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Leases (Tables)

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Lease Liability Maturity

September 30, 2020
(In thousands)		Remaining 2020		2021		2022		2023		2024		Later Years		Total Lease Payments		Less: Imputed Interest		Total
Operating Leases	$	7,334	$	31,544	$	27,430	$	25,095	$	23,986	$	74,358	$	189,747	$	(24,789)	$	164,958
Finance Leases		872		3,535		3,629		3,725		3,830		13,163		28,754		(4,785)		23,969

December 31, 2019
(In thousands)		2020		2021		2022		2023		2024		Later Years		Total Lease Payments		Less: Imputed Interest		Total
Operating Leases	$	29,872	$	27,445	$	23,540	$	21,257	$	20,176	$	70,842	$	193,132	$	(27,993)	$	165,139
Finance Leases		3,068		3,159		3,252		3,349		3,448		8,220		24,496		(4,686)		19,810

			Quarters ended September 30,				Nine months ended September 30,
(In thousands)			2020		2019		2020		2019
Finance lease cost:
	Amortization of ROU assets		$	525	$	422	$	1,512	$	1,265
	Interest on lease liabilities			299		296		900		901
Operating lease cost				8,361		7,233		24,189		23,156
Short-term lease cost				38		97		172		172
Variable lease cost				12		3		37		5
Sublease income				(23)		(29)		(83)		(84)
Net gain recognized from sale and leaseback transaction^[1]				-		-		(5,550)		-
Total lease cost^[2]			$	9,212	$	8,022	$	21,177	$	25,415
[1]	During the quarter ended June 30, 2020, the Corporation recognized the transfer of the Caparra Center as a sale. Since the sale and partial leaseback was 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 the sale and leaseback transaction 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
(Dollars in thousands)				September 30, 2020			September 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
	Operating cash flows from operating leases		$	24,115		$	22,527
	Operating cash flows from finance leases			900			906
	Financing cash flows from finance leases			1,608			1,269
ROU assets obtained in exchange for new lease obligations:
	Operating leases^[1]		$	13,085		$	7,882
	Finance leases			4,510			-
Weighted-average remaining lease term:
	Operating leases			8.1	years		8.6	years
	Finance leases			9.2	years		7.5	years
Weighted-average discount rate:
	Operating leases			3.2	%		3.6	%
	Finance leases			5.0	%		6.0	%
[1]	During the quarter ended June 30, 2020, the Corporation recognized a lease liability of $11.1 million and a corresponding ROU asset for the same amount as a result of the partial leaseback of the Caparra Center.