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Leases (Tables)
 12 Months Ended
Dec. 31, 2023
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, 2023
(In thousands)
2024
2025
2026
2027
2028
Later
Years
Total Lease
Payments
Less: Imputed
Interest
Total
Operating Leases
$
30,652
$
28,042
$
19,600
$
14,357
$
11,902
40,648
$
145,201
$
(18,255)
$
126,946
Finance Leases
4,498
4,605
4,374
3,017
2,344
10,434
29,272
(3,494)
25,778
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)
2023
2022
2021
Finance lease cost:
Amortization of ROU assets
$
4,192
$
2,938
$
2,006
Interest on lease liabilities
1,063
1,117
1,044
Operating lease cost
31,596
30,534
29,970
Short-term lease cost
456
505
647
Variable lease cost
211
124
93
Sublease income
(66)
(37)
(70)
Net gain recognized from sale and leaseback transaction
[1]
-
-
(7,007)
Total lease cost
[2]
$
37,452
$
35,181
$
26,683
[1]
During the quarter ended September 30, 2021, the Corporation
 
recognized the transfer of two corporate office
 
buildings 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.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Years ended December
 
31,
(Dollars in thousands)
2023
2022
2021
Cash paid for amounts included in the measurement of
 
lease liabilities:
Operating cash flows from operating leases
[1]
$
31,124
$
29,985
$
38,288
Operating cash flows from finance leases
1,063
1,117
1,044
Financing cash flows from finance leases
[1]
5,360
3,346
2,852
ROU assets obtained in exchange for new lease obligations:
Operating leases
[2]
$
8,048
$
14,564
$
24,136
Finance leases
6,198
556
-
Weighted-average remaining lease term:
Operating leases
7.3
years
7.5
years
7.9
years
Finance leases
8.3
years
8.2
years
8.3
years
Weighted-average discount rate:
Operating leases
3.3
%
3.0
%
2.7
%
Finance leases
3.9
%
4.2
%
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.