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Leases (Tables) | 12 Months Ended
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Dec. 31, 2021
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, 2021
(In thousands) |  | 2022 |  | 2023 |  | 2024 |  | 2025 |  | 2026 |  | Later Years |  | Total Lease Payments |  | Less: Imputed Interest |  | Total
Operating Leases | $ | 30,044 | $ | 27,956 | $ | 26,550 | $ | 23,619 | $ | 15,187 | $ | 50,912 | $ | 174,268 | $ | (20,154) | $ | 154,114
Finance Leases |  | 3,402 |  | 3,491 |  | 3,589 |  | 3,701 |  | 3,350 |  | 5,501 |  | 23,034 |  | (3,315) |  | 19,719
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) | 2021 |  | 2020 | 2019
Finance lease cost: |  |  |  |  |  |
| Amortization of ROU assets | $ | 2,006 | $ | 2,215 | $ | 1,701
| Interest on lease liabilities |  | 1,044 |  | 1,185 |  | 1,194
Operating lease cost |  | 29,970 |  | 31,674 |  | 30,664
Short-term lease cost |  | 647 |  | 214 |  | 252
Variable lease cost |  | 93 |  | 51 |  | 97
Sublease income |  | (70) |  | (113) |  | (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] | $ | 26,683 | $ | 45,596 | $ | 33,795
[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) |  | 2021 |  | 2020 |  | 2019
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |  |
| Operating cash flows from operating leases[1] | $ | 38,288 | $ | 41,650 | $ | 30,073
| Operating cash flows from finance leases |  | 1,044 |  | 1,185 |  | 1,200
| Financing cash flows from finance leases[1] |  | 2,852 |  | 3,145 |  | 1,726
ROU assets obtained in exchange for new lease obligations: |  |  |  |  |  |
| Operating leases[2] | $ | 24,136 | $ | 14,975 | $ | 28,430
| Finance leases |  | - |  | 4,510 |  | 661
Weighted-average remaining lease term: |  |  |  |  |  |  |  |  |
| Operating leases |  | 7.9 | years |  | 8.0 | years |  | 8.7 | years
| Finance leases |  | 8.3 | years |  | 8.9 | years |  | 7.3 | years
Weighted-average discount rate: |  |  |  |  |  |  |  |  |
| Operating leases |  | 2.7 | % |  | 3.0 | % |  | 3.4 | %
| Finance leases |  | 5.0 | % |  | 5.0 | % |  | 5.9 | %
[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=123408670&loc=SL77918686-209980 + Details
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