Leases (Tables)

9 Months Ended

Sep. 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:

September 30, 2022
(In thousands)		Remaining 2022		2023		2024		2025		2026		Later Years		Total Lease Payments		Less: Imputed Interest		Total
Operating Leases	$	7,345	$	27,970	$	26,509	$	23,586	$	15,187	$	47,606	$	148,203	$	(16,781)	$	131,422
Finance Leases		1,047		4,225		4,323		4,434		4,084		9,995		28,108		(3,416)		24,692

Leases cost

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

		Quarters ended September 30,				Nine months ended September 30,
(In thousands)		2022		2021		2022		2021
Finance lease cost:
	Amortization of ROU assets	$	643	$	475	$	2,088	$	1,531
	Interest on lease liabilities		261		257		848		795
Operating lease cost			7,498		7,800		22,785		22,005
Short-term lease cost			231		174		399		349
Variable lease cost			33		20		86		70
Sublease income			(9)		(19)		(28)		(57)
Net gain recognized from sale and leaseback transactions[1]			-		(7,007)		-		(7,007)
Total lease cost[2]		$	8,657	$	1,700	$	26,178	$	17,686
[1]	During the quarter ended September 30, 2021, the Corporation recognized the transfer of two corporate office buildings 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)			2022			2021
Cash paid for amounts included in the measurement of lease liabilities:
	Operating cash flows from operating leases[1]	$	22,389		$	30,282
	Operating cash flows from finance leases		848			795
	Financing cash flows from finance leases[1]		2,363			2,262
ROU assets obtained in exchange for new lease obligations:
	Operating leases[2]	$	1,937		$	22,352
	Finance leases		556			-
Weighted-average remaining lease term:
	Operating leases		7.4	years		7.9	years
	Finance leases		8.4	years		8.5	years
Weighted-average discount rate:
	Operating leases		2.8	%		2.8	%
	Finance leases		4.3	%		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.