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Leases | 12 Months Ended
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Dec. 31, 2022
Leases [Abstract] |
Leases | Note 33 – 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 0.1 to 32.0 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 14 and Note 19 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: 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 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. 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. As of December 31, 2022, the Corporation has additional operating and finance leases contracts that have not yet commenced with an undiscounted contract amount of $ 4.1 million and $ 2.2 million, respectively, which will have lease terms ranging from 10 to 20 years.

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