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Leases (Tables) | 9 Months Ended
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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.

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- Definition Tabular disclosure of undiscounted cash flows of operating and finance lease liabilities. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating and finance lease liabilities recognized in statement of financial position. + References No definition available. + Details
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- Definition Tabular disclosure of cash paid for amounts included in the measurement of lease liabilities, noncash information on lease liabilities arising from obtaining ROU assets, and weighted-average remaining lease term and discount rate by lease classification. + References No definition available. + Details
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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918686-209980 + Details
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