Leases (Tables)

12 Months Ended

Dec. 31, 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:

December 31, 2022

(In thousands)

2023

2024

2025

2026

2027

Later

Years

Total Lease

Payments

Less:

Imputed

Interest

Total

Operating Leases

$

29,836

$

28,220

$

25,301

$

16,779

$

11,633

$

44,208

$

155,977

$

(18,687)

$

137,290

Finance Leases

4,328

4,426

4,537

4,197

2,263

8,185

27,936

(3,199)

24,737

Leases cost

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

Years ended December 31,

(In thousands)

2022

2021

2020

Finance lease cost:

Amortization of ROU assets

$

2,938

$

2,006

$

2,215

Interest on lease liabilities

1,117

1,044

1,185

Operating lease cost

30,534

29,970

31,674

Short-term lease cost

505

647

214

Variable lease cost

124

93

51

Sublease income

(37)

(70)

(113)

Net gain recognized from sale and leaseback transaction

[1]

-

(7,007)

(5,550)

Impairment of operating ROU assets

[2]

-

-

14,805

Impairment of finance ROU assets

[2]

-

-

1,115

Total lease cost

[3]

$

35,181

$

26,683

$

45,596

[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]

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 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.

Years ended December 31,

(Dollars in thousands)

2022

2021

2020

Cash paid for amounts included in the measurement of lease liabilities:

Operating cash flows from operating leases

[1]

$

29,985

$

38,288

$

41,650

Operating cash flows from finance leases

1,117

1,044

1,185

Financing cash flows from finance leases

[1]

3,346

2,852

3,145

ROU assets obtained in exchange for new lease obligations:

Operating leases

[2]

$

14,564

$

24,136

$

14,975

Finance leases

556

-

4,510

Weighted-average remaining lease term:

Operating leases

7.5

years

7.9

years

8.0

years

Finance leases

8.2

years

8.3

years

8.9

years

Weighted-average discount rate:

Operating leases

3.0

%

2.7

%

3.0

%

Finance leases

4.2

%

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.