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Leases (Tables)
 3 Months Ended
Mar. 31, 2021
Leases [Abstract]  
Components of Lease Income

The components of lease income were as follows:

 

(in thousands)

 

For the
Three
Months
ended
March 31,
2021

 

 

 

For the
Three
Months
ended
March 31,
2020

 

 

Interest income on lease financing (1)

 

$

13,871

 

 

 

$

11,949

 

 

 

(1) Included in Interest Income – Loans and leases in the Consolidated Statements of Income and Comprehensive Income.

Components of Net Investment in Direct Financing Leases The components of net investment in direct financing leases, including the carrying amount of the lease receivables, as well as the unguaranteed residual asset were as follows:

 

(in thousands)

 

March 31,
2021

 

 

December 31,
2020

 

Net investment in the lease - lease payments receivable

 

$

1,929,213

 

 

$

1,771,097

 

Net investment in the lease - unguaranteed
   residual assets

 

 

80,349

 

 

 

80,093

 

Total lease payments

 

$

2,009,562

 

 

$

1,851,190

 
Summary of Remaining Maturity of Undiscounted Lease Receivables

The following table presents the remaining maturity analysis of the undiscounted lease receivables as of March 31, 2021, as well as the reconciliation to the total amount of receivables recognized in the Consolidated Statements of Condition:

 

(in thousands)

 

March 31,
2021

 

2021

 

$

24,349

 

2022

 

 

111,308

 

2023

 

 

342,220

 

2024

 

 

236,013

 

2025

 

 

427,495

 

Thereafter

 

 

868,177

 

Total lease payments

 

 

2,009,562

 

Plus: deferred origination costs

 

 

30,823

 

Less: unearned income

 

 

(110,582

)

Total lease finance receivables, net

 

$

1,929,803

 
Summary of Components of Lease Expense

The components of lease expense were as follows:

 

(in thousands)

 

For the
Three
Months
Ended
March 31,
2021

 

 

 

For the
Three
Months
Ended
March 31,
2020

 

 

Operating lease cost

 

$

6,750

 

 

 

$

6,759

 

 

Sublease income

 

 

(28

)

 

 

 

(11

)

 

Total lease cost

 

$

6,722

 

 

 

$

6,748

 

 
Summary of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to the leases for the following periods:

 

(in thousands)

 

For the
Three
Months
Ended
March 31,
2021

 

 

 

For the
Three
Months
Ended
March 31,
2020

 

 

Cash paid for amounts included in the measurement
   of lease liabilities:

 

 

 

 

 

 

 

 

Operating cash flows from operating leases

 

$

6,750

 

 

 

$

6,759

 

 
Summary of Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to the leases for the following periods:

 

(in thousands, except lease term and discount rate)

 

March 31,
2021

 

 

December 31,
2020

 

Operating Leases:

 

 

 

 

 

 

Operating lease right-of-use assets

 

 

262,196

 

 

$

266,864

 

Operating lease liabilities

 

 

262,169

 

 

 

266,846

 

Weighted average remaining lease term

 

16 years

 

 

16 years

 

Weighted average discount rate

 

 

3.08

%

 

 

3.12

%
Summary of Maturities of Lease Liabilities

 

Maturities of lease liabilities:

 

March 31,
2021

 

 

(in thousands)

 

 

 

 

2021

 

$

20,099

 

 

2022

 

 

25,893

 

 

2023

 

 

25,435

 

 

2024

 

 

24,764

 

 

2025

 

 

24,073

 

 

Thereafter

 

 

222,215

 

 

Total lease payments

 

 

342,479

 

 

Less: imputed interest

 

 

(80,310

)

 

Total present value of lease liabilities

 

$

262,169