57)		(83)
Net gain recognized from sale and leaseback transactions[1]			(7,007)		-		(7,007)		(5,550)
Total lease cost[2]		$	1,700	$	9,212	$	17,686	$	21,177
[1]	During the quarter ended September 30, 2021, the Corporation recognized the transfer of two corporate office buildings as a sale. During the quarter ended June 30, 2020, the Corporation recognized the transfer of the Caparra Center as a sale. Since these sale and partial leaseback transactions were considered to be at fair value, no portion of the gain on sale was deferred.
[2]	Total lease cost is recognized as part of net occupancy expense, except for the net gain recognized from sale and leaseback transactions which was included as part of other operating income.

Leases supplemental information

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

			Nine months ended September 30,
(Dollars in thousands)			2021			2020
Cash paid for amounts included in the measurement of lease liabilities:
	Operating cash flows from operating leases[1]	$	30,282		$	24,115
	Operating cash flows from finance leases		795			900
	Financing cash flows from finance leases[1]		2,262			1,608
ROU assets obtained in exchange for new lease obligations:
	Operating leases[2]	$	22,352		$	13,085
	Finance leases		-			4,510
Weighted-average remaining lease term:
	Operating leases		7.9	years		8.1	years
	Finance leases		8.5	years		9.2	years
Weighted-average discount rate:
	Operating leases		2.8	%		3.2	%
	Finance leases		5.0	%		5.0	%
[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.
[2]	During the quarter ended September 30, 2021, the Corporation recognized a lease liability of $16.8 million and a corresponding ROU asset for the same amount as a result of the partial leaseback of two corporate office buildings.