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Leases | 6 Months Ended
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Jun. 30, 2022
Leases [Abstract] |
Leases | Note 27 – Leases The Corporation enters in the ordinary course of business into operating and finance leases for land, buildings and equipment. These contracts generally do not include purchase options or residual value guarantees. The remaining lease terms of 0.2 to 31.5 years considers options to extend the leases for up to 20.0 years. The Corporation identifies leases when it has both the right to obtain substantially all of the economic benefits from the use of the asset and the right to direct the use of the asset. The Corporation recognizes right-of-use assets (“ROU assets”) and lease liabilities related to operating and finance leases in its Consolidated Statements of Financial Condition under the caption of other assets and other liabilities, respectively. Refer to Note 12 and Note 16 to the Consolidated Financial Statements, respectively, for information on the balances of these lease assets and liabilities. The Corporation uses the incremental borrowing rate for purposes of discounting lease payments for operating and finance leases, since it does not have enough information to determine the rates implicit in the leases. The discount rates are based on fixed-rate and fully amortizing borrowing facilities of its banking subsidiaries that are collateralized. For leases held by non-banking subsidiaries, a credit spread is added to this rate based on financing transactions with a similar credit risk profile. The following table presents the undiscounted cash flows of operating and finance leases for each of the following periods:
June 30, 2022
(In thousands) |  | Remaining 2022 |  | 2023 |  | 2024 |  | 2025 |  | 2026 |  | Later Years |  | Total Lease Payments |  | Less: Imputed Interest |  | Total
Operating Leases | $ | 14,676 | $ | 27,985 | $ | 26,571 | $ | 23,644 | $ | 15,171 | $ | 47,965 | $ | 156,012 | $ | (17,795) | $ | 138,217
Finance Leases |  | 2,079 |  | 4,225 |  | 4,323 |  | 4,434 |  | 4,084 |  | 9,995 |  | 29,140 |  | (3,677) |  | 25,463
The following table presents the lease cost recognized by the Corporation in the Consolidated Statements of Operations as follows:
|  |  | Quarters ended June 30, | Six months ended June 30,
(In thousands) | 2022 | 2021 | 2022 | 2021
Finance lease cost: |  |  |  |  |  |  |  |
| Amortization of ROU assets | $ | 686 | $ | 475 | $ | 1,445 | $ | 1,056
| Interest on lease liabilities |  | 279 |  | 265 |  | 587 |  | 538
Operating lease cost |  | 7,660 |  | 7,150 |  | 15,287 |  | 14,205
Short-term lease cost |  | 113 |  | 88 |  | 168 |  | 175
Variable lease cost |  | 30 |  | 20 |  | 53 |  | 50
Sublease income |  | (10) |  | (19) |  | (19) |  | (38)
Total lease cost[1] | $ | 8,758 | $ | 7,979 | $ | 17,521 | $ | 15,986
[1] | 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.
The following table presents supplemental cash flow information and other related information related to operating and finance leases.
|  |  |  | Six months ended June 30,
(Dollars in thousands) |  | 2022 |  | 2021
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
| Operating cash flows from operating leases[1] | $ | 15,005 | $ | 22,542
| Operating cash flows from finance leases |  | 587 |  | 538
| Financing cash flows from finance leases[1] |  | 1,592 |  | 1,692
ROU assets obtained in exchange for new lease obligations: |  |  |  |
| Operating leases | $ | 1,806 | $ | 2,801
| Finance leases |  | 556 |  | -
Weighted-average remaining lease term: |  |  |  |  |  |
| Operating leases |  | 7.5 | years |  | 8.1 | years
| Finance leases |  | 8.5 | years |  | 8.7 | years
Weighted-average discount rate: |  |  |  |  |  |
| Operating leases |  | 2.8 | % |  | 3.0 | %
| Finance leases |  | 4.3 | % |  | 5.1 | %
[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.
As of June 30, 2022, the Corporation has additional operating and finance leases contracts that have not yet commenced with an undiscounted contract amount of $17.1 million and $2.2 million, respectively, which will have lease terms ranging from 10 to 20 years.

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