Leases (Tables)

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Lease Liability Maturity

The following table presents the undiscounted cash flows of operating and finance leases for each of the following periods:

June 30, 2022
(In thousands)		Remaining 2022		2023		2024		2025		2026		Later Years		Total Lease Payments		Less: Imputed Interest		Total
Operating Leases	$	14,676	$	27,985	$	26,571	$	23,644	$	15,171	$	47,965	$	156,012	$	(17,795)	$	138,217
Finance Leases		2,079		4,225		4,323		4,434		4,084		9,995		29,140		(3,677)		25,463

Leases cost

The following table presents the lease cost recognized by the Corporation in the Consolidated Statements of Operations as follows:

		Quarters ended June 30,				Six months ended June 30,
(In thousands)		2022		2021		2022		2021
Finance lease cost:
	Amortization of ROU assets	$	686	$	475	$	1,445	$	1,056
	Interest on lease liabilities		279		265		587		538
Operating lease cost			7,660		7,150		15,287		14,205
Short-term lease cost			113		88		168		175
Variable lease cost			30		20		53		50
Sublease income			(10)		(19)		(19)		(38)
Total lease cost[1]		$	8,758	$	7,979	$	17,521	$	15,986
[1]	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.

			Six months ended June 30,
(Dollars in thousands)			2022			2021
Cash paid for amounts included in the measurement of lease liabilities:
	Operating cash flows from operating leases[1]	$	15,005		$	22,542
	Operating cash flows from finance leases		587			538
	Financing cash flows from finance leases[1]		1,592			1,692
ROU assets obtained in exchange for new lease obligations:
	Operating leases	$	1,806		$	2,801
	Finance leases		556			-
Weighted-average remaining lease term:
	Operating leases		7.5	years		8.1	years
	Finance leases		8.5	years		8.7	years
Weighted-average discount rate:
	Operating leases		2.8	%		3.0	%
	Finance leases		4.3	%		5.1	%
[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.